Question

Selected transactions for the Crane Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $19,200 cash. 2 Performed $9,600 of services on account for a customer. 4 Purchased equipment for $10,800, paying $5,400 in cash and borrowing the balance from the bank. 10 Purchased $470 of supplies on account. 25 Received $4,200 cash in advance for architectural services to be provided next month. 30 Paid $282 on account in partial payment of amount owing for supplies. (See September 10 transaction.) 30 Collected $5,000 on account owing from customer (see September 2 transaction). (a) Prepare a basic analysis. (In the Sept 4. transaction, enter answers in alphabetical order for Account Credited column.) Account Debited Specific Account Account Credited Specific Account Sept. 1

Answer 1

Account Debited Account Credited Specific Account Specific Account Sep. 1 Cash Common stock 2 Accounts Receivables Service Revenue Equipment Cash Notes Payable Supplies Accounts Payable Cash Unearned Revenue Accounts Payable Cash 30 Cash Accounts Receivables 10 25 30