Question

The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...

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

330,000

Supplies

9,255

Prepaid Rent

12,000

Equipment

295,285

Accumulated Depreciation

$238,760

Accounts Payable

78,555

Wages Payable

15,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

895,105

Interest Income

1,500

Rent Expense

64,500

Wages Expense

542,260

Supplies Expense

42,520  

Depreciation Expense

167,095  

Dividends

8,700

_________

     Totals

$1,560,065

$1,560,065

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."

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