Question
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2024, appears
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. 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 Debits $ 14,300 9,900 Credits 0 2,400 7,600 82,000 24,000 $ 8,300 25,500 0 0 2,800 0 5,500 88,200 20,300 46,200 Utilities Expense Totals $ 168,500 $168,500 In addition, the company had the following year-end adjusting entries. Transaction Accounts Title Debits Credits Salaries Expense 2,300 Salaries Payable 2,300 b. Interest Receivable 1,000 Interest Revenue 1,000 c. Supplies Expense 1,500 Supplies 1,500 d. Deferred Revenue 3,500 Service Revenue: 3,500 Rent Expense 5,600 Prepaid Rent 5,600 2. Utilities Expense 400 Supplies Expense A.500 Supplies 1,500 Deferred Revenue 3,500 Service Revenue 3.500 Rent Expense 5,600. Prepaid Rent 5,600 1. Utilities Expense 400 Utilities Payable 400 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. Complete this question by entering your answers in the tabs below. Req 1 and 2 and 6 Req3 Req 4A Req 48 Req 4C Req 5 Req 7 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. Cash Debili Beginning Balance 14,300 Debit 14,300 Supplies Credit Accounts Receivable Debit Credit Beginning Balance Interest Receivable i Credit Debit Credit Check my wor Cash Debit Beginning Balance 14,300 Beginning Balance Debit 14,300 Accounts Receivable Credit Debit Credit Beginning Balance Supplies Credit Interest Receivable Debit Credit 2,400 Beginning Balance 1,500 Adjusting c 900 Prepaid Rent Land ces Debit Credit Debit Credit Beginning Balance 7,600 Beginning Balance 5.600 Adjusting 2,000 Notes Receivable Accounts Payable Debit Cresti Debit Credit Beginning Balance Beginning Balance Check m Debit Beginning Balance Salaries Payable Utilities Payable Credit Debit Credit 2,300 Beginning Balance 2,300 Adjusting a. 0 0 Deferred Revenue Common Stock Debit Credit Debit Credit Beginning Balance Beginning Balance Adjusting d. 3,500 3,500 Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Interest Revenue Salaries Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Debit Beginning Balance Retained Earnings 0 Service Revenue) Credit Debit Credit Beginning Balance 0 Interest Revenue Salaries Expense Debit Credit Debit Credit Beginning Balance Beginning Balance 0 Rent Expense Supplies Expense Debit Credit Debit Credit Beginning Balance Beginning Balance 0 Utilities Expense Debit Credit Beginning Balance
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