Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts...
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Accounting
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $44,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $25,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets?
Bravo Unlimited provided accounting services, valued at $7,500, 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.
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