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1.Enter the account balances in T-accounts. 2. From the trial balance and information given, prepare adjusting entries and post to the accounts. a. The buildings
1.Enter the account balances in T-accounts.
2. From the trial balance and information given, prepare adjusting entries and post to the accounts.
a. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.
b. The office equipment is depreciated at 10 percent of original cost per year.
c. Prepaid insurance expired during the year, $1,500.
d. Accrued salaries and wages at year-end, $1,500.
e. Deferred rent revenue at year-end should be $1,200.
3. Prepare an adjusted trial balance.
4. Prepare closing entries.
5. Prepare a post-closing trial balance.
6. Prepare a worksheet using the unadjusted trial balance, adjustments, adjusted trial balance, income statement, and balance sheet.
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