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	13,255
Prepaid Rent	10,500
Equipment	295,285
Accumulated Depreciation		$236,760
Accounts Payable		75,555
Wages Payable		14,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		900,105
Interest Income		1,500
Rent Expense	64,000
Wages Expense	541,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	156,500
Interest Expense	6,840	_________
Totals	$1,559,065	$1,559,065

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."

Answer 1

Accounts	Debit ($)	Credit ($)
Service Revenue	9,00,105.00
Interest Income	1,500.00
Rent Expense		64,000.00
Wage Expense		5,41,260.00
Supplies Expense		42,520.00
Utliity Expense		8,595.00
Depreciation Expense		1,56,500.00
Interest Expense		6,840.00
Retained Earnings		81,890.00

(Being Net Income transferred to Retained Earnings)