Question 3 (30 points) The following is the Bravo Unlimited adjusted Trial Balan
ID: 2409402 • Letter: Q
Question
Question 3 (30 points)
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
11,255
Prepaid Rent
5,500
Equipment
295,285
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
Rent Expense
66,000
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
164,595
Dividends
6,840
________
Totals
$1,549,565
$1,549,565
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."
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
331,860
Supplies
11,255
Prepaid Rent
5,500
Equipment
295,285
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
Rent Expense
66,000
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
164,595
Dividends
6,840
________
Totals
$1,549,565
$1,549,565
Explanation / Answer
Closing entries: Accounts title and explanations Debit $ Credit $ Service revenue Account Dr. 898,105 Interest income Account Dr. 1,500 Income summary 899,605 Income Summary Account Dr. 810,375 Rent expense 66,000 Waages expense 537260 Supplies expense 42,520 Depreciation expense 164,595 Income Summary Acount Dr. 89230 Retained earnings 89230 Retained earnings Dr. 6840 Dividend Account 6840
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