Before month-end adjustments are made, the February 28 trial balance of Bramble's Enterprise contains revenue of $10,780 and expenses of $7,476. Adjustments are necessary for the following items: ● Depreciation for February is $1,224. Revenue earned but not yet billed is $2,688. Accrued interest expense is $972. Revenue collected in advance that is now recognized is $2,350. Portion of prepaid insurance expired during February is $550. Calculate the correct net income for Bramble's Enterprise for the month of February. Net income $

Before month-end adjustments are made, the February 28 trial balance of Bramble's Enterprise contains revenue of $10,780 and expenses of $7,476. Adjustments are necessary for the following items: ● Depreciation for February is $1,224. Revenue earned but not yet billed is $2,688. Accrued interest expense is $972. Revenue collected in advance that is now recognized is $2,350. Portion of prepaid insurance expired during February is $550. Calculate the correct net income for Bramble's Enterprise for the month of February. Net income $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following adjusting entry for accrued wages was recorded on December 31:Dec. 31 Wages Expense 5,500 Wages Payable 5,500a. Journalize the reversing entry that would be made on January 1 of the next period.b. Assume that the first paid period of the following year ends on January 6 and that wages of $61,375 were paid. Journalize the entry to record the payment of the January 6 wages.c. Journalize the entry to record the payment of the January 6 wages assuming that a reversing entry was not made on January 1.d. What is wages expense for the period January 1–6?
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At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5.100 and Service Revenues of $33,900. Obligations for one-half of the deferred revenue have been fulfilled as of December 31. Requlred: 1. Prepare the adjusting journal entry on December 31. 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
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