Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bramble records adjustments monthly. Adjustment data for the month of August are as follows: 1. One month's worth of advertising services have been received.
Bramble records adjustments monthly. Adjustment data for the month of August are as follows: 1. One month's worth of advertising services have been received. 2. The August rent has expired. 3. Accrued salaries payable are $1,560. 4. Depreciation for the month is $203. 5. Supplies on hand at August 31 are $960. 6. Services were performed to satisfy $840 of Deferred revenue. 7. One month of interest income related to the $4,400 note receivable has accrued. The note was issued on June 30 and is due October 31 and has a 6% annual interest rate. Interest is due at maturity. 8. Income tax of $270 is estimated to be owed for the month of August. No. Date Account Titles and Explanation 1. Aug. 31 Advertising Expense Prepaid Advertising 2. 31 Rent Expense Prepaid Rent 3. 31 Salaries Expense Salaries Payable 4. 31 Depreciation Expense Accumulated Depreciation - Equipment 5. 31 Supplies Expense Supplies 6. 31 Deferred Revenue Service Revenue 7. 31 Interest Receivable 1. 31 Income Tax Expense Income Tax Payable Debit 200 410 1560 203 980 840 270 22 Credit 200 410 1560 203 980 840 270 Cash Accounts Receivable Prepaid Advertising Supplies Notes Receivable Interest Receivable Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Income Tax Payable Deferred Revenue Common Shares Retained Earnings Dividends Declared BRAMBLE LTD. Adjusted Trial Balance August 31, 2024 Debit 3280 6520 200 960 4400 44 12380 +A 500 Credit 2233 3300 1560 270 1140 12100 6722 Service Revenue Interest Income Salaries Expense Rent Expense Supplies Expense Depreciation Expense Income Tax Expense Advertising Expense Totals +A 6570 410 980 203 270 200 9570 22 22 36917 36917 Revenues Interest Income Service Revenue Total Revenues Expenses Salaries Expense Rent Expense Supplies Expense Depreciation Expense Advertising Expense Total Expenses Income Before Income Tax Total Expenses A Income Before Income Tax Income Tax Expense Net Income/(Loss) BRAMBLE LTD. Statement of Income For the Month Ended August 31, 2024 +A +A 22 9570 6570 i 410 i 980 i 203 i 200 i $ 9592 $ 8363 i 1229 8363 i 1229 270 i 959 Prepare a statement of changes in equity. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ BRAMBLE LTD. Statement of Changes in Equity For the Year Ended August 31, 2024 Common Shares Retained Earnings $ +A $ Balance, Aug. 31 $ $ $ Total Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started