On January 1, 2016, Mr. Bravo formed a new

On January 1, 2016, Mr. Bravo formed a new

corporate (Bravo Unlimited) by investing $35,000 cash in

capital stock.

Prepare the general journal entry (without explanation)

needed. If no

entry is required then write “No Entry Required.“

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.“

On January 15, 2016, Bravo Company billed a customer

for $25,000 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.“

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.“

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.“

On January 15, 2016, Bravo Company purchased $1,500 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.“

On January 15, 2016, Bravo Company purchased $5,000 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.“

On January 15, 2016, Bravo Company paid for $5,000 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.“

On January 16, 2016, Bravo Company paid for $6,000 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.“

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.“

On January 31, 2016, Bravo Company paid company

shareholders $4,500 in dividends. Prepare the general

journal entry (without explanation) needed. If no entry is required

then write “No Entry Required.“

On January 2, 2016, Delta Company paid $2,500 in

advance for February rent. Prepare the general

journal entry (without explanation) needed. If no entry is required

then write “No Entry Required.“

General Journal

On January 2, 2016, Delta Company paid $2,000

rent. Prepare the

general journal entry (without explanation) needed. If no entry is required

then write “No Entry Required.“

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.“

On January 15, 2016, Delta Company signed a

construction contract with Bravo Company to build a tool

shed. The agreed

on contract price was $16,000. Prepare the general

journal entry (without explanation) needed. If no entry is required

then write “No Entry Required.“

On January 20, 2016, Bravo Construction Company

purchased, on account, $2,500 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.“

On January 20, 2016, Bravo Construction Company

purchased $3,500 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.“

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. 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.“

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.“

On January 31, 2016, Bravo Company paid employee wages

of 3,200 and reimbursed the staff secretary $250 for company

related travel.

. Prepare the

compound general journal entry (without explanation)

needed. If no

entry is required then write “No Entry Required.“

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.)

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.)

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?

Assume beginning and ending total assets of $80,000 and

$120,000, respectively. Total liabilities

increased by $20,000, and net income was $70,000. If no additional

capital stock was issued, how much were the dividends?

Bravo Company experienced a total increase in

stockholders’ equity of $24,000 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 $115,000. How much was Bravo’s

revenue for the year?