Problem 3-7A (Algo) Complete the accounting cycle after adjusting entries (LO3-4, 3-5, 3-6, 3-7)

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.

Accounts	Debits	Credits
Cash	$ 46,300
Accounts Receivable	13,100
Interest Receivable	0
Supplies	5,600
Prepaid Rent	10,800
Land	114,000
Notes Receivable	56,000
Accounts Payable		$ 13,100
Salaries Payable		0
Deferred Revenue		7,100
Utilities Payable		0
Common Stock		161,800
Retained Earnings		25,100
Service Revenue		78,200
Interest Revenue		0
Salaries Expense	33,500
Rent Expense	0
Supplies Expense	0
Utilities Expense	6,000
Totals	$ 285,300	$ 285,300

In addition, the company had the following year-end adjusting entries.

Transaction	Accounts Title	Debits	Credits
a.	Salaries Expense	3,900
	Salaries Payable		3,900
b.	Interest Receivable	2,600
	Interest Revenue		2,600
c.	Supplies Expense	3,100
	Supplies		3,100
d.	Deferred Revenue	5,100
	Service Revenue		5,100
e.	Rent Expense	7,200
	Prepaid Rent		7,200
f.	Utilities Expense	2,000
	Utilities Payable		2,000

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.