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Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2024, trial balance (before any
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2024, trial balance (before any adjusting entries) appears below. Accounts Cash Debits $178,600 Credits Accounts Receivable 24,500 Supplies 30,800 Prepaid Insurance 27,800 Equipment 133,000 Accumulated Depreciation $75,000 Accounts Payable 17,700 Salaries Payable 0 Deferred Revenue Interest Payable Notes Payable Common Stock 61,900 38,800 122,400 Retained Earnings 15,700 Dividends 12,500 Service Revenue 265,000 Salaries Expense 173,500 Depreciation Expense 0 Insurance Expense 0 Supplies Expense 0 Utilities Expense 15,800 Interest Expense 0 Totals $596,500 $596,500 In addition, the company had the following year-end adjusting entries. Transaction Account Title Debit Credit a. Depreciation Expense 11,900 Accumulated Depreciation 11,900 b. Salaries Expense 5,900 Salaries Payable 5,900 c. Interest Expense 2,900 Interest Payable 2,900 d. Insurance Expense 21,900 Prepaid Insurance 21,900 e. Supplies Expense 23,900 Supplies 23,900 f. Deferred Revenue 16,900 Service Revenue. 16,900 Required: 1., 2. & 6. Enter the unadjusted balances from the trial balance, post the adjusting entries and 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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