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	6,255
Prepaid Rent	11,000
Equipment	395,285
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	________
Totals	$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."

General Journal

	Date	Accounts	Debit	Credit
1.
2.
3.
4.

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 $1,600, which included $400 of salaries payable on March 31. The payment was recorded as a debit to Wages Expense $1,600 and a credit to Cash $1,600. (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	Credit

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 $163 was recorded as a debit to Equipment $136 and a credit to Cash $136. 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	Credit

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 $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	Debit	Credit

Question 5

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		220,000
Retained Earnings		111,145
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	150,840	________
Totals	$1,522,565	$1,522,565

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.

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	________
Totals	$1,525,565	$1,525,565

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.

Bravo Unlimited
Balance Sheet

Question 7

The information is provided in a table for Alpha Company and Bravo Company.

	Alpha Company	Bravo Company
Balance 12/31/15
Assets	$165,000
Liabilities		$117,000
Equity	140,000	155,000
Balance 12/31/16
Assets		295,000
Liabilities	126,000	125,000
Equity	180,000	170,000
During the Year:
Additional Stock Issued		10,000
Dividends paid to shareholders	10,000	5,000
Revenue	125,000
Expenses	90,000	175,000

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 Dividends paid to sharholders

4. Bravo Company's 12/31/15 Assets

5. Bravo Company's 12/31/16 Revenues

Question 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 Accumulated Depreciation Accounts Payable Wages Payable Capital Stock Retained Earnings Service Revenue Interest Income Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 144,000 Interest Expense 6,840 Totals $1,522,565 Credit $224,260 72,555 0 220,000 111,145 893,105 1,500 ________ $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." General Journal Date Accounts Debit Credit 1. 2. 3. 4. 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 $1,600, which included $400 of salaries payable on March 31. The payment was recorded as a debit to Wages Expense $1,600 and a credit to Cash $1,600. (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 Question 3 Accounts Debit Credit 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 $163 was recorded as a debit to Equipment $136 and a credit to Cash $136. 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 Credit 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 $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 Debit Question 5 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Service Revenue Interest Income Dividends Rent Expense Wages Expense Supplies Expense Utilities Expense Depreciation Expense Totals $88,450 231,860 17,255 395,285 $224,260 72,555 220,000 111,145 893,105 1,500 2,000 58,500 527,260 42,520 8,595 150,840 $1,522,565 ________ $1,522,565 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. 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 Cash $88,450 Accounts Receivable 231,860 Supplies 17,255 Equipment 395,285 Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Service Revenue Interest Income Dividends 5,000 Rent Expense 58,700 Wages Expense 527,000 Supplies Expense 42,600 Utilities Expense 8,600 Depreciation Expense 150,815 Totals $1,525,565 Credit $224,260 72,555 120,000 214,145 892,105 2,500 ________ $1,525,565 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. Bravo Unlimited Balance Sheet Question 7 The information is provided in a table for Alpha Company and Bravo Company. Alpha Company Bravo Company Balance 12/31/15 Assets $165,000 Liabilities Equity $117,000 140,000 155,000 Balance 12/31/16 Assets 295,000 Liabilities 126,000 125,000 Equity 180,000 170,000 During the Year: Additional Stock Issued 10,000 Dividends paid to shareholders 10,000 Revenue 125,000 5,000 Expenses 90,000 What are the amounts for each of the following missing items? 175,000 1. Alpha Company's 12/31/15 Liabilities 2. Alpha Company's 12/31/16 Assets 3. Alpha Company's 12/31/16 Dividends paid to sharholders 4. Bravo Company's 12/31/15 Assets 5. Bravo Company's 12/31/16 Revenues