Bravo unlimited adjusted trial balance

Assignment Help Financial Accounting
Reference no: EM132203548

The following is the Bravo Unlimited adjusted Trial Balance.

TITLE DEBIT CREDIT

Cash $88,450

Accounts Receivable 331,860

Supplies 11,255

Prepaid Rent 5,500

Accumulated Deprec. 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

Deprec. Expense 156,000

Interest Expense 6,840

TOTALS $1,549,565 $1,549,565

As the senior accountant you had just prepared and posted the journal entry that closed the revenue accounts to the income summary account. Suddenly you noticed that your bookkeeper made a tragic error in recording one of the expenses during that last month of the fiscal year. The bookkeeper had recorded the december utility bill as a debit to accounts receivable and a credit to wages expense for $500. Use this information to prepare the compound general journal entries needed to:

a. correct the error

b. record the closing entry for the expenses.

Reference no: EM132203548

Questions Cloud

Emphasize the mass media rather than social media : Analyze mass media and its influence in American society. Emphasize the mass media rather than social media.
Explain the pathophysiology of the respiratory alteration : Identify the pathophysiology of the alteration that you associated with the cough. Then, explain the pathophysiology of the respiratory alteration
Performance evaluations are one of the most dreaded parts : Performance evaluations are one of the most dreaded parts of work: both for the manager and the employee.
Explain the concept of cycle time : Explain the concept of cycle time and how it affects output. Give an example.
Bravo unlimited adjusted trial balance : The following is the Bravo Unlimited adjusted Trial Balance.
Design speci?cations require that key dimension : Design speci?cations require that a key dimension on a product measure 90 ±10 units.
How much of depreciation expense : At the beginning 2018 it was decided to change to straight-line. The 2018 adjusting entry will include how much of depreciation expense?
Implementing enterprise resource planning system : Discuss the advantages and disadvantages of implementing an Enterprise Resource Planning (ERP) system.”
Amount for interest expense on bonds : Beta's 2012 income statement should report what amount for interest expense on these bonds?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Question donovan company received a bank statement for the

question donovan company received a bank statement for the month of september 2012 which indicates a balance per bank

  Actions to raise rooms rates was based economics-accounting

A few years ago, marriott international, the large hotel chair, announced that because occupancy rates had declined during the previous quarter, it was raising room rates to cover the cost of increase in vacant rooms. did the journalist mean that vac..

  Calculate the depreciation under the double declining method

Calculate the depreciation under the double declining method and calculate the depreciation under the units of production method.

  Compute the companys gross profit percentage

Compute the companys gross profit percentage and rate of inventory turnover for 2012.

  Explain the concept of cost of capital

How can you explain the concept of cost of capital? Do you believe that a firm should use the same cost of capital for all of its projects? Why or why not?

  Determine the cost recovery for current year

Determine the cost recovery for the current year. Debra does not elect immediate expensing under S179.She elect not to take additional first year depreciation.

  Is the result in the adjusted trial balance debit or credit

The end of period spreadsheet is useful in preparing an Adjusted Trial Balance from which the three Financial Statements can be prepared. Please indicate the results in the adjusted Trial Balance under the following circumstances. An account has a de..

  What are some cons of a 401 plan

What are some cons of a 401(k) plan? Also, if you choose a traditional 401(k) type at what age can an individual access their funds according to the withdrawal rules?

  Employers accounting for postemployment benefits

Which of the following is not a post-employment benefit, according to FASB ASC Topic 712, “Employers’ Accounting for Postemployment Benefits”?

  Explain how reported accounting numbers might affect

Explain how reported accounting numbers might affect an individual's perceptions and actions. Cite two examples.

  Review the financial statement analysis

To enable students in utilising financial ratios for the purpose of evaluating a firm's financial performance and financial position as well as in recognising.

  Prepare a horizontal analysis of the comparative income

Prepare a horizontal analysis of the comparative income statement of Mariner Design Inc. Why did 2015 net income increase by a higher percentage than net sales revenue?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd