Reference no: EM132460411

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                         330,000

Supplies                                           9,255

Prepaid Rent                                       12,000

Equipment                                          295,285

Accumulated Depreciation                      $238,760

Accounts Payable                                   78,555

Wages Payable                                        15,000

Capital Stock                                          220,000

Retained Earnings                                   111,145

Service Revenue                                     895,105

Interest Income                                          1,500

Rent Expense                                             64,500

Wages Expense                                        542,260

Supplies Expense                                      42,520

Depreciation Expense                                167,095

Dividends                                                8,700

Totals                                                         _________

                                                               $1,560,065

Question 1: Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."