Expert answer:unadjusted trail balance
Solved by verified expert:unadjusted trail balance… questions 1-19
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Question #1:
General Journal
Date
Accounts
Debit
Credit
Accounts
Debit
Credit
Accounts
Debit
Credit
Accounts
Debit
Credit
Accounts
Debit
Credit
Accounts
Debit
Credit
Question #2:
General Journal
Date
Question #3:
General Journal
Date
Question #4:
General Journal
Date
Question #5:
General Journal
Date
Question #6:
General Journal
Date
Question #7:
General Journal
Date
Accounts
Debit
Credit
Accounts
Debit
Credit
Accounts
Debit
Credit
Accounts
Debit
Credit
Accounts
Debit
Credit
Question #8:
General Journal
Date
Question #9:
General Journal
Date
Question #10:
General Journal
Date
Question #11:
General Journal
Date
Quiz
Note: It is recommended that you save your response as you complete each question.
GJ – 1
Question 1 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
1/31/16
Accounts
Equipment
Debit
$21,000
Accumulated Depreciation, Equipment
Building
Accumulated Depreciation, Building
Credit
$8,400
120,000
12,000
Equipment has a 10 year life without salvage value. It has been in use for four years. The
building has a 40 year life without salvage value and has been in use for four years. Both
are depreciated on a straight-line basis. Use this information to prepare the compound
General Journal entry (without explanation) for the required end of the month
adjustments. If no entry is required then write “No Entry Required.”
GJ – 2
Question 2 (6 points)
Bravo Unlimited provided accounting services, valued at $6,500, 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.”
GJ – 3
Question 3 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
1/31/16
Accounts
Debit
Cash
Credit
$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 six 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.”
GJ – 4
Question 4 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
3/31/16
Accounts
Cash
Prepaid Expenses
Accounts Payable
Debit
Credit
$27,500
2,400
$15,000
Office Rent Expense
1,200
Machine Rent Expense
1,200
Bravo pays office rent at the beginning of each month of occupancy. The beginning balance
of Prepaid Expenses account on March 1, 2016 was $600 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.”
GJ – 5
Question 5 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
2/29/16
Accounts
Cash
Supplies
Debit
Credit
$15,500
13,400
Accounts Payable
$10,500
Supplies Expense
5,000
The Supplies account balance on February 1, 2016 was $1,400. 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.”
GJ – 6
Question 6 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
3/31/16
Accounts
Debit
Cash
Credit
$10,500
Accounts Receivable
5,500
Unearned Service Revenue
$1,800
Service Revenue
900
Bravo Unlimited provides snow removal & lawn care services to clients at a fixed fee of
$450 per month, payable in advance on a quarterly basis. The balance in Unearned Service
Revenue account on March 1 was $450. 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.”
GJ – 7
Question 7 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
5/31/16
Accounts
Cash
Wages Expense
Wages Payable
Debit
Credit
$25,000
30,000
$0
Bravo pays its employee weekly ($1,250 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.”
GJ – 8
Question 8 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
5/31/16
Accounts
Debit
Cash
Credit
$25,000
Wages Expense
30,000
Wages Payable
$0
Bravo pays its employee weekly ($1,250 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
compound General Journal entry (without explanation) for the required payroll payment
on June 3, 2016. If no entry is required then write “No Entry Required.”
GJ – 9
Question 9 (6 points)
The following is a partial unadjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance (partial)
4/30/16
Accounts
Cash
Interest Expense
Accounts Payable
Interest Payable
Debit
Credit
$10,500
225
$15,000
0
Loans Payable
15,000
Bravo signed a $15,000 loan bearing a 6% interest rate for 3 year. Interest is payable on a
quarterly basis with the principle due at the end of 3 years. 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.”
GJ – 10
Question 10 (6 points)
Bravo Zulu is a CPA. Typically performs services for clients in December, but does not bill those
clients until January. Prepared the general journal entry (without explanation) if needed for
December 31, 2016, to reflect $1,500 of services performed but unbilled. If no entry is required
then write “No Entry Required.”
Question 11 (6 points)
On Tuesday May 31, 2016 the Bravo Company had accrued wages of $2,000. Friday, June 3, Bravo
paid employee wages of $6,000 for the week. Prepared the compound general journal entry
(without explanation) needed for June 3, 2016. If no entry is required then write “No Entry
Required.”
FIB – 12
Question 12 (4 points)
Yankee Stores of Maine experienced an increase in total assets of $14,000 during the current
year. During the same time period, total liabilities increased $2,000. Shareholders made no
investments during the year and no dividends were paid. How much was Yankee’s net income?
FIB – 13
Question 13 (4 points)
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 $5,900 of supplies on hand. What dollar value of Supplies Expense will be reported in the
annual financial statements?
FIB – 14
Question 14 (4 points)
On January 26, 2016 a customer paid Bravo Unlimited a sum of $250 in advance for printing. On
January 28, Bravo printed 500 posters for Zulu Company at a price of 30¢ each. What would be
the adjusted balance in the Unearned Revenue account on January 31, 2016?
FIB – 15
Question 15 (6 points)
On August 1, 2016 supplies were purchased; Accounts Payable was debited and Supplies
credited for $1,500. The account was due in October, and $600 of these supplies was on hand at
the end of August. On August 31, 2016, after all entries to correct and end of the month adjusting
entries what are the account balances in the:
1. Supplies
2. Supplies Expense
3. Accounts Payable
FIB – 16
Question 16 (4 points)
Bravo’s year-end is December 31. On June 1, 2016, Bravo borrowed $10,000 on a one-year
loan. Interest on this loan accrues at 6% per year. What is the adjusted balance in the Interest
Expense account on December 31, 2016?
FIB – 17
Question 17 (4 points)
During 2016, Bravo Company had credit sales of $40,000 and cash sales of $18,000. In 2016 Bravo
collected $21,500 of accounts receivable resulting from sales on credit. Bravo incurred operating
expenses of $7,500; of this amount, $2,900 was paid in 2016, and the $4,600 balance represented a
liability at year-end. In addition to these operating expenses, Bravo also purchased for cash a
three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is
Bravo’s 2016 cash basis net income?
FIB – 18
Question 18 (4 points)
During 2016, Bravo Company had credit sales of $42,000 and cash sales of $18,000. In 2016 Bravo
collected $21,000 of accounts receivable resulting from sales on credit. Bravo incurred operating
expenses of $8,500; of this amount, $2,900 was paid in 2016, and the $5,600 balance represented a
liability at year-end. In addition to these operating expenses, Bravo also purchased for cash a
three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is
Bravo’s 2016 accrual basis net income?
Question 19 (4 points)
On January 2, 2016, Bravo purchased a one-year insurance policy for $3,600. On that date, Bravo
debited Prepaid Insurance for $3,600. If Bravo desires to prepare financial statements at the end
of March, what would be the balance in the accounts for?
1. Prepaid Insurance
2. Insurance Expense
…
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