Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 of 4 0.43/2 Bramble Corp has the following information available for accruals for the war ended December 31, 2022, The company adjusts

image text in transcribed

Question 2 of 4 0.43/2 Bramble Corp has the following information available for accruals for the war ended December 31, 2022, The company adjusts its accounts analy L The December utility bill for $415 was unrecorded on December 31. Bramble paid the bill on January 11 2 3 4 5. Bramble is open 7 days a week ond employees are paid a total of $3,430 every Moriday for a 7-day (Monday-Sunday) workweek. December 31 is a Thursday so employees will have worked 4 days (Monday, December 28-Thursday December 31) that they have not been paid for by year-end. Employees will be paid next on January 4 Bramble signed a $44,400, 5% bank loan on November 1.2021, due in 2 years. Interest is payable on the first day of each following month Bramble receives a fee from Pizza Shop next door for all pizzas sold to customers using Bramble's facility. The amount owed for December is $290, which Pizza Shop will pay on January 4 (Hint: Use the Service Revenue account) Bramble rented some of its unused warehouse space to a client for $5.880 a month payable the first day of the following month. It received the rent for the month of December on January 2 (al Your answer is partially correct For each situation, prepare the adjusting entry required at December 31. (Round answers to O decimal places, eg 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually) 3. Date Account Titles and Explanation Dec. 31, 2022 Accounts Payable Dec 31, 2022 Dec. 31 2022 Dec 31. 2022 Dec 31, 2022 Interest expense Interest Paya Accounts Receivable Service Rever eTextbook and Media Debit 14:55 1960 185 290 5.880 Credit

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

Cost Accounting Foundations and Evolutions

Authors: Michael R. Kinney, Cecily A. Raiborn

9th edition

9781285401072, 1111971722, 1285401077, 978-1111971724

More Books

Students also viewed these Accounting questions