The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adj
ID: 2609180 • Letter: T
Question
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
10,255
Prepaid Rent
8,250
Equipment
295,285
Accumulated Depreciation
$235,260
Accounts Payable
72,555
Wages Payable
10,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
897,105
Interest Income
1,500
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
155,000
Interest Expense
6,840
________
Totals
$1,547,565
$1,547,565
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."
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
331,860
Supplies
10,255
Prepaid Rent
8,250
Equipment
295,285
Accumulated Depreciation
$235,260
Accounts Payable
72,555
Wages Payable
10,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
897,105
Interest Income
1,500
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
155,000
Interest Expense
6,840
________
Totals
$1,547,565
$1,547,565
Explanation / Answer
Journal entry :
Date accounts & explanation debit credit Service revenue a/c 897105 Interest income 1500 Income summary a/c 898605 (To record close of revenue account) Income summary a/c 813465 Rent expenses 63250 Wages expenses 537260 Supplies expenses 42520 Utilities expenses 8595 Depreciation expenses 155000 Interest expenses 6840 (To record close of expenses account) Income summary a/c 85140 Retained earnings a/c 85140 (To record close of income summary account)Related Questions
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