Problem: 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
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