The trial balances before and after adjustment for Crane Company at October 31, 2021, which...

70.2K

Verified Solution

Question

Accounting

imageimageimageimageimageimage

The trial balances before and after adjustment for Crane Company at October 31, 2021, which is the end of its fiscal year, are as follows: Before Adjustment Debit Credit After Adjustment Debit Credit Cash $9,185 $9,185 Accounts Receivable 8,715 9,290 Supplies 2,550 710 Prepaid Insurance 3,820 2,620 Equipment 34,110 34,110 Accumulated Depreciation Equipment $3,250 $5,545 Accounts Payable 5,770 5,770 Notes Payable 39,450 39,450 1,175 Salaries Payable 0 Interest Payable 0 475 Unearned Revenue 1,685 980 E. Crane, Capital 5,695 5,695 E. Crane, Drawings 10,370 10,370 Service Revenue 46,820 48, 100 Depreciation Expense 0 2,295 Insurance Expense 1,200 Interest Expense 1,900 1,425 15,325 Rent Expense 15,325 Salaries Expense 17,170 18,345 Supplies Expense 1,840 Totals $102,670 $102,670 $107,190 $107,190 Prepare the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, sele Date Account Titles and Explanation Debit Credit Oct. 31 (To accrue revenue for services performed but not billed or collected.) Oct. 31 (To record supplies used.) Oct. 31 (To record insurance expired.) Oct. 31 (To record depreciation expense.) Oct. 31 (To record accrued salaries.) Oct. 31 (To accrue interest expense.) Oct. 31 (To record revenue for services performed.) Prepare Crane Company's income statement. CRANE COMPANY Income Statement $ e Textbook and Media List of Accounts Prepare Crane Company's statement of owner's equity. (List items that increase owner's equity first.) CRANE COMPANY Statement of Owner's Equity e Textbook and Media List of Accounts Prepare Crane Company's statement of owner's equity. (List items that increase owner's equity first.) CRANE COMPANY Statement of Owner's Equity e Textbook and Media List of Accounts Prepare Crane Company's balance sheet. (List Assets in order of liquidity.) CRANE COMPANY Balance Sheet Assets Liabilities and Owner's Equity eTextbook and Media

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students