Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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 Cash

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

The ISO 14000 EMS Audit Handbook

Authors: Greg Johnson

1st Edition

1574440691, 978-1574440690

More Books

Students also viewed these Accounting questions

Question

3. Explain the forces that influence how people handle conflict

Answered: 1 week ago