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I need help with the following, please and thank you Question 1 The following is the Bravo Unlimited unadjusted Trail Balance. Bravo Unlimited Unadjusted Trial
I need help with the following, please and thank you
Question 1 The following is the Bravo Unlimited unadjusted Trail Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 231,860 Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable Capital Stock 6,255 11,000 395,285 $224,260 72,555 0 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense Depreciation Expense Interest Expense Totals 8,595 144,000 6,840 ________ $1,522,565 $1,522,565 Adjusting Items: 1. A physical inventory shows supplies on hand of $2,000 at year end. 2. The prepaid rent covers December 2016 & January 2017 rents. 3. December depreciation on equipment is $12,000 per month. 4. At year end Wages of $10,300 were earned but unpaid. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required." Question 2 On April 5, 2016, you discovered that your newly hired bookkeeper made an error when recording a transaction the previous day. The first salary payment this month was for $1,700, which included $900 of salaries payable on March 31. The payment was recorded as a debit to Wages Expense $1,700 and a credit to Cash $1,700. (No reversing entries were used.) Prepare the compound general journal entry (without explanation) needed to correct this error. If no entry is required then write "No Entry Required." Question 3 On April 2, 2016, you discovered that your newly hired bookkeeper made an error when recording a transaction the previous day. The errant bookkeeper posted a cash payment of repair expense on the truck for $196 was recorded as a debit to Equipment $169 and a credit to Cash $169. Prepare the compound general journal entry (without explanation) needed to correct this error. If no entry is required then write "No Entry Required." Question 4 On August 1, 2016 supplies were purchased; Accounts Payable was debited and Supplies credited for $1,600. The account was due in October, and $500 of these supplies was on hand at the end of August. Prepare the compound general journal entry (without explanation) needed to reflect the correct account balances (to include any end of period adjustment) as of August 31. If no entry is required then write "No Entry Required." Question 5 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,665 Accounts Receivable 232,000 Supplies Equipment Credit 17,000 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income Dividends Rent Expense 5,500 7,000 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense Totals 150,000 ________ $1,526,565 $1,526,565 Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations. Question 6 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Cash Debit $88,665 Credit Accounts Receivable Supplies Equipment 232,400 17,000 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 881,105 Interest Income Dividends Rent Expense Wages Expense 5,500 9,000 59,500 529,000 Supplies Expense 42,000 Utilities Expense 8,000 Depreciation Expense Totals 150,000 ________ $1,530,565 $1,530,565 Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations. Question 7 The information is provided in a table for Alpha Company and Bravo Company. Alpha Company Bravo Company Balance 12/31/15 Assets $605,000 Liabilities Equity $142,000 436,000 305,000 Balance 12/31/16 Assets Liabilities 610,000 184,000 170,000 Equity 460,000 440,000 During the Year: Additional Stock Issued 100,000 Dividends paid to shareholders 60,000 Revenue 655,000 Expenses 590,000 What are the amounts for each of the following missing items? 1. Alpha Company's 12/31/15 Liabilities 2. Alpha Company's 12/31/16 Assets 3. Alpha Company's 12/31/16 Additional Stock Issued 4. Bravo Company's 12/31/15 Assets 5. Bravo Company's 12/31/16 Revenues 90,000 620,000
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