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Question 1 1 The following is the Bravo Unlimited unadjusted Trail Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 231,860 Supplies 6,255 Prepaid Rent 11,000 Equipment 395,285 Credit Accumulated Depreciation $224,260 Accounts Payable 72,555 Wages Payable 0 Capital Stock 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 8,595 Depreciation Expense 144,000 Interest Expense 6,840 ________ $1,522,565 $1,522,565 Totals 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." General Journal Date 1. 2. 3. 4. Accounts Debit Credi Question 2 On April 5, 2016, you discovered that your newly hired bookkeeper made an error when 2 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.": General Journal Date Accounts Debit Question 3 On April 2, 2016, you discovered that your newly hired bookkeeper made an error when 3 recording a transaction the previous day. The errant bookkeeper posted a cash payment of repair expense on the truck for $172 was recorded as a debit to Equipment $127 and a credit to Cash $127. Prepare the compound general journal entry (without explanation) needed to correct this error. If no entry is required then write "No Entry Required." General Journal Credit Date Accounts Debit Cred Question 4 On August 1, 2016 supplies were purchased; Accounts Payable was debited and Supplies credited for $1,500. The account was due in October, and $700 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." General Journal Date Accounts Question 5 The following is the Bravo Unlimited adjusted Trail Balance. 5 Bravo Unlimited Debit Cred Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 231,860 Supplies 17,255 Equipment 395,285 Credit Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 120,000 Retained Earnings 214,145 Service Revenue 892,105 Interest Income 2,500 Dividends 5,000 Rent Expense 58,700 Wages Expense 527,000 Supplies Expense 42,600 Utilities Expense 8,600 Depreciation Expense 150,815 ________ $1,525,565 $1,525,565 Totals 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 5 options: Bravo Unlimited Income Statement Question 6 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 231,860 Supplies 17,255 Equipment 395,285 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 120,000 Retained Earnings 214,145 Service Revenue 892,105 Interest Income 2,500 Dividends 5,000 Rent Expense 58,700 Wages Expense 527,000 Supplies Expense 42,600 Utilities Expense 8,600 Depreciation Expense 150,815 ________ $1,525,565 $1,525,565 Totals 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 6 options: Bravo Unlimited Balance Sheet Question 7 7 The information is provided in a table for Alpha Company and Bravo Company. Alpha Company Bravo Company Balance 12/31/15 Assets $60,000 Liabilities Equity $15,000 43,600 32,000 Balance 12/31/16 Assets 70,000 Liabilities 18,400 20,000 Equity 90,000 50,000 During the Year: Additional Stock Issued 10,000 Dividends paid to shareholders 3,000 Revenue 95,000 Expenses 59,000 What are the amounts for each of the following missing items? 1. Alpha Company's 12/31/15 Liabilities 5,000 60,000 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 Question 7 options: Save