Accounting Cycle 2 1 Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's fiscal year-end. 150 points 801206 Accounts Cash Accounts Receivable Interest Receivable. eBook Supplies Prepaid Rent Land Notes Receivable. Accounts Payable Salaries Payable. Deferred Revenue Utilities Payable Common Stock Print Retained Earnings Reference Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Debits $ 46,300 Credits 13,100 0 5,600 10, 800 114,000 56,000 $ 13,100 0 7,100 0 161,800 25,100 78,200 0 33,500 0 6,000 utilities Expense Totals $ 285,300 $ 285, 300 In addition, the company had the following year-end adjusting entries. Transaction. Accounts Title Debits Credits a. Salaries Expense 3,900 Salaries Payable 3,900 b. Interest Receivable 2,600 Interest Revenue 2,600 c. Supplies Expense 3,100 Supplies 3,100 d. Deferred Revenue 5,100 Service Revenue. 5,100 Rent Expense 7,200 Prepaid Rent 7,200 utilities Expense 2,000 utilities Payable 2,000 Required: 1., 2.& 6. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet for the year ended December 31, 2024 5. Record closing entries 7. Prepare a post-closing trial balance. Accounting Cycle 2 1 Req 1 and 2 and 6 Req 3 Req 4A Req 40 Req 4C Req 5 Req 7 150 points Saved Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts. Debit 014948 Beginning Balance Book Cash 0 Creda Accounts Receivable Debl Credit Beginning Balance Supplies Interest Receivable Print Debit Credit Debit Credit Beginning Balance Adjusting c 3,100 Beginning Balance: Adjusting b References 3,100 2,600 2,600 Prepaid Rent Land Debit Credit Debit Credit Beginning Balance Closing entry Beginning Balance 10,800 7,200 Adjusting e 3,600 Notes Receivable Accounts Payable Deb Credit Debit Credit Beginning Balance Beginning Balance 0 Salaries Payable Debit Credit Beginning Balance Utities Payable Debit Creat Beginning Balance 3,900 Adjusting a 3.900 2,000 Adjusting t 2,000 Accounting Cycle 20 1 FOOCH Saved Beginning Balance Beginning Balance 150 points 014919 3,900 Adjusting a 2,000 Adjusting t 3,900 2,000 Delemelt Revinal Common Stock Debe Credit Debil Credi eBook Beginning Balance Adjusting d. Beginning Balance 5,100 7,100 Closing entry Print 2,000 References Retained Earnings Service Revenue Debi Credi Debil Credit Beginning Balance Beginning Balance 78,200 Closing entry 5,100 Adjusting d. 83,300 Interest Revenue Salaries Expense Debit Credit Debit Credit Beginning Balance 2,600 Adjusting b. Beginning Balance Adjusting a 33,500 3,900 2,600 37,400 Rent Expense Supplies Expense Debit Credi Debit Credit Beginning Balance 7,200 Beginning Balance Adjusting e 7,200 Unies Expense Debit Credit Beginning Balance