2. Braunius Bros, manufactures and sells kitchen and bathroom tiles. The account balances as of September 30, 2019 after adjustments are as follows:
Cash
$30,000 P. Braunius, Capital
$80,000
Inventory
70,000 P. Braunius, Drawings
9,000
Depreciation Expense
4,000 Accumulated Depreciation, Building
60,000
Accounts Payable
XXXXXX Insurance Expense
10,000
Sales Revenue
120,000 Prepaid Insurance
2,000
Salaries and Wages Expense
47,000 Utilities Expense
5,000
Building
150,000 Notes Payable
35,000
Required:
a) Prepare an adjusted trial balance for Braunius Bros with the proper heading and the accounts
in balance sheet sequence.
Determine the correct balance for Accounts Payable.
Prepare the four closing entries. No explanations required.
Calculate the amount of the ending Capital.
(11 pts)
(6 pts)
(2 pts)