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Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below.
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 40,300 12,500 0 5,000 10, 200 108,000 50,000 Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals $ 12,200 0 6,800 0 148,000 24,200 72,200 0 32,000 0 0 5,400 $ 263,400 $ 263,400 In addition, the company had the following year-end adjusting entries. Credits Debits 3,600 3,600 2,300 2,300 2,800 2,800 a. Salaries Expense Salaries Payable b. Interest Receivable Interest Revenue c. Supplies Expense Supplies d. Deferred Revenue Service Revenue e. Rent Expense Prepaid Rent f. Utilities Expense Utilities Payable 4,800 4,800 6,900 6,900 1,700 1,700 Journal entry worksheet 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal Journal entry worksheet
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