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Requirement 1. Prepare the adjusting entries, and post to the accounts. T-accounts have been opened using the balances from the unadjusted trial balance. Begin by

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Requirement 1. Prepare the adjusting entries, and post to the accounts. T-accounts have been opened using the balances from the unadjusted trial balance. Begin by preparing the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Unearned Revenue still unearned at December 31, $3,600. Date Accounts and Explanation Debit Credit Dec. 31 Adj. (a) Waldo Anvils Unadjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash $ 2,460 Accounts Receivable 18,000 Prepaid Rent 1,740 2,500 37,000 Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable $ 6,000 6,400 0 Unearned Revenue 6,800 Waldo, Capital 31,600 Waldo, Withdrawals 5,000 Service Revenue 18,000 Salaries Expense 2,100 Account Title Debit Credit Cash $ 2,460 Accounts Receivable 18,000 1,740 Prepaid Rent 2,500 Office Supplies Equipment Accumulated Depreciation Equipment 37,000 $ 6,000 Accounts Payable 6,400 Salaries Payable 0 Unearned Revenue 6,800 Waldo, Capital 31,600 Waldo, Withdrawals 5,000 Service Revenue 18,000 Salaries Expense 2,100 Rent Expense 0 Depreciation Expense-Equipment 0 0 Supplies Expense $ 68,800 $ 68,800 Total Requirements 1. Prepare the adjusting entries, and post to the accounts. T-accounts have been opened using the balances from the unadjusted trial balance. 2. Prepare an adjusted trial balance. 3. Complete the worksheet for the year ended December 31, 2024. 4. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. (Assume that there were no contributions made by the owner during the year.) 5. Prepare the closing entries, and post to the accounts. 6. Prepare a post-closing trial balance. 7. Calculate the current ratio for the company. i More Info Adjustment data: a. Unearned Revenue still unearned at December 31, $3,600. b. Prepaid Rent still in force at December 31, $1,600. c. Office Supplies used, $500. d. Depreciation, $340. e. Accrued Salaries Expense at December 31, $230

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