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Transactions for Crane Ltd. for the month of June, its first month of operations, are presented below: June 1 Issued common shares to shareholders in
Transactions for Crane Ltd. for the month of June, its first month of operations, are presented below:
June | 1 | Issued common shares to shareholders in exchange for $3,000 cash. | ||
4 | Purchased supplies on account for $200. | |||
7 | Billed J. Kronsnoble $400 for welding work done. | |||
18 | Received partial payment of $200 from J. Kronsnoble for work billed on June 7. | |||
25 | Hired a new employee to start work on July 3. | |||
27 | Received cash of $200 from Liu Controls Ltd. as a deposit for welding work to be done in July. | |||
28 | Paid for supplies purchased on June 4. | |||
29 | Paid $100 for monthly income tax instalment. |
For each transaction, prepare a basic analysis. (If no transaction is required, enter "No Entry" for the account titles.)
Account Debited | Account Credited | ||||
June | 1 | enter an account debited | enter an account credited | ||
4 | enter an account debited | enter an account credited | |||
7 | enter an account debited | enter an account credited | |||
18 | enter an account debited | enter an account credited | |||
25 | enter an account debited | enter an account credited | |||
27 | enter an account debited | enter an account credited | |||
28 | enter an account debited | enter an account credited | |||
29 | enter an account debited | enter an account credited |
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