Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

journalize the adjusting entries. In addition to those accounts listed on the tral balance, the chart of accounts for Bramble Corp. also contains the following

journalize the adjusting entries.
image text in transcribed
image text in transcribed
image text in transcribed
In addition to those accounts listed on the tral balance, the chart of accounts for Bramble Corp. also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings. No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2022. 2. A count of supplies shows $780 of unused supplies on May 31 3. Annual depreciation is $3,120 on the buildings and $1,488 on equipment. 4. The note payable interest rate is 12%. (The note was taken out on May 1 and will be repaid along with interest in 2 years.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries and wages of $885 are unpaid and unrecorded at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) The Bramble Corp. opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Benefit Analysis Concepts And Practice

Authors: Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, David L. Weimer

3rd Edition

0131435833, 978-0131435834

More Books

Students also viewed these Accounting questions