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Bramble Corp

Accounting

Bramble Corp.'s balance sheet at December 31, 2021, is presented below. Cash BRAMBLE CORP Balance Sheet December 31, 2021 $17,220 Accounts payable 31,850 Common stock ($10 par) (1,050) Retained earnings $17,920 56,000 Accounts receivable Allowance for doubtful accounts Supplies 89,180 3,080 Land 28,000 99,400 Buildings Accumulated depreciation-buildings (15,400) $163,100 $163,100 During 2022, the following transactions occurred. 1. On January 1, Bramble issued 840 shares of $40 par, 7% preferred stock for $34,440. 2. On January 1, Bramble also issued 630 shares of the $10 par value common stock for $14,700. 3. Bramble performed services for $224,000 on account. 4. On April 1, 2022, Bramble collected fees of $25,200 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Bramble collected $193,200 from customers on account. 6. Bramble bought $24,570 of supplies on account 7. Bramble paid $22,540 on accounts payable. 8. Bramble reacquired 280 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $131,740. 10. On December 31, 2022, Bramble declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $1,190 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $4,130 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $2,450 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $7,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare journal entries for the transactions listed above and adjusting 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 for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 6. 7. 8 9. 10. Adjusting entries 3. 5.

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