During its first year of operations, Crane Company had credit sales of $3,064,300; $655,000 remained uncollected at year-end. The credit manager estimates that $36,900 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Prepare the current assets section of the balance sheet for Crane Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $135,200, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CRANE COMPANY Balance Sheet (Partial) %24 %24

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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During its first year of operations, Crane Company had credit sales of $3,064,300; $655,000 remained uncollected at year-end. The
credit manager estimates that $36,900 of these receivables will become uncollectible.
Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
List of Accounts
Prepare the current assets section of the balance sheet for Crane Company. Assume that in addition to the receivables it has cash
of $94,400, inventory of $135,200, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.)
CRANE COMPANY
Balance Sheet (Partial)
24
%24
%24
Transcribed Image Text:During its first year of operations, Crane Company had credit sales of $3,064,300; $655,000 remained uncollected at year-end. The credit manager estimates that $36,900 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Prepare the current assets section of the balance sheet for Crane Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $135,200, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CRANE COMPANY Balance Sheet (Partial) 24 %24 %24
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