On December 1, 2020, Crane Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 12 anscribed Text Dec. 7 12 2. During December, the company completed the following transactions. 17 19 22 26 Debit 31 $17,000 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital 2,000 During December, the company completed the following transactions. Adjustment data: 7,000 15,000 1,500 27,000 $69,500 Received $3,500 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30. Sold merchandise on account $15.000 torm 2/10 /20 The cost of the merchandico.cold 3 1. Depreciation $190 per month. Insurance expired $390. Credit $2,900 6,000 60,600 $69,500 Received $3,500 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30. Sold merchandise on account $15,000, terms 2/10, n/30. The cost of the merchandise sold was $9,000. Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,600 cash from customers in payment of account (no discount allowed).
On December 1, 2020, Crane Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 12 anscribed Text Dec. 7 12 2. During December, the company completed the following transactions. 17 19 22 26 Debit 31 $17,000 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital 2,000 During December, the company completed the following transactions. Adjustment data: 7,000 15,000 1,500 27,000 $69,500 Received $3,500 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30. Sold merchandise on account $15.000 torm 2/10 /20 The cost of the merchandico.cold 3 1. Depreciation $190 per month. Insurance expired $390. Credit $2,900 6,000 60,600 $69,500 Received $3,500 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30. Sold merchandise on account $15,000, terms 2/10, n/30. The cost of the merchandise sold was $9,000. Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,600 cash from customers in payment of account (no discount allowed).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please don't give image format
Transcribed Image Text:nscribed Text
T
CRANE COMPANY
Income Statement
December 31, 2022
3
c
I
Transcribed Image Text:On December 1, 2020, Crane Company had the following account balances.
Cash
Notes Receivable
Accounts Receivable
Inventory
Prepaid Insurance
Equipment
Dec. 7
12
anscribed Text
Dec. 7
1.
2.
During December, the company completed the following transactions.
12
17
19
22
26
Debit
31
$17,000 Accumulated Depreciation-Equipment
Accounts Payable
Owner's Capital
During December, the company completed the following transactions.
Adjustment data:
2,000
7,000
15,000
1,500
27,000
$69,500
Received $3,500 cash from customers in payment of account (no discount allowed).
Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30.
Sold merchandise on account $15.000 torm 2/10 1/20 The cost of the merchandico. cold
3
Credit
Depreciation $190 per month.
Insurance expired $390.
$2,900
6,000
60,600
$69,500
Received $3,500 cash from customers in payment of account (no discount allowed).
Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30.
Sold merchandise on account $15,000, terms 2/10, n/30. The cost of the merchandise sold was $9,000.
Paid salaries $2,100.
Paid Vance Co. in full, less discount.
Received collections in full, less discounts, from customers billed on December 17.
Received $2,600 cash from customers in payment of account (no discount allowed).
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education