The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the companys reporting year-end.

Account Title	Debits		Credits
Cash	9,950
Accounts receivable	8,000
Prepaid insurance	3,300
Land	220,000
Buildings	62,500
Accumulated depreciationbuildings			25,000
Office equipment	96,000
Accumulated depreciationoffice equipment			38,400
Accounts payable			29,200
Salaries payable			0
Deferred rent revenue			0
Common stock			240,000
Retained earnings			47,400
Service revenue			83,500
Interest revenue			4,400
Rent revenue			5,400
Salaries expense	33,000
Depreciation expense	0
Insurance expense	0
Utilities expense	21,700
Maintenance expense	18,850
Totals	473,300		473,300

Information necessary to prepare the year-end adjusting entries appears below.

1. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.
2. The office equipment is depreciated at 10 percent of original cost per year.
3. Prepaid insurance expired during the year, $1,650.
4. Accrued salaries at year-end, $1,300.
5. Deferred rent revenue at year-end should be $850.

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.

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.)

• The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.

• The office equipment is depreciated at 10 percent of original cost per year.
• Prepaid insurance expired during the year, $1,650.
• Accrued salaries at year-end, $1,300.
• Deferred rent revenue at year-end should be $850.

Transaction	General Journal	Debit	Credit
a

BAGLEY CONSULTING COMPANY
Adjusted Trial Balance
Account Title	Debits	Credits
Cash
Accounts receivable
Prepaid insurance
Land
Buildings
Accumulated depreciationbuildings
Office equipment
Accumulated depreciationoffice equipment
Accounts payable
Salaries payable
Deferred rent revenue
Common stock
Retained earnings
Service revenue
Interest revenue
Rent revenue
Salaries expense
Depreciation expense
Insurance expense
Utilities expense
Maintenance expense
Totals	$0	$0

Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Close the revenue accounts using Retained Earnings.
• Close the expense accounts using Retained Earnings.

Date	General Journal	Debit	Credit
December 31, 2021

Prepare a post-closing trial balance.

BAGLEY CONSULTING COMPANY
Post-Closing Trial Balance
Account Title	Debits	Credits
Cash
Accounts receivable
Prepaid insurance
Land
Buildings
Accumulated depreciationbuildings
Office equipment
Accumulated depreciationoffice equipment
Accounts payable
Salaries payable
Deferred rent revenue
Common stock
Retained earnings
Totals	$0	$0