During April 2021, Crowe Company incurred the following transactions. This is Crowe's first period of operations, and they plan to use the periodic method of accounting for inventory. Crowe reports under ASPE.
Apr. 1 Purchased a new automobile for $ 36,500; the automobile was paid for with a 2-year 5% note payable. Interest is due monthly on the 1st day of each month and the principal due as follows: 50% due in 1 year, the remainder due in 2 years.
Apr. 5 Sold merchandise to Customer A on account for $ 72,000 plus 13% HST; terms n/30.
Apr. 6 Customer A returns one-half of the merchandise purchased on Apr 5 and receives a credit on account.
Apr. 13 Customer A paid their account balance in full.
Apr. 25 Sold merchandise to Customer B for $ 102,900 plus 13% HST; terms n/30.
Apr. 28 Received $ 22,000 from Customer C for services to be provided in May.
Apr. 30 Recorded any adjusting entries required related to April transactions.
In addition to liabilities arising from the above transactions, Crowe's Accounts Payable balance at April 30, 2021 is $ 65,000.
Instructions
a) Record the above transactions.
b) Prepare the current liabilities portion of Crowe's balance sheet at April 30, 2021.

Question

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The Answer of During April 2021, Crowe Company incurred the following transactions. This is Crowe's first period of operations, and they plan to use the periodic method of accounting for inventory. Crowe reports under ASPE.
Apr. 1 Purchased a new automobile for $ 36,500; the automobile was paid for with a 2-year 5% note payable. Interest is due monthly on the 1st day of each month and the principal due as follows: 50% due in 1 year, the remainder due in 2 years.
Apr. 5 Sold merchandise to Customer A on account for $ 72,000 plus 13% HST; terms n/30.
Apr. 6 Customer A returns one-half of the merchandise purchased on Apr 5 and receives a credit on account.
Apr. 13 Customer A paid their account balance in full.
Apr. 25 Sold merchandise to Customer B for $ 102,900 plus 13% HST; terms n/30.
Apr. 28 Received $ 22,000 from Customer C for services to be provided in May.
Apr. 30 Recorded any adjusting entries required related to April transactions.
In addition to liabilities arising from the above transactions, Crowe's Accounts Payable balance at April 30, 2021 is $ 65,000.
Instructions
a) Record the above transactions.
b) Prepare the current liabilities portion of Crowe's balance sheet at April 30, 2021.

During April 2021, Crowe Company Incurred the Following Transactions