The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adj
ID: 2569421 • Letter: T
Question
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."
Explanation / Answer
General journal entry to close Revenue(s); Date Account Head & Description Debit Amount Credit Amount Service Revenue 902105 Interest income 1500 Income Summary (to record transfer of revenues to income summary)
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