Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer parts 1 thru 5 and show work and include journal entries. The unadjusted trial balance as of December 31, 2018, for the Bagley

Please answer parts 1 thru 5 and show work and include journal entries. image text in transcribed
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end. Account Title Debits Credits Cash 4,550 8,500 Accounts receivable Prepaid insurance Land 3.500 230,000 67,500 Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue 27,000 102,00e 40,800 29,900 Common stock Retained earnings Sales revenue 250,e00 48,300 86,500 Interest revenue Rent revenue 4,800 6,000 Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense 35,000 22,700 19,550 493,300 Totals 493,300 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, $1,750. d. Accrued salaries and wages at year-end, $1,400. e. Deferred rent revenue at year-end should be $950. Required: 1. From the trial balance and information given, prepare adjusting entries. 2. Post the beginning balances and adjusting entries into the appropriate t-accounts 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

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

Preliminary Audit Results Montanas State Employee Compensation 1990

Authors: Waters Consulting Group, Montana. State Employee Compensation Committee

1st Edition

1378152700, 978-1378152706

More Books

Students also viewed these Accounting questions

Question

What are the types of forms of communication ?

Answered: 1 week ago

Question

Explain the process of MBO

Answered: 1 week ago