Question
The following is the Bravo Unlimited unadjusted Trial Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable
The following is the Bravo Unlimited unadjusted Trial Balance.
Bravo Unlimited
Unadjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
331,860
Supplies
7,255
Prepaid Rent
16,000
Equipment
295,285
Accumulated Depreciation
$224,260
Accounts Payable
78,555
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
$1,528,565
$1,528,565
Adjusting Items:
1. The prepaid rent covers December 2016 thru March 2017 rents.
2. December depreciation on equipment is $14,500 per month.
3. At year end Wages of $15,000 were earned but unpaid.
Bravo prepares monthly adjusting entries. Use this information to determine the adjusted account balances for the following:
1. Cash
2. Prepaid Rent
3. Equipment
4. Accumulated Depreciation
5. Wages Payable
6. Rent Expense
7. Wages Expense
8. Depreciation Expense
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