Question

Selected transactions for Crane Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000 cash. 2 Paid $ 1,400 cash for rent for the month of September. 5 Purchased equipment for $10,100, paying $ 2,000 in cash and the balance on account. 8 Earned $7,600 in revenue, receiving $1,000 cash and $6,600 on account of services provided. 12 Incurred $500 in advertising expense on account. 20 Paid $ 2,700 for repairs and maintenance expenses. 25 Paid $ 5,100 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,000 30 Declared and paid a $ 600 cash dividend.

Answer 1

	Cash	Accounts Receivable	Equipment	Accounts payable	Common Shares	Revenue	Expenses	Dividends Declared
Sept 1	18000				18000
Sept 2	-1400						-1400
Sept 5	-2000		10100	8100
Sept 8	1000	6600				7600
Sept 12				500			-500
Sept 20	-2700						-2700
Sept 25	-5100			-5100
Sept 27	-1000						-1000
Sept 30	-600							-600