Reference no: EM132809357
During April 2020, Crowe Companyfirst monthperiodicmonthly has the following transactions. This is Crowe's of operations. The company uses the method of accounting for inventory and prepares financial statements.
Apr 1 Purchased office furniture on account (terms n/60) for $65,000 plus 13% HST.
Apr 5 Sold merchandise to Customer A on account for $72,000 plus 13% HST.
Apr 6 Customer A returned one-half of the merchandise purchased on Apr 5 and received a credit on account.
Apr 13 Customer A paid their account balance in full.
Apr 25 Sold merchandise to Customer B for $102,900 in cash plus 13% HST.
Apr 28 Customer C paid $22,000 in cash for services to be provided in July, 2020.
Apr 30 Crowe Company has a $50,000, one year, 3% note payable due on April 1, 2021 (All interest is paid at maturity).
Apr 30 Crowe Company received the property tax bill for the 2020 calendar year. It was for $3,000 and was immediately paid in full in cash.
Instructions:
Problem a) Prepare the necessary journal entries to record the above events for Crowe Company for April, 2020.
Problem b) Prepare the current liabilities section of Crowe's balance sheet at April 30, 2020
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