Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Last question, and im alittle confused Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as

Last question, and im alittle confused
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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. In addition, the company had the following year-end adjusting entries. 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. CRIMSON TIDE MUSIC ACADEMY \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Adjusted Trial Balance } \\ \hline \multicolumn{1}{|c|}{ Accounts } & December 31,2024 \\ \hline Cash & Debit & \\ \hline Accounts Receivable & & \\ \hline Interest Receivable & & \\ \hline Supplies & & \\ \hline Prepaid Rent & & \\ \hline Land & & \\ \hline Notes Receivable & & \\ \hline Accounts Payable & & \\ \hline Salaries Payable & & \\ \hline Deferred Revenue & & \\ \hline Utilities Payable & & \\ \hline Common Stock & & \\ \hline Retained Earnings & & \\ \hline Service Revenue & & \\ \hline Interest Revenue & & \\ \hline Salaries Expense & & \\ \hline Rent Expense & & \\ \hline Supplies Expense & & \\ \hline Utilities Expense & & \\ \hline \multicolumn{1}{|l|}{ Totals } & \\ \hline \end{tabular} CRIMSON TIDE MUSIC ACADEMY Income Statement For the Year Ended December 31, 2024 Revenues: \begin{tabular}{|c|c|c|} \hline & & \\ \hline Total Revenues & & \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} CRIMSON TIDE MUSIC ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2024 CRIMSON TIDE MUSIC ACADEMY Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. CRIMSON TIDE MUSIC ACADEMY Post-Closing Trial Balance December 31,2024

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Knowledge Audit A Complete Guide

Authors: Gerardus Blokdyk

2020 Edition

0655912835, 978-0655912835

More Books

Students also viewed these Accounting questions