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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, 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 Utilities Expense Totals Debits $ 30,300 Credits 11,500 0 4,000 9,200 98,000 40,000 $ 10,700 6,300 0 125,000 22,700 62,200 0 29,500 0 0 4,400 $ 226,900 $ 226,900 Screen Shot 2022-09-13... Transaction Accounts Title Debits Credits a. b. Salaries Expense Salaries Payable Interest Receivable 3,100 3,100 1,800 Interest Revenue 1,800 C. Supplies Expense 2,300 Supplies 2,300 d. Deferred Revenue 4,300 Service Revenue 4,300 e. Rent Expense 6,400 Prepaid Rent 6,400 f. Utilities Expense 1,200 Utilities Payable 1,200 PEN Q 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.
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