Question

Bramble Company had the following adjusted trial balance. Bramble Company Adjusted Trial Balance June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,840 Accounts Receivable 3,830 Supplies 600 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 3,900 Retained Earnings 1,540 Dividends 570 Service Revenue 4,100 Salaries and Wages Expense 1.300 Miscellaneous Expense 300 Supplies Expense 1.730 Salaries and Wages Payable 590 $12,170 $12,170 Prepare closing entries at June 30, 2020. (Credit account titles are automatically indented when amount is entered. Do not inden manually.) Date Account Titles and Explanation Debit Credit June 30 4100

When preparing a post closing entry please do not use Profit and Loss account as an aswer. The word bank is below for the second picture.

Answer 1

Income Statement
Revenues:
Service revenue		4,100
Expenses:
Salaries and wages expense	1,300
Miscellaneous expense	300
Supplies expense	1,730
Total expenses		-3,330
Net Income		$770

Date	Account Titles and Explanation	Debit	Credit
Jun-30	Service revenue	$4,100
	Income Summary		$4,100
	( To close revenue account)
Jun-30	Income Summary	$3,330
	Salaries and wages expense		$1,300
	Miscellaneous expense		$300
	Supplies expense		$1,730
	( To close expense accounts)
Jun-30	Income Summary	$770
	Retained earnings		$770
	( To close net income )
Jun-30	Retained earnings	$570
	Dividend payable		$570
	( To close dividends)

Statement of Retained Earnings
Beginning retained earnings		1,540
Net Income		770
		$2,310
Dividends		-570
Retained earnings, Ending		$1,740

Bramble Company
POST -Closing Trial Balance
At June 30, 2020
Accounts Titles	Debit	Credit
Cash	3,840
Accounts receivable	3,830
Supplies	600
Accounts payable		1,900
Salaries and wages payable		590
Unearned service revenue		140
Common stock		3,900
Retained earnings		1,740
Totals	$      8,270	$      8,270

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