The adjusted trial balance for Crane Company is given below. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense CRANE COMPANY Trial Balance August 31, 2017 Aug. 31 Aug. 31 Before Adjustment (To close revenue accounts) Dr. $10,340 Date Account Titles and Explanation 8,060 2,790 4,420 15,800 2,540 16,050 0 21,135 0 0 $81,135 Cr. $3,555 5,270 0 2,070 18,590 5,720 33,330 12,600 $81,135 After Adjustment Dr. $10,340 8,660 1,500 2,960 15,800 2,540 17,530 1,290 21,135 1,460 1,200 $84,415 Cr. $4,755 5,270 1,480 1,170 18,590 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 5,720 33,930 Debit 13,500 $84.415 III Credit LUL

The adjusted trial balance for Crane Company is given below. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense CRANE COMPANY Trial Balance August 31, 2017 Aug. 31 Aug. 31 Before Adjustment (To close revenue accounts) Dr. $10,340 Date Account Titles and Explanation 8,060 2,790 4,420 15,800 2,540 16,050 0 21,135 0 0 $81,135 Cr. $3,555 5,270 0 2,070 18,590 5,720 33,330 12,600 $81,135 After Adjustment Dr. $10,340 8,660 1,500 2,960 15,800 2,540 17,530 1,290 21,135 1,460 1,200 $84,415 Cr. $4,755 5,270 1,480 1,170 18,590 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 5,720 33,930 Debit 13,500 $84.415 III Credit LUL

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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Baltic Supplies presented with the following unadjusted trial balance as at December 31st 2016 Account Name Trial Balance Dr Cr Cash 620000 Accounts Receivable 410000 Merchandise Inventory 330000 Store Supplies 144800 Prepaid Insurance 156000 Building and Equipment 800000 Accumulated Depreciation-Building &Equipment 237000 Accounts Payable 435000 Travelling payable Unearned Sales Revenue 220000 Note payable - Long term 345000 Baltic, Captial 1791900 Baltic,Withdrawal 35000 Sales Revenue Earned 917000 Sales Discount 35000 Sales Returns & Allowance 42100 Cost of Goods Sold 585000 Salaries Expense 300000 Telephone Expense 33000 Depreciation Expense - Building & Equipment Insurance Expense 182000 Store Supplies Expense 45200 Electricity Expense 85000 Bad Debt Expense 49500 Travelling Expense 62000 Interest Expense 31300 Total 3945900 3945900…
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