Problem $2-72$B

Comprehensive Problem Analyze each transaction. Journalize as appropriate. $($Note: Ignore the date because these events are aggregations of individual events.$)$ For a compound transaction,

for those boxes in which no entry is required, leave the box blank.

a$.$

Service Revenue

$($Performed services on account$)$

b$.$

Accounts Receivable

$($Collected cash from customers$)$

c$.$

Interest Payable

$($Paid interest owing$)$

d$.$

Cash

I

$($Paid wages$)$

e$.$ Repairs and Maintenance Expense

$($Paid for repairs and maintenance$)$

f$.$ Use the ending balances in the T$-$accounts to prepare a trial balance. For those boxes in which no entry is required, leave the box blank.

Mulberry Services

Trial Balance

December $31,2022$

Mulberry Services sells electronic data processing services to firms too small to own their own computing equipment. Mulberry had the following accounts and account

balances as of January $1,2022$ :

During $2022,$ the following transactions occurred $($the events described below are aggregations of many individual events$)$: Required:

Establish T$-$accounts for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the T$-$accounts.

Post your journal entries to the T$-$accounts. If a balance is zero, enter zero $("0").$

Cash

Accounts Receivable

Prepaid Rent

Supplies j$.$

$($Paid interest$)$

Use the ending balances in the T$-$accounts to prepare a trial balance. For those boxes in which no entry is required, leave the box blank.

Mulberry Services

Trial Balance

December $31,2022$ Accounts Payable

Interest Payable

Common Shares

Retained Earnings

Service Revenue

Rent Expense Advertising Expense

Repairs & Maintenance Expense

Interest Expense

Income Tax Expense

Analyze each transaction. Journalize as appropriate. $($Note: Ignore the date because these events are aggregations of individual events.$)$ For a compound transac

a$.$ During $2022,$ Mulberry sold $$690,000$ of computing services, all on credit.

b$.$ Mulberry collected $$570,000$ from the credit sales in transaction a and an additional $$129,000$ from the accounts receivable outstanding at the beginning of the year.

c$.$ Mulberry paid the interest payable of $$8,000.$

d$.$ Wages of $$379,000$ were paid in cash.

e$.$ Repairs and maintenance of $$9,000$ were incurred and paid.

f$.$ The prepaid rent at the beginning of the year was used in $2022.$ In addition, $$28,000$ of computer rental costs were incurred and paid. There is no prepaid rent or re

payable at year$-$end.

g$.$ Mulberry purchased computer paper for $$13,000$ cash in late December. None of the paper was used by year$-$end.

h$.$ Advertising expense of $$26,000$ was incurred and paid.

i$.$ Income tax of $$10,300$ was incurred and paid in $2022.$

j$.$ Interest of $$5,000$ was paid on the long$-$term loan.

Required: Required:

Establish T$-$accounts for the accounts listed above and enter the beginning balances. Use a chart of accounts to order the

Post your journal entries to the T$-$accounts. If a balance is zero, enter zero $("0").$

Cash

Accounts Receivable

Prepaid rent

HELP WITH $T-$ACCOUNTS for cash and account recievable and TRIAL BALANCE make the trial balance balances, use the format properly, thank you,