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GJ - 1 Question 1 (6 points) 

The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

1/31/16

Accounts

Debit

Credit

Equipment

$33,000

 

Accumulated Depreciation, Equipment

 

$13,200

Building

168,000

 

Accumulated Depreciation, Building

 

16,800

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."

 

 

Question 1 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save GJ - 2 Question 2 (6 points) 

Bravo Unlimited provided accounting services, valued at $5,500, 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 2 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save 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

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 3 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save GJ - 4 Question 4 (6 points) 

The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

3/31/16

Accounts

Debit

Credit

Cash

$27,500

 

Prepaid Expenses

3,200

 

Accounts Payable

 

$15,000

Office Rent Expense

 

1,200

Machine Rent Expense

 

1,600

Bravo pays office rent at the beginning of each month of occupancy. The beginning balance of Prepaid Expenses account on March 1, 2016 was $800 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 4 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save GJ - 5 Question 5 (6 points) 

The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

2/29/16

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 5 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save 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

Credit

Cash

$10,500

 

Accounts Receivable

5,500

 

Unearned Service Revenue

 

$2,200

Service Revenue

 

1,100

Bravo Unlimited provides snow removal & lawn care services to clients at a fixed fee of $550 per month, payable in advance on a quarterly basis. The balance in Unearned Service Revenue account on March 1 was $550. 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 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save GJ - 7 Question 7 (6 points) 

The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

5/31/16

Accounts

Debit

Credit

Cash

$25,000

 

Wages Expense

24,000

 

Wages Payable

 

$0

Bravo pays its employee weekly ($1,000 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 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save 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

Credit

Cash

$25,000

 

Wages Expense

18,000

 

Wages Payable

 

$0

Bravo pays its employee weekly ($750 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."

 

Question 8 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save GJ - 9 Question 9 (6 points) 

The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

4/30/16

Accounts

Debit

Credit

Cash

$10,500

 

Interest Expense

225

 

Accounts Payable

 

$15,000

Interest Payable

 

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."

 

Question 9 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save 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 $1,700 of services performed but unbilled. If no entry is required then write "No Entry Required."

Question 10 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save 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."

Question 11 options: Skip Toolbars for . More Insert actions.   Format Paragraph Address Preformatted H1 - Heading 1 H2 - Heading 2 H3 - Heading 3 H4 - Heading 4 H5 - Heading 5 H6 - Heading 6 More Text actions.   More Paragraph Style actions.   Show All Components Save FIB - 12 Question 12 (4 points) 

Yankee Stores of Maine experienced an increase in total assets of $24,000 during the current year.  During the same time period, total liabilities increased $5,000.  Shareholders made no investments during the year and no dividends were paid.  How much was Yankee's net income?

Question 12 options:Save 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 $6,000 of supplies on hand. What dollar value of Supplies Expense will be reported in the annual financial statements?

Question 13 options:Save 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 450 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?

Question 14 options:Save 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 $700 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
Question 15 options:Save 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?

Question 16 options:Save 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 $25,500 of accounts receivable resulting from sales on credit.  Bravo incurred operating expenses of $7,500; of this amount, $3,500 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?

Question 17 options:Save 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 $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 accrual basis net income?

Question 18 options:Save Question 19 (4 points) 

On January 2, 2016, Bravo purchased a one-year insurance policy for $4,800. On that date, Bravo debited Prepaid Insurance for $4,800.  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
Question 19 options:



1 Depreciation Expense, Equipment

 

Depreciation Expense, Building

 

Accumulated Depreciation, Equipment

 

Accumulated Depreciation, Building

 


 

3,300

 

4,200

 


 

2 Accounts Receivable

 

Service Revenue

 


 

5,500

 


 

3...

 







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