Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $1,600 cash for rent for the month of September. 5 Purchased equipment for $9,800, paying $1,800 in cash and the balance on account. 8 Earned $7,300 in revenue, receiving $900 cash and $6,400 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and maintenance expenses. 25 Paid $4,800 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,000. 30 Declared and paid a $600 cash dividend. Date Account Titles and Explanation Debit Credit Sept. 8