Question

Crane Computer Corperation had the tellowing openina account bolancsthe end of Aprl: Cash $4,800; Accounts Receivable $5,600; Aocounts Payabc s2,200: Common Shares 5,100; and Retained Earnings 3,100. It entered into the tollowing transactons during the morth of Nay: Purhsed equipment an account for ,300. 2. Paid $1,600 far rent for the month of May. 3. Proided computer services for $3,700 on account. 4. Paid Ontano Hydro s300 cash for utilities used in May. 5. Barrowed $18,800 from the bank 6. Paid supplier for equipment purchased in transsction 1 7. Purchssed s one-year acoident insurance policy for $400 csch. 8. Received $3,300 cash in partial payment of the account owed in transection 3 . Declared and paid $500 of dividends to shareholders 10. Paid income ta o 250 for the manth (ar pareatheses) entered or the ρarticular Asset, Liability or Equity item that was reduced. See Illustration 3 3 for example.)

Answer 1

Answer

• The Requirement is provided below
• NOTE

If the “expenses” or “Dividend declared” column reflects the answer is “INCORRECT”, enter the values as a “NEGATIVE AMOUNT” [with a minus sign or within ( ) ]

	Cash	Accounts receivables	Prepaid Insurance	Equipment	Accounts Payable	Bank Loan Payable	Common Shares	Balance	Revenues	Expenses	Dividend declared
Apr 30 Bal	$4,800	$5,600			$2,200		$5,100	$3,100
1				$8,800	$8,800
2	($1,600)									$1,600
3		$3,700							$3,700
4	($300)									$300
5	$18,800					$18,800
6	($8,800)				($8,800)
7	($400)		$400
8	$3,300	($3,300)
9	($500)										$500
10	($260)									$260
Total	$15,040	$6,000	$400	$8,800	$2,200	$18,800	$5,100	$3,100	$3,700	$2,160	$500

• TOTAL ASSETS = Cash + Accounts receivables + Prepaid Insurance + Equipment
  = $ 30,240
• Total LIABILITIES & STOCKHOLDER EQUITY = Accounts Payable + bank Lona Payable + Common Shares + Balance + Revenues – Expenses – Dividend declared

= $ 30,240