Accounting Cycle Review 6a-f On December 1, 2020, Bramble Company had the account balances shown below. Credit Cash Accounts Receivable Inventory Equipment Debit $5,200 4,700 2,400* 22,000 $34,300 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital $1,100 3,400 29,800 $34,300 The following transactions occurred during December: Dec. 3 Purchased 4,800 units of inventory on account at a cost of $0.74 per unit. 5 Sold 5,200 units of inventory on account for $0.90 per unit (Bramble sold 4,000 of the $0.60 units and 1,200 of the $0.74.) 7 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.80 each 22 Sold 3,100 units of inventory on account for $0.95 per unit (Bramble sold 3,100 of the $0.74 units.) Adjustment data: 1. Accrued salaries payable $500 2. Depreciation $280 per month Journalize the December transactions and adjusting entries, assuming Bramble uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. I Inventory Accounts Payable CALCULATOR Journalize the December transactions and adjusting entries, assuming Bramble uses the perpetual Inventory method. (Creditac.com Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Dec. 3 Account Titles and Explanation Inventory Accounts Payable 3552 Dec. 5 Accounts Receivable Sales Revenue 4680 (To record sales revenue) De 5 of Goods Sold inventory (to record cost of goods sold.) Dee : sales Revenue Accounts Receivable (to record sales returns) Dec. 22 Accounts Receivable 2943 Sales Revenue (To record sales revenue.) 2943 Dec. 224 Cost of Goods Sold 2294 2294 Inventory (To record cost of goods sold.) Depreciation Expense 23. Dec. 31 Accumulated Depreciation-Equipment (To record accrued expense.) Salaries and Wages Expense Study Dec. 31 Salaries and Wages Payable (To record depreciation expense.) LINK TO TEXT Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the ord Cash Accounts Receivable Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries Cash Accounts Receivable Inventory by Study Equipment Accounts Payable RIJSCLAVILens RCES Accounts Payable b1- Accumulated Depreciation-Equipment 37a3.b 12 Salaries and Wages Payable by Study Owner's Capital Sales Revenue Salaries and Wages Expense HIS Weygandt, Accounting Principles, 13e LUS Help System Announcements URCES Salaries and Wages Expense 1-a3 Cost of Goods Sold 2.b1- al-a3.b Aal-a2 Sales Returns & Allowances by Study Depreciation Expense Prepare an adjusted trial balance as of December 31, 2020. BRAMBLE COMPANY Adjusted Trail Balance December 31, 2020 Debit Credit Prepare an adjusted trial balance as of December 31, 2020. BRAMBLE COMPANY Adjusted Trial Balance December 31, 2020 Debit Credit cash 33. Accounts Receivable Inventory Equipment Study Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Owner's Capital Sales Revenue Cost of Goods Sold Salones and Wages Exente Debrecen Experte Totals Prepare an income statement for December 2020. BRAMBLE COMPANY Income Statement For the Year Ended December 31, 2020 Total Revenues Less Cost of Goods Sold Gross Profit/ (Loss) are a case balance sheet at December 31, 2020. (Last Current Assets in order of liquidity) W ER. Y Prepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) BRAMBLE COMPANY Balance Sheet December 31, 2020 Current Assets Accounts Receivable Inventory Current Assets Property, plant and Equipment Equipment Less : Accumulated Depreciation Equipment Labuities and Owner's Equity Current Liabilities LINK TO TEXT Compute ending inventory and cost of goods sold under FIFO, assuming Bramble Company uses the periodic inventory sy Ending Inventory Cost of Goods Sold Compute ending inventory and cost of goods sold under LIFO, assuming Bramble Company uses the periodic Inventory system. Ending Inventory Cost of Goods Sold Question Attempts of used WERT