Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

There are two things that i am having hard time! please help me with the answers and explain it to me! Thank you so much

There are two things that i am having hard time! please help me with the answers and explain it to me!

Thank you so much

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
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 331,000 Supplies 13,255Prepaid 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 Depreciation Expense 165,095 Dividends 7,700Service Revenue 900,105 Interest Income 1,500 Rent Expense 64,000 Wages Expense 541,260 Supplies Expense 42,520 Depreciation Expense 165,095 Dividends 7,700 Totals $1,559,065 $1,559,065 Prepare the general journal entry (without explanation) needed to close expense(s) for the year. end, Use compound entries where required. If no entry is required then write "No Entry Required." date acct debut creditThe 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 295.285Accumulated 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 $1,528,565Adjusting Items: 1. The prepaid rent covers December 2016 thru March Zi 3' rents. 2. December depreciation on equipment is $14.50D per month. 3.At1:ear 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: 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

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting For Managers

Authors: Eric Noreen

1st Edition

73526975, 978-0073526973

More Books

Students also viewed these Accounting questions

Question

Values: What is important to me?

Answered: 1 week ago