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The following is the Bravo Unlimited adjusted Trial Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
332,700
Supplies
10,255
Prepaid Rent
8,250
Equipment
295,285
Accumulated Depreciation
$235,260
Accounts Payable
72,555
Wages Payable
10,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
897,105
Interest Income
1,500
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
163,595
Dividends
6,000
________
Totals
$1,547,565
$1,547,565
Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write “No Entry Required.”
Im not sure what formula to use to find the answer
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