Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,
Journalize the following adjustments. (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.) Services performed but unbilled and uncollected at March 31 was $250. 1. 2. Depreciation on equipment for the month was $310. 3. One-sixth of the insurance expired. 4. 5. 6. One month of the prepaid rent has expired. 7. An inventory count shows $350 of cleaning supplies on hand at March 31. Accrued but unpaid employee salaries were $1,340. One month of interest expense related to the note payable has accrued and will be paid April 1. Prepare an adjusted trial balance. BRAMBLE CLEANERS Trial Balance ounts Receivable plies paid Rent paid Insurance ipment umulated Depreciation-Equipment March 31, 2022 10 Debit 8740 8070 710 1200 2500 9900 Credit 310 7200 Lars Linken opened Bramble Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. Issued 12,400 shares of common stock for $18,600 cash. 1 1 1 2 3 6 14 14 18 20 20 21 28 28 31 31 Borrowed $7,200 cash by signing a 6-month, 6%, $7,200 note payable. Interest will be paid the first day of each subsequent month. Purchased used truck for $9,900 cash. Paid $1,800 cash to cover rent from March 1 through May 31. Paid $3,000 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $2,480 on account. Billed customers $4,590 for cleaning services performed. Paid $620 on amount owed on cleaning supplies. Paid $2,170 cash for employee salaries. Collected $1,980 cash from customers billed on March 14. Billed customers $5,210 for cleaning services performed. Paid $430 for gas and oil used in truck during month (use Maintenance and Repairs Expense). Declared and paid a $1,120 cash dividend. The chart of accounts for Bramble Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest
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