! Required information Problem 3-7A Complete the accounting cycle after adjusting entries (LO3-4, 3-5, 3-6, 3-7) (The following information applies to the questions displayed below.) Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 44,300 12,900 0 5,400 10,600 112,000 54,000 Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals $ 12,800 0 7,000 0 157,200 24,800 76,200 0 33,000 0 0 5,800 $278,000 $ 278,000 In addition, the company had the following year-end adjusting entries. Credits Debits 3,800 3,800 2,500 2,500 3,000 3,000 a. Salaries Expense Salaries Payable b. Interest Receivable Interest Revenue c. Supplies Expense Supplies d. Deferred Revenue Service Revenue e. Rent Expense Prepaid Rent f. Utilities Expense Utilities Payable 5,000 5,000 7,100 7,100 1,900 1,900 Problem 3-7A Part 1, 2 and 6 Problem 3-7A Part 1, 2 and 6 2 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. Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. . 0 Supplies Interest Receivable Beg. Bal. Beg. Bal. End. Bal. . 0 End. Bal. . 0 Prepaid Rent Land Beg. Bal. Beg. Bal. End. Bal. End. Bal. 0 Notes Receivable Accounts Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Salaries Payable Utilities Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 0 Deferred Revenue Common Stock Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Datained Earninn en un DARI nie End. Bal. 0 End. Bal. 0 Notes Receivable Accounts Payable Beg. Bal Beg. Bal. End. Bal. 0 0 End. Bal. 0 Salaries Payable Utilities Payable Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Deferred Revenue Common Stock Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Retained Earnings Service Revenue Beg. Bal. Beg. Bal. End. Bal 0 0 End. Bal. 0 Interest Revenue Salaries Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Rent Expense Supplies Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. 0 Utilities Expense Beg. Bal. End. Bal. 0 Problem 3-7A Part 3 3. Prepare an adjusted trial balance. CRIMSON TIDE MUSIC ACADEMY Adjusted Trial Balance December 31, 2021 Accounts Debit Credit Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals $ 0 $ 0 Problem 3-7A Part 4 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet for the year ended December 31, 2021. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Balance Sheet Equity Prepare an income statement for the year ended December 31, 2021. CRIMSON TIDE MUSIC ACADEMY Income Statement For the Year Ended December 31, 2021 Revenues: Total Revenues Expenses: Total Expenses Problem 3-7A Part 4 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet for the year ended December 31, 2021. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Balance Sheet Equity Prepare a statement of shareholders' equity for the year ended December 31, 2021. Assume that no common stock is issued during the year. CRIMSON TIDE MUSIC ACADEMY Statement of Stockholders' Equity For the Year Ended December 31, 2021 Common Stock Retained Earnings Total Stockholders' Equity Balance at January 1 Balance at December 31 Problem 3-7A Part 4 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet for the year ended December 31, 2021. Complete this question by entering your answers in the tabs below. Income Statement Stmt of Stockholders Balance Sheet Equity Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) CRIMSON TIDE MUSIC ACADEMY Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: Total Current Assets Total Current Liabilities Stockholder's Equity Long-term Assets: Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets Record the entry to close the expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general journal Problem 3-7A Part 7 7. Prepare a post-closing trial balance. CRIMSON TIDE MUSIC ACADEMY Post-Closing Trial Balance December 31, 2021 Debit Accounts Credit Totals