Reference no: EM132477588
Selected account balances for Crane Company at January 1, 2020, are presented below.
Accounts Payable $13,100
Accounts Receivable 21,900
Cash 17,600
Inventory 13,500
Point 1: Crane's sales journal for January shows a total of $112,000 in the selling-price column, and its one-column purchases journal for January shows a total of $78,000.
The column totals in Crane's cash receipts journal are
Cash Dr. $61,900;
Sales Discounts Dr. $3,000;
Accounts Receivable Cr. $44,300;
Sales Revenue Cr. $6,000; and
Other Accounts Cr. $14,600.
The column totals in Crane's cash payments journal for January are
Cash Cr. $54,900;
Inventory Cr. $2,300;
Accounts Payable Dr. $46,900; and
Other Accounts Dr. $10,300. Hulse's total cost of goods sold for January is $62,500.
Point 2: Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal, and are not involved in any general journal entries.
Question 1: Compute the January 31 balance for Crane in the following accounts.
a. Accounts Payable $ 44,200
b. Accounts Receivable $ 89,600
c. Cash $ 24,600
d. Inventory $ 26,700
e. Sales Revenue $
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