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Question 1
Charlie Corporation’s adjusted trial balance included the following items (all account balances are normal):
Accounts payable $65,000, Accounts receivable $31,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $24,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets?
Question 2
Bravo Unlimited provided accounting services, valued at $7,500, to its clients during the month of January 2016. Formal bills are sent to clients during the first week following the month in which services are provided. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write “No Entry Required.”
Question 3
The following is a partial unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance (partial) | ||
| 1/31/2016 | ||
| Accounts | Debit | Credit |
| Cash | $32,527 | |
| Prepaid Insurance | 1,800 | |
| Insurance Expense | 0 | |
The beginning balance in the Prepaid Insurance account on January 1, 2016 was $600 and represented five months of the building liability insurance. On, January 2, 2016, Bravo Unlimited purchased a 12 month motor vehicle insurance policy. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write “No Entry Required.”
Question 4
The following is a partial unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance (partial) | ||
| 3/31/2016 | ||
| Accounts | Debit | Credit |
| Cash | $27,500 | |
| Prepaid Expenses | 2,800 | |
| Accounts Payable | $15,000 | |
| Office Rent Expense | 1,200 | |
| Machine Rent Expense | 1,400 | |
Bravo pays office rent at the beginning of each month of occupancy. The beginning balance of Prepaid Expenses account on March 1, 2016 was $700 and was for one month of machine rent. Machine rent is paid in advance at the end of each quarter. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write “No Entry Required.”
Question 5
The following is a partial unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance (partial) | ||
| 2/29/2016 | ||
| Accounts | Debit | Credit |
| Cash | $15,500 | |
| Supplies | 14,000 | |
| Accounts Payable | $10,500 | |
| Supplies Expense | 5,000 | |
The Supplies account balance on February 1, 2016 was $2,000. During the month of February Bravo purchased $12,000 of supplies for use in its operations. On February 29, Bravo warehouse chief inventoried supplies and determine the value on hand was $1,500. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write “No Entry Required.”
Question 6
The following is a partial unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance (partial) | ||
| 5/31/2016 | ||
| Accounts | Debit | Credit |
| Cash | $25,000 | |
| Wages Expense | 60,000 | |
| Wages Payable | $0 | |
Bravo pays its employee weekly ($2,500 for a five day work week) on Fridays for work completed during that week. May 31 is a Tuesday. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write “No Entry Required.”
Question 7
Bravo Company had $5,100 of supplies on hand at the beginning of 2016. On March 31 Bravo purchased an additional $12,400 of supplies. On December 31, a physical count of revealed a total of $5,800 of supplies on hand. What dollar value of Supplies Expense will be reported in the annual financial statements?
Question 8
The following is the Bravo Unlimited unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance | ||
| 31-Dec-16 | ||
| Account Title | Debit | Credit |
| Cash | $88,450 | |
| Accounts Receivable | 231,860 | |
| Supplies | 6,255 | |
| Prepaid Rent | 11,000 | |
| Equipment | 395,285 | |
| Accumulated Depreciation | $224,260 | |
| Accounts Payable | 72,555 | |
| 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 | $1,522,565 | $1,522,565 |
Adjusting Items:
- A physical inventory shows supplies on hand of $3,000 at year end.
- The prepaid rent covers December 2016 thru March 2017 rents.
- December depreciation on equipment is $11,000 per month.
- At year end Wages of $10,000 were earned but unpaid.
Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write “No Entry Required.”
Question 9
The following is the Bravo Unlimited unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance | ||
| 31-Dec-16 | ||
| 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:
- The prepaid rent covers December 2016 thru March 2017 rents.
- December depreciation on equipment is $14,500 per month.
- 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:
- Cash
- Prepaid Rent
- Equipment
- Accumulated Depreciation
- Wages Payable
- Rent Expense
- Wages Expense
- Depreciation Expense
Question 10
The following is the Bravo Unlimited adjusted Trial Balance.
| Bravo Unlimited | ||
| Adjusted Trial Balance | ||
| 31-Dec-16 | ||
| 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 |
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.”
Question 11
The following is the Bravo Unlimited adjusted Trial Balance.
| Bravo Unlimited | ||
| Adjusted Trial Balance | ||
| 31-Dec-16 | ||
| 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.”
Question 12
The following is the Bravo Unlimited adjusted Trial Balance.
| Bravo Unlimited | ||
| Adjusted Trial Balance | ||
| 31-Dec-16 | ||
| 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 | $1,560,065 |
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.”
Question 13
The following is the Bravo Unlimited adjusted Trial Balance.
| Alpha Dog Company | ||
| Adjusted Trial Balance | ||
| 31-Dec-16 | ||
| Account Title | Debit | Credit |
| Cash | $88,450 | |
| Accounts Receivable | 150,000 | |
| Supplies | 29,255 | |
| Stock Investment | 172,000 | |
| 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 | $1,560,065 |
Prepare only the Asset section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.
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