Accounting questions

fhtnqhtn74
timer Asked: Jun 3rd, 2018

Question Description

Need 3 accounting questions answered. please answer correctly and show work if it states that.

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Question 1 (6 points) Bravo Unlimited provided accounting services, valued at $5,000, 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." Format BI U I U Date Accounts Debit Credit Ą « Eg ha Save 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 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." 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."
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