Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.] Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments.

Required information [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. Accounts Cash Debits Credits Accounts Receivable $ 30,300 11,500 Interest Receivable 0 Supplies 4,000 Prepaid Rent 9,200 Land 98,000 Notes Receivable 40,000 Accounts Payable $ 10,700 6,300 Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals 29,500 0 0 4,400 $226,900 0 125,000 22,700 62,200 $226,900 In addition, the company had the following year-end adjusting entries. Debits Credits a. Salaries Expense 3,100 Salaries Payable 3,100 b. Interest Receivable 1,800 Interest Revenue 1,800 c. Supplies Expense 2,300 Supplies 2,300 d. Deferred Revenue 4,300 Service Revenue 4,300 e. Rent Expense 6,400 Prepaid Rent 6,400 f. Utilities Expense 1,200 Utilities Payable 1,200 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. 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. Beg. Bal. End. Bal. Cash Accounts Receivable Beg. Bal. End. Bal. Supplies Interest Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Prepaid Rent Land Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. Notes Receivable Accounts Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Payable Utilities Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Deferred Revenue Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Service Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Interest Revenue Salaries Expense Beg. Bal. Beg. Bal. End. Bal. 0 End. Bal. Rent Expense Supplies Expense Beg. Bal. Beg. Bal. End. Bal. Utilities Expense Beg. Bal. End. Bal. 0 End. Bal. 0

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

Microsoft Dynamics Ax 2012 R3 Financial Management

Authors: Mohamed Aamer

1st Edition

1784390984, 978-1784390983

More Books

Students also viewed these Accounting questions