Needs Adjusted Trial Balance
Updated
Comprehensive Problem 8 a-b, c1-c3 (Part Level Submission) Prepare journal entries for the transactions listed above and adjusting entries. (Include entries for cost of goods s indent manually. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 1 Notes Receivable 2,100 Accounts Receivable 2,100 Jan. 3 Allowance for Doubtful Accounts 700 Accounts Receivable 700 Jan. 8 Inventory 15,000 Accounts Payable 15,000 Jan. 11 Accounts Receivable 25,000 Sales Revenue 25,000 (To record sales revenues.) Jan. 11 Cost of Goods Sold 17,200 Inventory 17,200 (To record cost of goods sold.) Jan. 15 Cash 1,261 Service Charge Expense 39 Sales Revenue 1,300 (To record sales revenues and service charges.) Jan. 15 Cost of Goods Sold 700 Inventory 700 (To record cost of goods sold.) Jan. 17 Cash 21,000 Accounts Receivable 21,000 Jan. 21 Accounts Payable 16,800 Jan. 21 Accounts Payable 16,800 Cash 16,800 Jan. 24 Accounts Receivable 200 200 Allowance for Doubtful Accounts (To reinstate the account previously written-off.) Jan. 24 v Cash 200 Accounts Receivable 200 (To record the payment received.) Jan. 27 Supplies 1,450 Cash 1,450 Jan. 31 Other Operating Expenses 3,300 Cash 3,300 (To record other operating expense.) Jan. 31 (1) Interest Receivable Interest Revenue 14 (To record interest revenue.) Jan. 31 (2) Bad Debt Expense 926 926 Allowance for Doubtful Accounts (To record bad debt expense.) Jan. 31 (3) Supplies Expense 950 950 Supplies (To record supplies expense.) Comprehensive Problem 8 a-b, ci-c3 (Part Level Submission) Bramble Corp.'s balance sheet at December 31, 2019, is presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Bramble Corp. Balance Sheet December 31, 2019 $13,900 Accounts payable 20,900 Common stock (900) Retained earnings 9,100 $43,000 $8,850 19,000 15,150 $43,000 During January 2020, the following transactions occurred. Bramble uses the perpetual Inventory method. Jan. 1 3 8 11 15 Bramble accepted a 4-month, 8% note from Merando Company in payment of Merando's $2,100 account. Bramble wrote off as uncollectible the accounts of Inwood Corporation ($500) and Goza Company ($200). Bramble purchased $15,000 of inventory on account. Bramble sold for $25,000 on account inventory that cost $17,200. Bramble sold inventory that cost $700 to Mark Lauber for $1,300. Lauber charged this amount on his Visa First Bank card. The service fee charged Bramble by First Bank is 3%. Bramble collected $21,000 from customers on account. Bramble paid $16,800 on accounts payable. Bramble recelved payment in full ($200) from Goza Company on the account written off on January 3. Bramble purchased supplies for $1,450 cash. Bramble pald other operating expenses, $3,300. 17 21 24 27 31 Adjustment data: 1. 2. 3. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2020, accounts receivable. A count of supplies on January 31, 2020, reveals that $500 remains unused. (a) Prepare journal entries for the transactions listed above and adjusting entries. (Include entries for cost of goods sold using the perpetual system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (b) Prepare an adjusted trial balance at January 31, 2020. (Round answers to 0 decimal places, e.g. 5,275. Bramble Corp. Adjusted Trial Balance Debit Credit
