The accounting firm Bravo Inc prepares its own financial statements at the end of each year Based on the following information prepare any adjusting entries that are needed for the accounting records as of December 31, 1999, 1. As of December 31, Bravo Inc. has rendered $20,500 worth of services to clients for which

they have not yet billed the client and for which they have not made any accounting entry

2. Bravo Inc owns equipment (computers and so on) having an original cost of S12,000. The equipment has an expected life of six years. 3. On January 1, 1999, Bravo Inc borrowed $15,000. Both principal and interest are due on

December 31, 2000. The interest rate is 11%

4 On January 1, 1999, Bravo Inc rented storage space for three years. The entire three-year charge of $15,000 was paid at this time. Bravo Inc. (correctly) created a prepaid rent account in the amount of $15,000.

5. As of December 31, workers have earned $10,200 in wages that are unpaid and unrecorded