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Please solve for ONLY THE T-ACCOUNT. Thank you. Ive provided the correct Journal entries. Bramble Services was formed on May 1, 2022. The following transactions
Please solve for ONLY THE T-ACCOUNT. Thank you. Ive provided the correct Journal entries.
Bramble Services was formed on May 1, 2022. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $41,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,100 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $20,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $32,600. A cash payment of $12,000 was made immediately; the remainder will b 5. Paid $1,800 cash for a one-year insurance policy on the furniture and equipment. Transactions during the remainder of the month: 6. Purchased basic office supplies for $500 cash. 7. Purchased more office supplies for $1,600 on account. 8. Total revenues earned were $20,600$7,600 cash and $13,000 on account. 9. Paid $400 to suppliers for accounts payable due. 10. Received $3,100 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $500, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $6,200. Post the journal entries to T-accounts. (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable Supplies Prepaid Rent Prepaid Rent Accounts Payable 10. Cash Accounts Receivable 11. Utilities Expense Accounts Payable 500 12. Salaries and Wages Expense 6200 Cash 6200 Prepare journal entries to record each of the events listed. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 5. Prepaid Insurance Cash 6. Supplies Cash 7. Supplies Accounts Payable 8. Accounts Receivable Cash Service Revenue 9. Accounts Payable CashStep by Step Solution
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