Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2024, appears

image text in transcribedimage text in transcribedimage text in transcribed

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 Debits $ 36,300 12,100 Credits Interest Receivable 0 Supplies 4,600 Prepaid Rent 9,800 Land 104,000 Notes Receivable 46,000 Accounts Payable $ 11,600 Salaries Payable 0 6,600 5 Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals 31,000 0 0 5,000 0 138,800 23,600 68,200 0 $ 248,800 $ 248,800 In addition, the company had the following year-end adjusting entries. 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. 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 Req 3 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. Debit Beginning Balance Cash Credit Accounts Receivable Debit Credit Beginning Balance Supplies Interest Receivable. Debit Credit Debit Credit Beginning Balance Beginning Balance Debit Beginning Balance Prepaid Rent Land Credit Debit Credit Beginning Balance < Prev 6 of 7 Next >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions