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
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.\"
| 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 |
Solution
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) | |||
