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
331,860
Supplies
15,255
Prepaid Rent
9,000
Equipment
295,285
Accumulated Depreciation
$235,760
Accounts Payable
73,555
Wages Payable
12,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
902,105
Interest Income
1,500
Rent Expense
63,500
Wages Expense
539,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
155,500
Interest Expense
6,840
_________
Totals
$1,556,065
$1,556,065
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 Entry Required."
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 | 331,860 | |
| Supplies | 15,255 | |
| Prepaid Rent | 9,000 | |
| Equipment | 295,285 | |
| Accumulated Depreciation | $235,760 | |
| Accounts Payable | 73,555 | |
| Wages Payable | 12,000 | |
| Capital Stock | 220,000 | |
| Retained Earnings | 111,145 | |
| Service Revenue | 902,105 | |
| Interest Income | 1,500 | |
| Rent Expense | 63,500 | |
| Wages Expense | 539,260 | |
| Supplies Expense | 42,520 | |
| Utilities Expense | 8,595 | |
| Depreciation Expense | 155,500 | |
| Interest Expense | 6,840 | _________ |
| Totals | $1,556,065 | $1,556,065 |
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 Entry Required."
Related questions
Question 1
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 | 231,860 | |
| Supplies | 6,255 | |
| Prepaid Rent | 12,000 | |
| Equipment | 395,285 | |
| Accumulated Depreciation | $224,260 | |
| Accounts Payable | 73,555 | |
| 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 | $1,523,565 | $1,523,565 |
Adjusting Items:
1. A physical inventory shows supplies on hand of $2,500 at year end.
2. The prepaid rent covers December 2016 thru March 2017 rents.
3. December depreciation on equipment is $11,500 per month.
4. At year end Wages of $12,000 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."
Question 5
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 | 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 | ||
| Bravo Unlimited | ||
| Unadjusted Trial Balance | ||
| December 31, 2016 | ||
| Account Title | Debit | Credit |
| Cash | $88,450 | |
| Accounts Receivable | 231,860 | |
| Supplies | 6,255 | |
| Prepaid Rent | 12,000 | |
| Equipment | 395,285 | |
| Accumulated Depreciation | $224,260 | |
| Accounts Payable | 73,555 | |
| 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 | $1,523,565 | $1,523,565 |
Adjusting Items:
1. A physical inventory shows supplies on hand of $2,500 at year end.
2. The prepaid rent covers December 2016 thru March 2017 rents.
3. December depreciation on equipment is $11,500 per month.
4. At year end Wages of $12,000 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. | 12/31/16 | |||
| 2. | 12/31/16 | |||
| 3. | 12/31/16 | |||
| 4. | 12/31/16 | |||
