Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The first part of the question is solved. Can you help with the second part of the quesrion? Thank you. Crane Corporation had the following
The first part of the question is solved. Can you help with the second part of the quesrion? Thank you. Crane Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly. 1. The company has a 6%,$10,000 bank loan payable due in one year. Interest is payable on the first day of each following month and was last paid on March 1. 2. At the end of March, the company earned $280 interest on its investments. The bank deposited this amount in Crane's cash account on April 1. 3. Crane has five employees who each earn $220 a day. Salaries are normally paid on Mondays for work completed Monday through Friday of the previous week. Salaries were last paid on Monday. March 29. March 31 falls on a Wednesday this year. Salaries will be paid next on Monday, April 5. 4. At the end of March, the company owed the utility company $550 and the telephone company $200 for services received during the month. These bills were paid on April 10. (Hint: Use the Utilities Expense account for the utility and telephone services.) 5. At the end of March, Crane has earned service revenue of $3,170 that it has not yet billed. It bills its clients for this amount on April 4. On April 30, it collects $1,820 of this amount due. For each of the above situations, prepare the adjusting journal entry required at March 31. (List all debit entries before credit entries. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) For each of the above situations, prepare the journal entry to record the subsequent cash transaction in April, (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.)
The first part of the question is solved. Can you help with the second part of the quesrion? Thank you.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started