PLEASE INDICATE THE DOLLAR VALUE WHETHER DEBIT OR CREDIT Question 4 (12 points)

Question

PLEASE INDICATE THE DOLLAR VALUE WHETHER DEBIT OR CREDIT

Question 4 (12 points)

The following is the Bravo Unlimited adjusted Trial Balance.

Bravo Unlimited Adjusted Trial Balance

December 31, 2016 Account Title

Debit

Cash $88,450

Accounts Receivable 331,860

Supplies 11,255

Prepaid Rent 5,500

Equipment 295,285

CREDIT

Accumulated Depreciation $236,260

Accounts Payable 72,555

Wages Payable 10,000

Capital Stock 220,000

Retained Earnings 111,145

Service Revenue 898,105

Interest Income 1,500

DEBIT

Rent Expense 66,000

Wages Expense 537,260

Supplies Expense 42,520

Depreciation Expense 164,595

Dividends 6,840 ________

Totals

DEBIT $1,549,565

CREDITS $1,549,565

Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." Question 4 options: Skip Toolbars for . More Insert actions. More Text actions. Show All Components

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Service revenue 898105 Interest income 1500 Income summary 899605 (To close revenue account) Income summary 810375 Rent expense 66000 Wages expense 537260 SUpplies expense 42520 Depreciation expense 164595 (To close expense account) Income summary 89230 Retained earnings 89230 (To close income summary account)

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