Question 2 (16 points) The following is the Bravo Unlimited adjusted Trial Balan
ID: 2409407 • Letter: Q
Question
Question 2 (16 points)
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
11,255
Prepaid Rent
5,500
Equipment
295,285
Accumulated Depreciation
$236,260
Accounts Payable
72,555
Wages Payable
10,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
898,105
Interest Income
1,500
Rent Expense
66,000
Wages Expense
537,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
156,000
Interest Expense
6,840
________
Totals
$1,549,565
$1,549,565
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
11,255
Prepaid Rent
5,500
Equipment
295,285
Accumulated Depreciation
$236,260
Accounts Payable
72,555
Wages Payable
10,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
898,105
Interest Income
1,500
Rent Expense
66,000
Wages Expense
537,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
156,000
Interest Expense
6,840
________
Totals
$1,549,565
$1,549,565
Explanation / Answer
Date Title Debit Credit Service revenue $ 898,105 Interest income $ 1,500 Income summary $ 899,605 (To close revenue accounts) Income summary $ 817,215 Rent expenses $ 66,000 Wages expenses $ 537,260 Supplies expenses $ 42,520 Utilities expenses $ 8,595 Depreication expenses $ 156,000 Interest expenses $ 6,840 (To close expenditure accounts) Income summary ($899,605-$817,215) $ 82,390 Retained earnings $ 82,390 (To close income summary account)
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