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On December 1, 2022, Crane Company had the account balances shown below. Debit Credit Cash $4,500 $1,000 Accounts Receivable 3,000 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital 3.000 1.800 25,300 Inventory Equipment 20,000 $29,300 $29,300 13,000 x $0.60) The following transactions occurred during December: Dec 3 S 7 Purchase 3,600 units of inventory on account at a cost of $0.70 per unit. Sold 3,900 units of Inventory on account for $0.86 per unit (Crane sold 3,000 of the 50,60 units and 900 of the 50.70.) Granted the December 5 customer $150 credit for 200 units of inventory returned costing $100. These units were returned to inventory Purchased 2,000 units of Inventory for cash at $0.76 each. Sold 2,200 units of Inventory on account for $0.91 per unit. (Crane sold 2.200 of the $0.70 units.) 17 22 Adjustment data: 1. Recognized accrued salaries payable $300. Recognized depreciation $200 per month. 2 (a) Journalize the December transactions and adjusting entries, assuming Crane uses the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Credit Debit Account Titles and Explanation > (To record sales revenue) > (To record cost of goods sold.) > (To record sales returns.) > To record cost of sales returns) To record sales revenue) (To record cost of goods sold.) (To record accrued expense.) (To record depreciation expense.) (b) Enter the December 1 balances in the ledger T-accounts and post the December transactions Post entries in the order of journal entries presented above.) Cash Accounts Recelvable V Inventory > > > Equipment Accounts Payable c. . Prepare an adjusted trial balance as of December 31, 2022 CRANE COMPANY Adjusted Trial Balance Debit Credit Totals (d1) Prepare a multiple-step income statement for December 2022. (Enter negative amounts using either a negative sign preceding the numberes.-45 or parentheses es. (451) CRANE COMPANY Income Statement (d22 Prepare a classified balance sheet at December 31, 2022. (Ust Current Assets in order of liquidity) CRANE COMPANY Balance Sheet Assets $ le) Compute ending inventory and cost of goods sold under FIFO, assuming Crane Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold $ VA ( Compute ending inventory and cost of goods sold under LIFO, assuming Crane Company uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $ *

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