At the end of its fiscal year, the adjusted trial balance of Crane Company is as...

At the end of its fiscal year, the adjusted trial balance of Crane Company is as follows:

CRANE COMPANY Adjusted Trial Balance July 31, 2017

Debit Credit Cash $2,850 Accounts receivable 11,420 Prepaid rent 500 Supplies 750 Debt investments 8,000 Equipment 19,950 Accumulated depreciation—equipment $5,700 Patents 18,300 Accounts payable 4,265 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2019) 45,300 B. Crane, capital 28,285 B. Crane drawings 16,900 Service revenue 74,100 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 36,850 Supplies expense 20,850 $160,770 $160,770 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close profit to capital) July 31 (To close drawings account)

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Expert Solution

Date	Account Titles and Explanation	Debit	Credit
July 31	Service revenue	74100
	Interest revenue	320
	Income Summary		74420
	(To close revenue accounts)

July 31	Income Summary	82100
	Depreciation expense		2850
	Interest expense		3000
	Rent expense		18550
	Salaries expense		36850
	Supplies expense		20850
	(To close expense accounts)

July 31	B. Crane, capital	7680		=82100-74420
	Income Summary		7680
	(To close profit to capital)

July 31	B. Crane, capital	16900
	B. Crane drawings		16900
	(To close drawings account)

ekkarill92 answered 2 months ago

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