Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance columns of the worksheet for Crane Company are as follows. CRANE COMPANY Worksheet (partial) For the Month Ended April 30, 2020

image text in transcribed

The adjusted trial balance columns of the worksheet for Crane Company are as follows. CRANE COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,800 Accounts Receivable 7,000 Prepaid Rent 2,200 Equipment 22,700 Accumulated Depreciation-Equip. 4,700 Notes Payable 5,600 Accounts Payable 4,600 Owner's Capital 28,690 Owner's Drawings 3,500 Service Revenue 15,100 Salaries and Wages Expense 11,000 Rent Expense 800 Depreciation Expense 690 Interest Expense 40 Interest Payable 40 Totals 58,730 58,730 158730 (a) Your answer is partially correct. . Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Cri 0. Date Account Titles and Explanation Apr. 1. 30 (To close revenue account) 2. Apr. 30 (To close expense accounts) 3. Apr. 30 (To close net income / (loss)) 4 Apr. 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Managerial Accounting By Gleim Exam Questions And Explanations

Authors: Gleim

8th Edition

1581945663, 978-1581945669

More Books

Students also viewed these Accounting questions