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Prepare the general journal entry needed to close revenue

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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

331,860

 

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

 

Utilities Expense

8,595

 

Depreciation Expense

156,500

 

Interest Expense

6,840

 

Totals

$1,559,065

$1,559,065

Required - Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Reference no: EM132446868

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