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. Credits Debits 7,650 7,750 3,200 215,000 60,000 24,000 93,000 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 Totals 37,200 28,850 0 0 230,000 46,950 82,000 4,200 5,100 32,000 0 0 21,200 18,500 458,300 458,300 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, $1,600. d. Accrued salaries and wages at year-end, $1,250. e. Deferred rent revenue at year-end should be $800. Required 1 Required 2 Required 3 Required 4 Required 5 From the trial balance and information given, prepare adjusting entries. (If no entry is required for a journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 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. General Journal Debit Credit Transaction a Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 From the trial balance and information given, prepare adjusting entries. (If no entry is required for a journal entry required" in the first account field.) View transaction list Journal entry worksheet w The office equipment is depreciated at 10 percent of original cost per year. Note: Enter debits before credits. General Journal Debit Credit Transaction b Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 From the trial balance and information given, prepare adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Prepaid insurance expired during the year, $1,600. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 From the trial balance and information given, prepare adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Accrued salaries and wages at year-end, $1,250. Note: Enter debits before credits. General Journal Debit Credit Transaction d Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 From the trial balance and information given, prepare adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Deferred rent revenue at year-end should be $800. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 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.) 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 Beg. bal. Accumulated Depreciation-Office Equipment 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. Depreciation Expense Salaries and Wages 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. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an adjusted trial balance. Credits BAGLEY CONSULTING COMPANY Adjusted Trial Balance Account Title Debits 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 $ 0 $ 0 Required 1 Required 2 Required 3 Required 4 Required 5 Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry requ View transaction list 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 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry requ View transaction list Journal entry worksheet Close the expense accounts as necessary using income summary. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2018 Record entry Clear entry View general journal Requires Require Required 1 Required 2 Required 3 Required 4 Required 5 Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry requ View transaction list Journal entry worksheet 1 2 3 > Close the income summary account. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2018 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a post-closing trial balance. Credits BAGLEY CONSULTING COMPANY Post-closing Trial balance Account Title Debits 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 Totals $ 0 $
