.494px;=”” block;=””>Question 1
On January 1, 2016, Mr. Bravo formed a new corporate (Bravo
Unlimited) by investing $12,000 cash in capital stock. Prepare
the general journal entry (without explanation) needed. If no
entry is required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 2
On January 5, 2016, Charlie Company purchased equipment on
account for $25,000. The equipment was purchased for $6,000
with cash and the remainder was on account. Prepare the
compound general journal entry (without explanation) needed.
If no entry is required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 3
On January 15, 2016, Bravo Company billed a customer for
$20,000 of services rendered to be collected at a later date.
Prepare the general journal entry (without explanation)
needed. If no entry is required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 4
On January 15, 2016, Bravo Company collected $30,000 from a
customer, previously billed, for services rendered. Prepare the
general journal entry (without explanation) needed. If no entry
is required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 5
On January 15, 2016, Bravo Company collected $30,000 from a
customer, not previously billed, for services rendered. Prepare
the general journal entry (without explanation) needed. If no
entry is required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 6
On January 15, 2016, Bravo Company purchased $4,000 of
construction supplies, on account, from the Zulu Company.
Prepare the general journal entry (without explanation) needed. If no entry is required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 7
On January 15, 2016, Bravo Company purchased $5,500 of
construction supplies, from the Zulu Company. Bravo paid for
half of the supplies with cash and the remainder on account.
Prepare the compound general journal entry (without
explanation) needed. If no entry is required then write "No
Entry Required."
Date ACCOUNT DEBIT CREDIT Question 8
On January 15, 2016, Bravo Company paid for $6,500 of
construction supplies that had been purchased on account,
from the Zulu Company. Prepare the general journal entry
(without explanation) needed. If no entry is required then
write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 9
On January 16, 2016, Bravo Company paid for $5,000 of
construction supplies of which half had been purchased on
account. Prepare the general journal entry (without
explanation) needed. If no entry is required then write "No
Entry Required."
Date ACCOUNT DEBIT CREDIT Question 10
On January 31, 2016, Charlie Company paid employees $4,500
for January wages earned. Prepare the general journal entry
(without explanation) needed. If no entry is required then
write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 11
On January 31, 2016, Bravo Company paid company
shareholders $3,500 in dividends. Prepare the general journal
entry (without explanation) needed. If no entry is required
then write "No Entry Required." Date ACCOUNT DEBIT CREDIT Question 12
On January 2, 2016, Delta Company paid $3,500 in advance for
February rent. Prepare the general journal entry (without
explanation) needed. If no entry is required then write "No
Entry Required."
Date ACCOUNT DEBIT CREDIT Question 13
On January 2, 2016, Delta Company paid $3,300 rent. Prepare
the general journal entry (without explanation) needed. If no
entry is required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 14
On January 15, 2016, Delta Company hired an assistant manager with a monthly salary of $6,000. Prepare the general
journal entry (without explanation) needed. If no entry is
required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 15
On January 15, 2016, Delta Company signed a construction
contract with Bravo Company to build a tool shed. The agreed
on contract price was $15,000. Prepare the general journal
entry (without explanation) needed. If no entry is required
then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 16 (4 points)
On January 20, 2016, Bravo Construction Company purchased,
on account, $3,500 of supplies. Half were used immediately for
a current job. Prepare the compound general journal entry
(without explanation) needed. If no entry is required then
write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 17 (4 points)
On January 20, 2016, Bravo Construction Company purchased
$2,500 of supplies. Half were used immediately for a current
job. Half of the purchase amount was paid for with cash and
the rest was on account. Prepare the compound general
journal entry (without explanation) needed. If no entry is
required then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 18 (4 points)
On January 20, 2016, Bravo Construction Company purchased
$4,500 of supplies. Half were used immediately for a current
job. Half of the purchase amount was paid for with cash and
the rest was on account. On January 31, 2016, Bravo
Construction Company paid the balance due. Prepare the
general journal entry (without explanation) for the payment of
the balance due. If no entry is required then write "No Entry
Required."
Date ACCOUNT Question 19 (4 points) DEBIT CREDIT On January 25, 2016, Charlie Company received and paid the
$1,500 electric bill for the month. Prepare the general journal
entry (without explanation) needed. If no entry is required
then write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 20
On January 31, 2016, Bravo Company paid employee wages of
3,000 and reimbursed the staff secretary $150 for company
related travel. . Prepare the compound general journal entry
(without explanation) needed. If no entry is required then
write "No Entry Required."
Date ACCOUNT DEBIT CREDIT Question 21
Bravo Company has the following information regarding its
assets, liabilities and stockholders’ equity: Accounts
Receivable $1,800, Prepaid Rent $2,000, Equipment $10,000,
Stockholders’ Equity $7,700, Supplies $400, Bank Loan $4,200
and Tools $300. Determine the Accounts Payable value for
Bravo Company as this is the one unknown item. (All account
balances are normal.) Question 22
Bravo Company has the following information regarding its
assets, liabilities and stockholders’ equity: Accounts
Receivable $800, Equipment $10,500, Stockholders’ Equity
$7,700, Supplies $400, Accounts Payable $1,600, Bank Loan
$4,200 and Tools $300. Determine the Prepaid Rent value for
Bravo Company as this is the one unknown item. (All account
balances are normal.) Question 23
Assume beginning assets of $60,000, ending assets of
$80,000, a $10,000 decrease in liabilities, and ending
stockholders’ equity of $45,000. If dividends were twice the
capital stock issuances of $20,000, how much was net income
for the period? Question 24
Assume beginning and ending total assets of $80,000 and
$120,000, respectively. Total liabilities increased by $20,000,
and net income was $90,000. If no additional capital stock was
issued, how much were the dividends? Question 25 Bravo Company experienced a total increase in stockholders’
equity of $14,000 during the current year. Stockholders’ equity
was increased by additional issuances of $50,000 capital stock
during the year. No dividends were paid. Expenses incurred
during the year were $110,000. How much was Bravo’s
revenue for the year?