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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 Debits $20,300 Credits 10,500 0 3,000 Prepaid Rent 8.200 Land 68.000 Notes Receivable 30.000 Accounts Payable $9.200 Salaries Payable 0 Deferred Revenue 5,800 Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense 0 102.000 21.200 52.200 0 Utilities Expense Totals 27,000 0 0 3.400 $190.400 $ 190,400 In addition, the company had the following year-end adjusting entnes Transaction Accounts Tibe Salaries Expense Salaries Payable b. Interest Receivable Debits Credits 2.600 2.600 1300 Interest Revenue 1.300 Supplies Expense 1,800 Supplies 1,800 Defened Revenue 3.800 Service Revenue 3.000 Rent Expense 5,900 Prepaid Rant 5,900 Uslides Expense 700 Utilities Payable 700 Required: 1.2.& 4. 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 tnal balance
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