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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 Debits $ 34,300 Credits Accounts Receivable 11,900 Interest Receivable 0 Supplies 4,400 Prepaid Rent 9,600 Land 102,000 Notes Receivable 44,000 Accounts Payable $ 11,300 Salaries Payable 0 Deferred Revenue 6,500 Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense 30,500 0 0 4,800 0 134,200 23,300 66,200 0 Utilities Expense Totals $ 241,500 $241,500 In addition, the company had the following year-end adjusting entries. Transaction Accounts Title Debits Credits a. Salaries Expense 3,300 Salaries Payable 3,300 b. Interest Receivable 2,000 Interest Revenue 2,000 C. Supplies Expense 2,500 Supplies 2,500 d. Deferred Revenue 4,500 Service Revenue 4,500 e. Rent Expense 6,600 Prepaid Rent 6,600 f. Utilities Expense 1,400 Utilities Payable 1,400 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.
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Step: 1
Step 1 Post unadjusted balances and adjusting entries to Taccounts Account Debit Credit Cash 34300 Accounts Receivable 11900 Interest Receivable Suppl...Get Instant Access to Expert-Tailored Solutions
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Step: 3
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