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Help w Statement in Changes in Equity pls Bramble records adjustments monthly. Adjustment data for the month of August are as follows: 1. One month's
Help w Statement in Changes in Equity pls
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 Debit 200 2. 31 Rent Expense 1. Aug. 31 Advertising Expense Prepaid Advertising Prepaid Rent 3. 31 Salaries Expense 4. 31 Depreciation Expense 5. 31 Supplies Expense 6. 31 Accumulated Depreciation - Equipment Supplies Deferred Revenue Service Revenue 7. 31 Credit 200 410 1560 1560 203 203 980 980 840 840 31 Income Tax Expense 270 Income Tax Payable 270 BRAMBLE LTD. Adjusted Trial Balance August 31, 2024 Debit Cash Accounts Receivable Prepaid Advertising Supplies Notes Receivable Interest Receivable Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Income Tax Payable $ 3280 6520 200 960 4400 44 12380 Credit $ 6520 2233 3300 \begin{tabular}{r} \hline 1560 \\ \hline 270 \\ \hline \end{tabular} BRAMBLE LTD. Statement of Income For the Month Ended August 31, 2024 Revenues Interest Income $ 22 Service Revenue 9570 Total Revenues $9592 Expenses Salaries Expense $ 6570 Rent Expense \begin{tabular}{|r|r|} \hline 410 & i \\ \hline \end{tabular} Supplies Expense \begin{tabular}{|r|r|} \hline 980 & i \\ \hline \end{tabular} Depreciation Expense 203 Advertising Expense \begin{tabular}{|r|r|} \hline i \\ \hline \end{tabular} Total Expenses 8363 i Total Expenses Income Before Income Tax \begin{tabular}{|c|c|c|} \hline & 8363 & i \\ \hline & \multicolumn{2}{|c|}{1229} \\ \hline \multicolumn{3}{|c|}{270} \\ \hline$ & \multicolumn{2}{|c|}{959} \\ \hline \end{tabular} 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).)Step by Step Solution
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