Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) enter the unadjusted balances from the trial balance and post the adjusting entities to the T accounts , and post the closing entries to

1) enter the unadjusted balances from the trial balance and post the adjusting entities to the T accounts , and post the closing entries to the T account
2)trial balance
3)income statement
4) statement of stockholders equity image text in transcribed
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end. Debits Credits 8.500 1500 Accounts Recelvable Prepald Rent $ 10,000 Accounts Payable Salaries Poyable merest Payable Utlities Payable Notes Payable Retained Eernings Salaries Expense merest Experse 23500 000 Supplies Expense Depreciation Expense 125,700 $125700 Information necessary to prepare the year-end adjusting entries appears below a. Depreclation of equipment for the year is $5,000 b. Accrued salaries at year-end should be $1,600. Crimson Tide borrows $15,000 on September 1 2018. The principal is due to be repaid in four years. Interest is payable each August 31 at an anual rate of 10% d. Unused supplies at yearend total $600. Crimson Tide debits Supplies at the ime supples are purchased. e Crimson Tide opens second studio by paying for one year of rent in advance on Aprn20 for $6,000($500 per month) debiting Pepaid Rent. t Unpaid utinies for December total $100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Explain the guideline for job description.

Answered: 1 week ago

Question

What is job description ? State the uses of job description.

Answered: 1 week ago

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago