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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).

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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nscribed Text T CRANE COMPANY Income Statement December 31, 2022 3 c I
Transcribed Image Text:nscribed Text T CRANE COMPANY Income Statement December 31, 2022 3 c I
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).
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).
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