Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

we have to journalise the transactions RCES Problem 3-7A a-c During the first month of operations, the following transactions occurred for Crane Inc.: Apr. 1

image text in transcribed

we have to journalise the transactions

RCES Problem 3-7A a-c During the first month of operations, the following transactions occurred for Crane Inc.: Apr. 1 Invested cash of $10,600 and equipment of $5,800 in the company in exchange for common shares. 1 Hired a secretary-receptionist at a monthly salary of $1,700 2 Paid office rent for the month, $850. 3 Purchased architectural supplies on account from Halo Ltd., $1,700. 10 Completed blueprints on a carport and billed client $1,300. Study 13 Received $800 cash advance from a client for the design of a new home. 20 Received $2,500 for services performed for a client. 21 Received $650 from client in partial payment for work completed and billed on April 10 28 Received April's telephone bill for $140; due May 15. (Hint: Use the Utilities Expense account for telephone services.) 25 Declared and paid $150 of dividends to shareholders. 27 Paid 50% ( $ 850 ) of the amount owed to Halo Ltd. on account. (see April 3 transaction) 30 Paid secretary-receptionist for the month, $1,700. 30 Paid monthly income tax instalment, $110 Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is require and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Apr. 1

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

Auditing And Assurance Services

Authors: Louwers, Timothy Louwers

5th Edition

0078025443, 978-0078025440

More Books

Students also viewed these Accounting questions

Question

What is contribution margin ?

Answered: 1 week ago

Question

Define Administration?

Answered: 1 week ago

Question

2. What appeals processes are open to this person?

Answered: 1 week ago

Question

4. How would you deal with the store manager?

Answered: 1 week ago