Presented below are a number of economic events. 1. Purchased supplies on account, $200. 2. Provided a service on account, $560. 3. Paid salaries expense, $340. 4. Issued common shares in exchange for cash, $7,000. 5. Declared and paid $140 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). 7. Paid account owed to supplier on account, $200 (see item 1). 8. Paid for insurance in advance, $180. 9. Received cash in advance from a customer for services to be performed in the future, $350. 10. Performed the service that the customer previously paid for (see item 9). Journalize the transactions given above for Crane Corp.
Presented below are a number of economic events. 1. Purchased supplies on account, $200. 2. Provided a service on account, $560. 3. Paid salaries expense, $340. 4. Issued common shares in exchange for cash, $7,000. 5. Declared and paid $140 of dividends to shareholders. 6. Received cash from a customer who had previously been billed for services provided, $560 (see item 2). 7. Paid account owed to supplier on account, $200 (see item 1). 8. Paid for insurance in advance, $180. 9. Received cash in advance from a customer for services to be performed in the future, $350. 10. Performed the service that the customer previously paid for (see item 9). Journalize the transactions given above for Crane Corp.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below are a number of economic events.
| 1. | Purchased supplies on account, $200. | |
| 2. | Provided a service on account, $560. | |
| 3. | Paid salaries expense, $340. | |
| 4. | Issued common shares in exchange for cash, $7,000. | |
| 5. | Declared and paid $140 of dividends to shareholders. | |
| 6. | Received cash from a customer who had previously been billed for services provided, $560 (see item 2). | |
| 7. | Paid account owed to supplier on account, $200 (see item 1). | |
| 8. | Paid for insurance in advance, $180. | |
| 9. | Received cash in advance from a customer for services to be performed in the future, $350. | |
| 10. | Performed the service that the customer previously paid for (see item 9). |
Journalize the transactions given above for Crane Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
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BAB140 Lab#2 Ch3 W2022
Question 1 of 4
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Journalize the transactions given above for Crane Corp. (List all debit entries before credit entries. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.)
No. Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
5.
6.
II
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