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 5,350 7,500 3,100 Cash Accounts receivable Prepaid insurance Land 210,000 57,500 Buildings Accumulated depreciation-buildings office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable 23,000 90,000 36,000 28,500 0 Deferred rent revenue 0 Common stock 220,000 46,500 Retained earnings Sales revenue 80,500 4,000 4,800 Interest revenue Rent revenue Salaries and wages expense 31,000 Depreciation expense Insurance expense Utility expense Maintenance expense 0 0 20,700 18,150 443,300 443,300 Totals a. The buildings have an estimated useful life of 50 years with no method. salvage value. The company uses the straight-line depreciation b. The office equipment is depreciated at 10 percent of original cost per year. Prepaid insurance expired during the year, $1,550. d. Accrued salaries and wages at year-end, $1,20o e. Deferred rent revenue at year-end should be $750. C. Required: 1. From the trial balance and information given, prepare adjusting entries. 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. Journal entry worksheet 1 2 4 5 The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method Note: Enter debits before credits Transaction General Journal Debit Credit a Journal entry worksheet 1 2 3 5 The office equipment is depreciated at 10 percent of original cost per year. Note: Enter debits before credits Transaction General Journal Debit Credit h Journal entry worksheet 1 2 3 4 5 Prepaid insurance expired during the year, $1,550. Note: Enter debits before credits. Transaction General Journal Debit Credit C Journal entry worksheet 1 2 3 4 5 Accrued salaries and wages at year-end, $1,200. Note: Enter debits before credits Credit Transaction General Journal Debit d st Post the beginning balances and adjusting entries into the appropriate t-accounts. (Enter the letter of the transaction in the column next to the amount.) Chapter 3 Homework and Review Cash Accounts Receivable Beg. bal Beg. bal End. bal Beg. bal Prepaid Insurance Land Beg. bal Beg.bal. End. bal End. bal. Buildings Office Equipment Beg. bal. Beg. bal. End. bal End, bal. Accumulated Depreciation-Building Accumulated Depreciation-Office Equipment Beg. bal Beg.bal. End, bal End, bal. Accounts Payable Salaries and Wages Payable Beg.bal Beg. bal. End, bal End. bal. Deferred Rent Revenue Common Stock Beg. bal. Beg. bal. End. bal End. bal Retained Earnings Sales Revenue Beg. bal Beg. bal. End. bal End. bal, Interest Revenue Rent Revenue Beg. bal Beg. bal. End, bal. End, bal. Salaries and Wages Expense Depreciation Expense Beg. bal Beg. bal End. bal End, bal. Insurance Expense Utility Expense Beg. bal Beg. bal End, bal. End, bal. Maintenance Expense Beg. bal. End, bal Prepare an adjusted trial balance BAGLEY CONSSULTING COMPANY Adjusted Trial Balance Debits Credits Account Title 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 0 0 Totals Journal entry worksheet 1 2 3 Close the revenue accounts as necessary using income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Journal entry worksheet 1 2 necessary using income summary Close the expense accounts as Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2018 Journal entry worksheet 2 3 Close the income summary account. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2018 Prepare a post-closing trial balance. BAGLEY CONSULTING COMPANY Post-closing Trial balance Debits Credits Account Title 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 $ C $ C Totals