Exercise 31 The May transactions of Bramble Corp were as fol

Exercise 3-1 The May transactions of Bramble Corp. were as follows. May 4 Paid $610 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,840. 8 Purchased supplies for $870 on account. 9 Purchased equipment for $1,930 in cash 17 Paid employees $700 in cash 22 Received bill for equipment repairs of $800 29 Paid $1,280 for 12 months of insurance policy. Coverage begins June 1 Journalize the transactions. (If no entry is required, select \"\"No Enty\" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Solution

Solution: Date Account Titles and Explanation Debit Credit May 4 Accounts payable 610 Cash 610 May 7 Accounts Receivable 6,840 Service revenue 6,840 May 8 Supplies 870 Accounts payable 870 May 9 Equipment 1,930 Cash 1,930 May 17 Salaries and Wages Expense 700 Cash 700 May 22 Maintenance and Repairs Expense 800 Accounts payable 800 May 29 Prepaid Insurance 1,280 Cash 1,280 Notes: since, insurance period start from June 1st but we have paid on May 29, so entered as prepaid. All the above journal entries are self explaining , though if you want any clarity please comment in comment section , I will definitely reply you. Please feel free to ask if anything about above solution in comment section of the question.