1) On January 1, 20X1, Bravo Company borrowed $26,000 to purchase equipment.The loan is to be repaid plus interest of 10% per year, on December 31, 20X2.Prepared the general journal adjusting entry (without explanation) needed for December 31, 20X1. If no entry is required then write "No Entry Required."

2) On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $1,000.Friday, April 3, Bravo paid employee wages of $2,500 for the week.Prepared the general journal entry (without explanation) needed for March 31, 20X1. If no entry is required then write "No Entry Required."

3) During 2018, Towson Company had credit sales of $42,000 and cash sales of $16,000.In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit.Towson incurred operating expenses of $53,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end.In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018.The cost of this policy was $9,000.What is Towson's 2018 accrual basis net income or loss?Enter a loss as a negative number.

4)

The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 Totals $1,522,565 $1,522,565 Use this information to prepare the classified Balance Sheet for the fiscal year. There are additional lines in the classified Balance Sheet form to allow for authorized alternate presentations. Hint: you must close out temporary accounts to arrive at adjusted retained earnings balance