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."

Answer 1

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)