Solution-Determine the adjusted account balances for cash

Determine the adjusted account balances for cash

Assignment Help Accounting Basics

Reference no: EM132446885

Question - The following is the Bravo Unlimited unadjusted Trial Balance.

Bravo Unlimited Unadjusted Trial Balance December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	331,860
Supplies	7,255
Prepaid Rent	16,000
Equipment	295,285
Accumulated Depreciation		$224,260
Accounts Payable		78,555
Wages Payable		0
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		893,105
Interest Income		1,500
Rent Expense	60,500
Wages Expense	527,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	144,000
Interest Expense	6,840
Totals	$1,528,565	$1,528,565

Adjusting Items:

1. The prepaid rent covers December 2016 thru March 2017 rents.

2. December depreciation on equipment is $14,500 per month.

3. At year end Wages of $15,000 were earned but unpaid.

Bravo prepares monthly adjusting entries. Use this information to determine the adjusted account balances for the following:

1. Cash

2. Prepaid Rent

3. Equipment

4. Accumulated Depreciation

5. Wages Payable

6. Rent Expense

7. Wages Expense

8. Depreciation Expense

Reference no: EM132446885

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Determine the adjusted account balances for cash

Reference no: EM132446885

Reference no: EM132446885

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