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Transactions to Post to the Journal; Brodie Corp, must account for the following THX Date Transaction Description 31-Dec-2020 Brodie needs to record Warranty Expense for 2020. Biscuit Revenue of $12,000,000 for 202 On Jul 1 2020, Brodie Issued a $2,000,000 Note Paya 31-Dec-7020 rate, with interest paid annually beginning on Jun JO 11-Dec-2020 Brodie allows its customers the right of return, Br returned. Record this reve nine The Company needs to accrue its final Payroll of the 31-Dec-2020 accrual for the period in $200,000, and the payroll tax Based upon the banner year's financial results fo 31-Dec-2020 management & employees of $450,000. After d management discretion in the a A physical count of the equipment performed on the 31.Dec-2030 of earlier in the year and dropped off at the dump. Th transactions to post to journal and its related After the effect of original trial balance and the abo 31-Dec-2020 income tax rate to accrue is 30%% And finally, the found of Directors declared on Dec 31. 31-Dec-2020 to be paid on Jan 8. 7021, as recognition To Do's: 1, Prepare Journal Entries for the transactions above (and provide descrip 2. Include these transactions in the "Journal" tabwing adjusting transactions In the Transactions Journal (next tab) for its year ended Dee 31, 2020 020. It offers an up to 2 year freshness and taite warranty, and expects that 2.5% of the 2020 will ultimately have warranty claims to be resolved for customers Payable, due to be repaid on Jun 30, 2028. The Note bears a GN annual Interest of 6% in JO, 2021. Accrue the Interest Expense and related liability as of Dec 31, 2020 for the interest due on Jun 30, 2021 Brodie citimates that 1% of all of 2020's biscuit revenue ($12M) will ultimately ba nie adjustment and the required sales return liability recognition of the year Dec 16-31, 2030, which will be paid on Jan 5, 2021. Total Salary and Wage I ton sotrial for Company payroll tax expense is an extra ION of the $200,000, Record In the separate accounti its for 2070, Management asked the Board of Directors for a born pool to pay its er discussion, the Board approved an even bigger bonus pool of $400,000, allowing the allocation among the differing employees Record that accrual the last day of the year uncovered that an 12 year old piece of equipment was disposed The Equipment has a cost of $80,000, and it was fully depreciated. Remove Is Duet dated Accumulated Depreciation from the book above transaction, Brodie's 2020 Income Before Taxes (IBT) is $2,470,000. Brodie' 40% Record the Income Tax Expense / Income Taxes Payable emery c 31, 2020, a dividend payable to the Common Stock holders for $400,000, said dividend ation of Elvis birthday (a different Dry]. Record this dividend transaction kriptions) for the fiscal year ended Dec 31, 2070Read the facts/circumstances for each of the 12 transactions - on the Tab called - "Transactions to Pou." Post those transactions in the Journal Tati As you complete each transaction, "reference" electronically with Excel that transaction's debited and credited over to the Trial Balance Tab, to columns H & I Hint, as you are "Posting" each transaction to the Trial Balance (H & I), make sure after each transaction that total debits all equal total credits. Brodie Corp Journal Trani a Date Account Accounts & Description Debit Credit 23 5 31-Dec 2020 24 25 31-Dec 2020 7 31-Dec-2020 31-DR-2020 31-Drc-202042 43 44 45 10 31-Dec 2020 46
