The following is a partial unadjusted Trial Balance. Bravo Unlimited Unadjusted
ID: 2608837 • Letter: T
Question
The following is a partial unadjusted Trial Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
4/30/16
Accounts
Debit
Credit
Cash
$10,500
Interest Expense
225
Accounts Payable
$15,000
Interest Payable
0
Loans Payable
15,000
Bravo signed a $15,000 loan bearing a 6% interest rate for 3 year. Interest is payable on a quarterly basis with the principle due at the end of 3 years. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."
Unadjusted Trial Balance (partial)
5/31/16
Accounts
Debit
Credit
Cash
$25,000
18,000
Wages Payable
$0
Bravo pays its employee weekly ($750 for a five day work week) on Fridays for work completed during that week. May 31 is a Tuesday. Use this information to prepare the compound General Journal entry (without explanation) for the required payroll payment on June 3, 2016. If no entry is required then write "No Entry Required."
The following is a partial unadjusted Trial Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
4/30/16
Accounts
Debit
Credit
Cash
$10,500
Interest Expense
225
Accounts Payable
$15,000
Interest Payable
0
Loans Payable
15,000
Bravo signed a $15,000 loan bearing a 6% interest rate for 3 year. Interest is payable on a quarterly basis with the principle due at the end of 3 years. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."
Unadjusted Trial Balance (partial)
5/31/16
Accounts
Debit
Credit
Cash
$25,000
18,000
Wages Payable
$0
Explanation / Answer
Date Accounts Debit Credit 04/30/16 Interest Expense 225 Interest Payable 225 ($15000*6%/12) 05/31/16 Wages 300 Wages Payable 300 ($ 750/5 days *2 days)
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