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View Policies Current Attempt in Progress The unadjusted trial balance of Bramble Enterprises for the year ending December 31, 2021, follows: BRAMBLE ENTERPRISES Trial Balance December 31, 2021 Credit Cash Accounts receivable Merchandise inventory Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Furniture Accumulated depreciation-furniture Accounts payable Unearned revenue Mortgage payable S. Kim, capital S. Kim, drawings 48,000 Sales Sales returns and allowances 2,500 Sales discounts 3,275 Cost of goods sold 153,000 Interest expense 6,875 Salaries expense 35,450 Utilities expense 5,100 $526,400 $526,400 Additional information: 1. There is $800 of supplies on hand on December 31, 2021. 2. The one-year insurance policy was purchased on March 1, 2021. 3. Depreciation expense for the year is $10,500 for the equipment and $4,500 for the furniture. 4. Accrued interest expense at December 31, 2021, is $675. 5. Unearned revenue of $725 is still unearned at December 31, 2021. On the sales that were earned, cost of goods sold was $2,750. 6. A physical count of merchandise inventory indicates $31,850 on hand on December 31, 2021. 7. Global uses the perpetual inventory system and the earnings approach. Prepare the adjusting journal entries assuming they are prepared annually (Credit account titles are automatically indented when the Debit $15,000 19,200 37,050 3,000 2,950 150,000 45,000 $35,000 18,000 33,200 4,000 125,000 46,200 265,000 6. A physical count of merchandise inventory indicates $31,850 on hand on December 31, 2021. 7. Global uses the perpetual inventory system and the earnings approach. Prepare the adjusting journal entries assuming they are prepared annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Credit Dec. 1. 31 (To record supplies used.) Dec. 31 (To record insurance expired.) Dec. 31 (To record depreciation.) 2. 3. 4. 5. 6. Dec. 31 Dec. 31 Dec. 31 Dec. 31 expense.) (To recognized sales earned.) (To record cost of goods sold.) (To accrue [11] 1011 Dec. 31 Dec. 31 (To record cost of goods sold.) (To adjust ending inventory to actual at year end.) eTextbook and Media Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BRAMBLE ENTERPRISES Income Statement $ TIC $ U Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BRAMBLE ENTERPRISES Income Statement $ |||| $ Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BRAMBLE ENTERPRISES Income Statement $ $ $ parentheses e.g. (45).) Dec. 31 BRAMBLE ENTERPRISES Income Statement $ Dec. 31 $ $ eTextbook and Media Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Date Debit Credit Explanation (To close income statement account with credit balance.) D 1000 Date Dec. 31 Dec. 31 Dec. 31 Dec. 31 Account Titles and Explanation (To close income statement account with credit balance.) (To close income statement accounts with debit balances.) (To close Income Summary account.) (To close drawings account.) eTextbook and Media Debit Credit