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The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Account Title
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Account Title Debits Credits Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 2,750 6,500 2,600 185,000 45,000 18,000 78,000 31,200 27,100 180,000 44,700 74,500 3,200 3,600 27,000 18,700 16,750 382,300 382,300 a. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method. b. The office equipment is depreciated at 10 percent of original cost per year. c. Prepaid insurance expired during the year, $1,300. d. Accrued salaries and wages at year-end, $1,000. e. Deferred rent revenue at year-end should be $550. Required: 1. From the trial balance and information given, prepare adjusting entrie:s 2. Post the beginning balances and adjusting entries into the appropriate t-accounts 3. Prepare an adjusted trial balance. 4. Prepare closing entries 5. Prepare a post-closing trial balance
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