TheCraneCorporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021:

Debit

Credit

Cash 4800

Accounts receivable 7000

Supplies 1110

Equipment 15000

Accumulated depreciationequipment 5830

Deferred revenue 2340

Common shares 4900

Retained earnings 14840

Totals 27910 27910

During the month of July, the following selected transactions took place:

July 2Paid $1,440for two months' rent in advance for July and August.7Purchased $220of supplies on account.14Collected half of outstanding accounts receivable.15Borrowed $1,100from the bank for one year at an interest rate of 5%.

21Received $990cash from a customer for services to be performed in August.

28Performed $1,400of services to a customer on account.

Additional information:

1.At July 31, the company had performed $800of services for a client that it had not billed or recorded.

2.Recorded rent expense for the month.3.Supplies on hand at July 31 were $550.

4.The equipment has a five-year useful life and uses straight-line depreciation.

5.Interest is due on the bank loan on the first day of each following month, beginning August 1.

6.As at July 31, the company owed $2,340of salaries to its employees for the month just ended.7.As at July 31, the company had earned $1,980of revenue that had been paid in advance.

Question

Complte adjusting entries at July 31, assuming the company prepares adjusting entries monthly.

Format Date

Account Titles and Explanation

Debit

Credit