On December 1, 2022, Crane Company had the account balances shown below.Debit CreditCash $5,500 Accumulated Depreciation—Equipment $1,500Accounts Receivable 4,200 Accounts Payable 3,600Inventory 2,400 * Owner’s Capital 27,000Equipment 20,000$32,100 $32,100*(4,000 x $0.60)The following transactions occurred during December:Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the$0.60 units and 600 of the $0.74.)7 Granted the December 5 customer $201 credit for 200 units of inventory returnedcosting $134. These units were returned to inventory.17 Purchased 2,200 units of inventory for cash at $0.80 each.22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the$0.74 units. question a) Enter the December 1 balances in the ledger T-accounts and post the December transactions.(Post entriesin the order of journal entries presented above.)CashDec. 1 Bal Dec. 1 BalDec. 1 Ba Dec. 1 BalAccounts ReceivableDec. 1 BalInventoryDec. 1 BalEquipmentAccounts PayableAccumulated Depreciation—EquipmentSalaries and Wages PayableOwner’s CapitalSales RevenueSalaries and Wages ExpenseCost of Goods SoldSales Returns & AllowancesDepreciation Expense
On December 1, 2022, Crane Company had the account balances shown below.
Debit Credit
Cash $5,500
Accounts Receivable 4,200 Accounts Payable 3,600
Inventory 2,400 * Owner’s Capital 27,000
Equipment 20,000
$32,100 $32,100
*(4,000 x $0.60)
The following transactions occurred during December:
Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.
5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the
$0.60 units and 600 of the $0.74.)
7 Granted the December 5 customer $201 credit for 200 units of inventory returned
costing $134. These units were returned to inventory.
17 Purchased 2,200 units of inventory for cash at $0.80 each.
22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the
$0.74 units.
question a)
Enter the December 1 balances in the ledger T-accounts and
(Post entriesin the order of
Cash
Dec. 1 Bal Dec. 1 Bal
Dec. 1 Ba Dec. 1 Bal
Accounts Receivable
Dec. 1 Bal
Inventory
Dec. 1 Bal
Equipment
Accounts Payable
Accumulated Depreciation—Equipment
Salaries and Wages Payable
Owner’s Capital
Sales Revenue
Salaries and Wages Expense
Cost of Goods Sold
Sales Returns & Allowances
Depreciation Expense
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
