Homework SourseThe following is the Bravo Unlimited adjusted Trial Balance
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
Depreciation Expense
164,595
Dividends
6,840
________
Totals
$1,549,565
$1,549,565
Prepare the general journal entry (without explanation) needed to close Dividends 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 | |
| Depreciation Expense | 164,595 | |
| Dividends | 6,840 | ________ |
| Totals | $1,549,565 | $1,549,565 |
Solution
Journal entry :
| Date | Accounts | Debit | credit |
| Retained earnings | 6840 | ||
| Dividends a/c | 6840 | ||
