Answered step by step
Verified Expert Solution
Question
1 Approved Answer
kindly assist me and kindly show all working . Thank you so much . The unadjusted trial balance as of December 31, 2016, for the
kindly assist me and kindly show all working . Thank you so much .
The unadjusted trial balance as of December 31, 2016, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end. Credits Debits 8,000 9,000 3,000 200,000 50,000 20,000 100.000 40,000 35,050 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals -0- 200,000 56,450 90,000 3,000 7,500 37,000 -0- -0- 30,000 15,000 452,000 452,000 Required: 1. Enter the account balances in T-accounts. 2. From the trial balance and information given, prepare adjusting entries and post to the accounts. a. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method. b. The office equipment is depreciated at 10 percent of original cost per year. c. Prepaid insurance expired during the year, $1,500. d. Accrued salaries and wages at year-end, $1,500. e. Deferred rent revenue at year-end should be $1,200. 3. Prepare an adjusted trial balance. 4. Prepare closing entries. 5. Prepare a post-closing trial balance Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started