The following are the trial balance and the other information related to Bruce Bramble, who operates a construction hauling business.BRAMBLETRIAL BALANCEDECEMBER 31, 2020 Debit CreditCash $39,500 Accounts Receivable 50,200 Allowance for Doubtful Accounts $3,250 Supplies 3,120 Prepaid Insurance 1,000 Equipment 25,500 Accumulated Depreciation—Equipment 7,000 Notes Payable 9,600 Owner’s Capital 45,810 Service Revenue 95,980 Rent Expense 10,400 Salaries and Wages Expense 29,700 Utilities Expenses 1,340 Office Expense 880 $161,640 $161,640 1. Fees received in advance from clients $4,500, which were recorded as revenue.2. Services performed for clients that were not recorded by December 31, $4,400.3. Equipment is being depreciated at 8% per year.4. Bad debt expense for the year is $1,470.5. Insurance expired during the year $540.6. Bramble gave the bank a 90-day, 5% note for $9,600 on December 1, 2020.7. Rent of the building is $800 per month. The rent for 2020 has been paid, as has that for January 2021.8. Office salaries and wages earned but unpaid December 31, 2020, $1,490.Bramble withdrew $10,500 cash for personal use during the year.(a) Correct answer iconYour answer is correct.From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (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. Use 360 days for calculation.)No.Account Titles and ExplanationDebitCredit1.enter an account title to record the first transactionenter a debit amountenter a credit amount enter an account title to record the first transactionenter a debit amountenter a credit amount2.enter an account title to record the second transactionenter a debit amountenter a credit amount enter an account title to record the second transactionenter a debit amountenter a credit amount3.enter an account title to record the third transactionenter a debit amountenter a credit amount enter an account title to record the third transactionenter a debit amountenter a credit amount4.enter an account title to record the fourth transactionenter a debit amountenter a credit amount enter an account title to record the fourth transactionenter a debit amountenter a credit amount5.enter an account title to record the fifth transactionenter a debit amountenter a credit amount enter an account title to record the fifth transactionenter a debit amountenter a credit amount6.enter an account title to record the sixth transactionenter a debit amountenter a credit amount enter an account title to record the sixth transactionenter a debit amountenter a credit amount7.enter an account title to record the seventh transactionenter a debit amountenter a credit amount enter an account title to record the seventh transactionenter a debit amountenter a credit amount8.enter an account title to record the eighth transactionenter a debit amountenter a credit amount enter an account title to record the eighth transactionenter a debit amountenter a credit amount Prepare an income statement for 2020.BRAMBLEIncome Statementchoose the accounting period $enter a dollar amount $enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a total amount for section one $enter a total net income or loss amount

Name: The following are the trial balance and the other information related
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Description: The following are the trial balance and the other information related to Bruce Bramble, who operates a construction hauling business.BRAMBLETRIAL BALANCEDECEMBER 31, 2020 Debit CreditCash $39,500 Accounts Receivable 50,200 Allowance for Doubtf

Journal entries (JF) are those entries which are made in the original or first book of accounts and…

Answered: The following are the trial balance and…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 10DQ

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(a)

Correct answer icon

Your answer is correct.

From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (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. Use 360 days for calculation.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title to record the first transaction	enter a debit amount	enter a credit amount
	enter an account title to record the first transaction	enter a debit amount	enter a credit amount
2.	enter an account title to record the second transaction	enter a debit amount	enter a credit amount
	enter an account title to record the second transaction	enter a debit amount	enter a credit amount
3.	enter an account title to record the third transaction	enter a debit amount	enter a credit amount
	enter an account title to record the third transaction	enter a debit amount	enter a credit amount
4.	enter an account title to record the fourth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the fourth transaction	enter a debit amount	enter a credit amount
5.	enter an account title to record the fifth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the fifth transaction	enter a debit amount	enter a credit amount
6.	enter an account title to record the sixth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the sixth transaction	enter a debit amount	enter a credit amount
7.	enter an account title to record the seventh transaction	enter a debit amount	enter a credit amount
	enter an account title to record the seventh transaction	enter a debit amount	enter a credit amount
8.	enter an account title to record the eighth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the eighth transaction	enter a debit amount	enter a credit amount

Prepare an income statement for 2020.

BRAMBLE Income Statement choose the accounting period
				$enter a dollar amount

		$enter a dollar amount
		enter a dollar amount
		enter a dollar amount
		enter a dollar amount
		enter a dollar amount
		enter a dollar amount
		enter a dollar amount
		enter a dollar amount
				enter a total amount for section one
				$enter a total net income or loss amount

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BRAMBLE TRIAL BALANCE DECEMBER 31, 2020
	Debit	Credit
Cash	$39,500
Accounts Receivable	50,200
Allowance for Doubtful Accounts			$3,250
Supplies	3,120
Prepaid Insurance	1,000
Equipment	25,500
Accumulated Depreciation—Equipment			7,000
Notes Payable			9,600
Owner’s Capital			45,810
Service Revenue			95,980
Rent Expense	10,400
Salaries and Wages Expense	29,700
Utilities Expenses	1,340
Office Expense	880
	$161,640		$161,640

1.		Fees received in advance from clients $4,500, which were recorded as revenue.
2.		Services performed for clients that were not recorded by December 31, $4,400.
3.		Equipment is being depreciated at 8% per year.
4.		Bad debt expense for the year is $1,470.
5.		Insurance expired during the year $540.
6.		Bramble gave the bank a 90-day, 5% note for $9,600 on December 1, 2020.
7.		Rent of the building is $800 per month. The rent for 2020 has been paid, as has that for January 2021.
8.		Office salaries and wages earned but unpaid December 31, 2020, $1,490.