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2 years ago

Prepare the required end-of-period adjusting entries for each independent case listed below.

Business

1 answer:

Nady [450]2 years ago

8 0

The preparation of the required end-of-period adjusting entries for each independent case is as follows:

<h3>Adjusting Journal Entries:</h3>

Case 1; The Bramble Company:

December 31

Debit Supplies Expenses $6,972

Credit Supplies $6,972

Case 2; The Bridgeport Company:

December 31

Debit Depreciation Expenses $1,008

Credit Accumulated Depreciation $1,008 ($168 x 6)

Case 3; Marin Realty

December 31

Debit Rent Receivable $2,352

Credit Rent Revenue $2,352

<h3>What are adjusting journal entries?</h3>

Adjusting journal entries are entries made at the end of the accounting period to bring the accounts in line with the accrual concept and the matching principle of financial accounting.

These principles require that expenses are recognized when incurred and not when payment is made and that revenues are recognized when earned and not when cash is received.

<h3>Data Analysis:</h3>

Case 1; The Bramble Company:

December 31 Supplies Expenses $6,972 Supplies $6,972

Case 2; The Bridgeport Company:

December 31 Depreciation Expenses $1,008 Accumulated Depreciation $1,008 ($168 x 6)

Case 3; Marin Realty

December 31 Rent Receivable $2,352 Rent Revenue $2,352

Learn more about adjusting entries at brainly.com/question/13933471

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Answer:

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