Chec The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end. Credits Debits 8,000 9,000 3,000 200,000 50,000 20,000 100,000 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings office equipment Accumulated depreciation office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 40,000 35,050 0 0 200,000 56,450 90,000 3,000 7,500 37,000 30,000 15,000 452,000 452,000 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. 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Required 1 Required 2 Required 3 Required 4 Required 5 From the trial balance and information given, prepare adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View Journal entry worksheet No Transaction Debit Credit 1 a General Journal Depreciation expense Accumulated depreciation--buildings 2 Depreciation expense Accumulated depreciation office equipment 3 Insurance expense Prepaid insurance Salaries and wages expense Salaries and wages payable Required 2 > Cash Accounts Receivable 9,000 Beg bal 8,000 Beg. bal 0 es End, bal. 8,000 Beg bal 9,000 Prepaid Insurance 3,000 Beg bal Land 200,000 Beg bal End, bal 3,000 End, bal 200,000 Buildings 50,000 Beg bal Office Equipment 100,000 Beg bal 0 Buildings 50,000 Office Equipment 100,000 Beg. bal. Beg, bal. End. bal. 50,000 End. bal. 100,000 Accumulated Depreciation Building Beg. bal. 20,000 Accumulated Depreciation-Office Equipment Beg, bal. 40,000 End, bal 20,000 End, bal 40,000 Accounts Payable 20,000 Beg. bal Beg bal. Salaries and Wages Payable 0 1,500 End, bal 20.000 End bal. 1,500 Deferred Rent Revenue Beg bal 0 Common Stock 200,000 Beg bal Deferred Rent Revenue ol 1,200 Common Stock 200,000 Beg bal. Beg. bal. End, bal 1,200 End, bal. 200,000 Retained Earnings 56,450 Sales Revenue 90,000 Beg. bal Beg, bal End, bal 56,450 End, bal. 90,000 Interest Revenue 3,000 Beg, bal Rent Revenue 7,500 Beg bal End, bal 3,000 End, bal 7,500 Salaries and Wages Expense Depreciation Expense Depreciation Expense Salaries and Wages Expense 37,000 0 Beg. bal Beg. bal. End, bal. 37,000 End, bal. Insurance Expense Utility Expense 30,000 Beg bal. 0 Beg. bal. End, bal End, bal 30,000 Maintenance Expense 15,000 Beg bal End, bal 15,000 Debits Credits Account Title $ 8,000 9,000 200,000 50,000 100,000 Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals $ 367,000 $ 0 Journal entry worksheet