29 The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below December 31 is the company's reporting year-end Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Deferred rent revenue Common stock Retained earnings nces Service revenue Interest revenue Rent revenue Salaries expense Depreciation expense Insurance expense Utilities expense Debits $8,000 Credits 9,000 3,000 200,000 50,000 $ 20,000 100,000 37,0001 0 0 10,000 40,000 35,050 0 7,500 200,000 56,450 90,000 3,000 Maintenance expense Totals 15,000 $452,000 $ 452,000 Information necessary to prepare the year-end adjusting entries appears below 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. $1,000 d. Accrued salaries at year-end. $1,500 e. Rent to customers who paid in advance has been provided for $6,300. Required: 1. From the trial balance and information given, prepare adjusting entries 2. Post the beginning balances and adjusting entries into the appropriate T-accounts 3. Prepare an adjusted trial balance 4. Prepare closing entries. 5. Prepare a post-closing trial balance BAGS CONSULTING COMPANY Adjusted Trial Balance Account Title Debits Credits Cash S 8,000 Accounts receivable 9,000 Prepaid insurance 3,000 11 Land 200,000 Buildings 50,000 Accumulated depreciation-buildings S 20,000 Office equipment 100,000 Accumulated depreciation-office equipment Accounts payable Salaries payable Deferred rent revenue Common stock ces 40,000 35,050 0 7.500 200,000 56,450 90,000 Retained earnings Service revenue Interest revenue Rent revenue Salaries expense Depreciation expense Insurance expense 3,000 0 37,000 0 0 Utilities expense 30,000 Maintenance expense 15,000 Totals $ 452,000 $ 452.000