am. 274. Before preparing financial statements for the current year, thechief accountant for Crane Company discovered the followingerrors in the accounts.1.2.3.1.The declaration and payment of $51,000 cash dividend was recorded as a debit to Interest Expense $51,000 and a credit toCash $51,000.Prepare the correcting entries at December 31. (Credit accounttitles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)2.A 10% stock dividend (1,500 shares) was declared on the $13 par value stock when the market price per share was $20. Theonly entry made was Stock Dividends (Dr.) $19,500 and Dividend Payable (Cr.) $19,500. The shares have not been issued.lo. Date Account Titles and Explanation3.A 4-for-1 stock split involving the issue of 362,000 shares of $5 par value common stock for 90,500 shares of $20 par valuecommon stock was recorded as a debit to Retained Earnings $1,810,000 and a credit to Common Stock $1,810,000.Dec.31Dec.31Dec.31DebitCredit

Name: am. 274. Before preparing financial statements for the current year, t
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Description: am. 274. Before preparing financial statements for the current year, thechief accountant for Crane Company discovered the followingerrors in the accounts.1.2.3.1.The declaration and payment of $51,000 cash dividend was recorded as a debit to Interest

The journal entries are prepared to record the transactions on regular basis. The assets and…

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Before preparing financial statements for the current year, the chief accountant for Crane Company discovered the following errors in the accounts. 1. The declaration and payment of $51,000 cash dividend was recorded as a debit to Interest Expense $51,000 and a credit to Cash $51,000.

Before preparing financial statements for the current year, the chief accountant for Crane Company discovered the following errors in the accounts. 1. The declaration and payment of $51,000 cash dividend was recorded as a debit to Interest Expense $51,000 and a credit to Cash $51,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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