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On December 1, 2025, Crane Company had the account balances shown below. Cash Accounts Receivable Inventory. Equipment Dec. 3 5 7 17 Debit 22 $5,230 3,570 1,860 Inventory (3,100 x $0.60) The following transactions occurred during December. 23,000 $33,660 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Credit $1,600 3,230 10,900 17,930 $33,660 Purchased 4,100 units of inventory on account at a cost of $0.73 per unit. Sold 4,500 units of inventory on account for $0.90 per unit. (Crane sold 3,100 of the $0.60 units and 1.400 of the $0.73 units.) Granted the December 5 customer $180 credit for 200 units of inventory returned costing $146. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.70 each. Sold 1,800 units of inventory on account for $0.86 per unit. (Crane sold 1,800 of the $0.73 units)

On December 1, 2025, Crane Company had the account balances shown below. Cash Accounts Receivable Inventory. Equipment Dec. 3 5 7 17 Debit 22 $5,230 3,570 1,860 Inventory (3,100 x $0.60) The following transactions occurred during December. 23,000 $33,660 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Credit $1,600 3,230 10,900 17,930 $33,660 Purchased 4,100 units of inventory on account at a cost of $0.73 per unit. Sold 4,500 units of inventory on account for $0.90 per unit. (Crane sold 3,100 of the $0.60 units and 1.400 of the $0.73 units.) Granted the December 5 customer $180 credit for 200 units of inventory returned costing $146. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.70 each. Sold 1,800 units of inventory on account for $0.86 per unit. (Crane sold 1,800 of the $0.73 units)

FINANCIAL ACCOUNTING
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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Prepare An Adjusted Trial Balance as of December31, 2025.

On December 1, 2025, Crane Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Dec. 3 5 7 17 Debit 22 $5,230 Inventory (3,100 x $0.60) The following transactions occurred during December. 3,570 1,860 23,000 $33,660 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Credit $1,600 3,230 10,900 17,930 $33,660 Purchased 4,100 units of inventory on account at a cost of $0.73 per unit. Sold 4,500 units of inventory on account for $0.90 per unit. (Crane sold 3,100 of the $0.60 units and 1.400 of the $0.73- units.) Granted the December 5 customer $180 credit for 200 units of inventory returned costing $146. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.70 each. Sold 1,800 units of inventory on account for $0.86 per unit. (Crane sold 1,800 of the $0.73 units)
Transcribed Image Text:On December 1, 2025, Crane Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Dec. 3 5 7 17 Debit 22 $5,230 Inventory (3,100 x $0.60) The following transactions occurred during December. 3,570 1,860 23,000 $33,660 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Credit $1,600 3,230 10,900 17,930 $33,660 Purchased 4,100 units of inventory on account at a cost of $0.73 per unit. Sold 4,500 units of inventory on account for $0.90 per unit. (Crane sold 3,100 of the $0.60 units and 1.400 of the $0.73- units.) Granted the December 5 customer $180 credit for 200 units of inventory returned costing $146. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.70 each. Sold 1,800 units of inventory on account for $0.86 per unit. (Crane sold 1,800 of the $0.73 units)
Adjustment data: 1. 2. 3. Accrued salaries and wages payable $460. Depreciation on equipment $210 per month. Income tax expense was $240, to be paid next year.
Transcribed Image Text:Adjustment data: 1. 2. 3. Accrued salaries and wages payable $460. Depreciation on equipment $210 per month. Income tax expense was $240, to be paid next year.
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