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.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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 tri as of December 31, 2021, appears below. December 31 is the company's fiscal year-end. Credits Debits $ 10,300 9,500 0 2,000 7,200 78,000 20,000 $ 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 7,700 0 5,300 0 79,000 19,700 42,200 0 24,500 0 0 2,400 $ 153,900 $ 153,900 In addition, the company had the following year-end adjusting entries. In addition, the company had the following year-end adjusting entries. Credits Debits 2,100 2,100 800 800 1,300 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 1,300 3,300 3,300 5,400 5,400 200 200 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. Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Supplies Interest Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Prepaid Rent Land Beg. Bal. Beg. Bal. End. Bal. 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. Retained Earnings Service Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Interest Revenue Salaries Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Rent Expense Supplies Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Utilities Expense Beg. Bal. End. Bal

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

Students also viewed these Accounting questions