Question 3 30 points The following is the Bravo Unlimited ad

Question 3 (30 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  

Depreciation Expense

164,595  

Dividends

6,840

________

     Totals

$1,549,565

$1,549,565

Prepare the general journal entry (without explanation) needed to close expense(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
Depreciation Expense	164,595
Dividends	6,840	________
Totals	$1,549,565	$1,549,565

Solution

Closing entries: Accounts title and explanations Debit $ Credit $ Service revenue Account Dr. 898,105 Interest income Account Dr. 1,500      Income summary 899,605 Income Summary Account Dr. 810,375        Rent expense 66,000       Waages expense 537260        Supplies expense 42,520         Depreciation expense 164,595 Income Summary Acount Dr. 89230      Retained earnings 89230 Retained earnings Dr. 6840       Dividend Account 6840