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Please do requirement 2,3,4,5 The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's
Please do requirement 2,3,4,5
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. Debits Credits Account Title Cash 10,200 9,500 3,800 245,000 75,000 Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred re: 30,000 111,000 44,400 30,950 revenue 280,000 49,650 91,000 Common stock Retained earnings Sales revenue Interest revenue 5,400 Rent revenue 6,900 Salaries and wages expense 39,000 Depreciation expense Insurance expense Utility expense Maintenance expense 24,200 20,600 538,300 538,300 Totals 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, $1,900. d. Accrued salaries and wages at year-end, $1,600. e. Deferred rent revenue at year-end should be $1,100. 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. Required 1 Required 2 Required 3 Required 4 Required 5 From the trial balance and information given, prepare adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit Depreciation expense 1,500 a Accumulated depreciation-buildings 1,500 Depreciation expense 11,100 2 11,100 Accumulated depreciation-office equipment Insurance expense 1,900 1,900 Prepaid insurance Salaries and wages expense 1,600 4 Salaries and wages payable 1,600 1,100 5 Rent revenue Deferred rent revenue 1,100 Required 1 Required 2 Required 3 Required 4 Required 5 Post the beginning balances and adjusting entries into the appropriate t-accounts. (Enter the letter of the transaction in the column next to the amount.) Cash Accounts Receivable Beg. Beg. bal. 10,200 O 9,500 O bal. End. Beg. bal. 10,200 9,500 bal. Prepaid Insurance Land Beg. bal. Beg. bal. 3,800 O 245,000 O End. End. 3,800 245,000 bal. bal. Buildings Office Equipment Beg. bal. Beg. bal. 75,000 111,000 O Buildings Office Equipment Beg. bal. Beg. bal. 75,000 111,000 End. End. 111,000 75,000 bal. bal. Accumulated Depreciation-Office Equipment Accumulated Depreciation-Building Beg. bal. Beg. bal. End. bal. End. bal. Accounts Payable Salaries and Wages Payable Beg. bal. Beg. bal. End. bal. End. bal. Deferred Rent Revenue Common Stock Beg. Beg. bal. bal. End. End. bal. bal. Retained Earnings Sales Revenue Beg. bal. Beg. bal. End. bal. End. bal. Interest Revenue Rent Revenue Beg. bal. Beg. bal. End. bal. End. bal. Salaries and Wages Expense Depreciation Expense Beg. bal. Beg. bal. End. End. bal. bal. Insurance Expense Utility Expense Beg. bal. Beg. bal. End. bal. End. bal. Maintenance Expense Beg. bal. End. bal. BAGLEY CONSULTING COMPANY Adjusted Trial Balance Account Title Debits Credits 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 2$ Totals Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date No General Journal Debit CreditStep by Step Solution
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