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Prepare the general journal entry needed to close expense

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Question - 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 331,000

Supplies 13,255

Prepaid Rent 10,500

Equipment 295,285

Accumulated Depreciation $236,760

Accounts Payable 75,555

Wages Payable 14,000

Capital Stock 220,000

Retained Earnings 111,145

Service Revenue 900,105

Interest Income 1,500

Rent Expense 64,000

Wages Expense 541,260

Supplies Expense 42,520

Depreciation Expense 165,095

Dividends 7,700

Totals $1,559,065 $1,559,065

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."

Reference no: EM132251268

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