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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.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS Earnings, Comprehensive Earnings and Retained Earnings
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