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

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."

Homework Answers

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)
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