Prepare balance sheet for the year ended December 31, 2018

Record closing entries

Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end. Debits Credits 8.500 1500 Accounts Recelvable Prepald Rent $ 10,000 Accounts Payable Salaries Poyable merest Payable Utlities Payable Notes Payable Retained Eernings Salaries Expense merest Experse 23500 000 Supplies Expense Depreciation Expense 125,700 $125700 Information necessary to prepare the year-end adjusting entries appears below a. Depreclation of equipment for the year is $5,000 b. Accrued salaries at year-end should be $1,600. Crimson Tide borrows $15,000 on September 1 2018. The principal is due to be repaid in four years. Interest is payable each August 31 at an anual rate of 10% d. Unused supplies at yearend total $600. Crimson Tide debits Supplies at the ime supples are purchased. e Crimson Tide opens second studio by paying for one year of rent in advance on Aprn20 for $6,000($500 per month) debiting Pepaid Rent. t Unpaid utinies for December total $100