Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Question 3 - 6 Marks (10 Minutes) Four transactions are given below that were completed during 2020 by Bromance Company. The annual accounting period ends
Question 3 - 6 Marks (10 Minutes) Four transactions are given below that were completed during 2020 by Bromance Company. The annual accounting period ends December 31. Each transaction requires an adjusting entry at December 31, 2020, A. On December 31, 2020, Bromance Company owed employees $4,200 for wages that were earned by them during December and were not recorded Required: Prepare the December 31, 2017 adjusting entry: w B. During 2020, Bromance Company purchased office supples that cost $3,800 which were placed in the supplies room for use as needed. The purchase was recorded as follows: Office supplies expense $3,800 Cash 3,800 At the beginning of 2020, the inventory of unused office supplies was $675. At the end of 2020, a count showed unused office supplies in the supply room amounting to $525. Required Presare the December 31, 2020 adjusting entry on Decembe 1.2020. Bromance Company rented come office space to another party Bromance collected $3.900 rent for the pero December 1, 2010 to 2018 The recollecte was recorded as follows: TENG C.On December 1, 2020, Bromance Company rented some office space to another party. Bromance collected $3,900 rent for the period December 1, 2020, to March 1, 2021. The rent collected was recorded as follows: December 1, 2020: Cash $3,900 Rent revenue 3,900 Required: Prepare the December 31, 2020 adjusting entry: D.On September 1, 2020, Bromance Company borrowed $20,000 cash on a one-year, 6% interest-bearing, nothwayable. The Interest is payable on the due date, August 31, 2021. The note was recorded as follows: May 1, 2020: Cash $20,000 Notes payable 20,000 Required: Prepare the December 31, 2020 adjusting entry
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668eb8d77944d_463668eb8d71aa46.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668eb8d81c730_463668eb8d7a80fa.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started