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this is what I have so far. please help me! thanks The Crane Corporation had the following opening trial balance at the beginning of its
this is what I have so far. please help me! thanks
The Crane Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2021: During the month of July, the following selected transactions took place: Record the July transactions. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) July 2 Paid $1,570 for two months' rent in advance for July and August. 7 Purchased $180 of supplies on account. 14 Collected half of outstanding accounts receivable. 15 Borrowed $1,000 from the bank for one year at an interest rate of 5%. 21 Received $1,100 cash from a customer for services to be performed in August. 28 Performed $1,550 of services to a customer on account. Additional information: 1. At July 31 , the company had performed $860 of 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 $500. 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 $2,470 of salaries to its employees for the month just ended. 7. As at July 31 , the company had earned $2,070 of revenue that had been paid in advanceStep by Step Solution
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