Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable

The following is the Bravo Unlimited adjusted Trial Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

331,860

Supplies

13,255

Prepaid Rent

10,500

Equipment

295,285

Accumulated Depreciation

$236,760

Accounts Payable

75,555

Wages Payable

14,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

900,105

Interest Income

1,500

Rent Expense

64,000

Wages Expense

541,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

156,500

Interest Expense

6,840

_________

Totals

$1,559,065

$1,559,065

Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No EntryRequired."

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting

Authors: Anthony A Atkinson, Robert S Kaplan

5th Edition

136005314, 978-0136005315

More Books

Students also viewed these Accounting questions

Question

1. To understand how to set goals in a communication process

Answered: 1 week ago