The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below. December 31 is the companys reporting year-end.

Account TitleDebitsCreditsCash$ 21,650 Accounts receivable5,750 Prepaid insurance2,300 Land170,000 Buildings37,500 Accumulated depreciationbuildings $ 15,000Office equipment69,000 Accumulated depreciationoffice equipment 27,600Accounts payable 26,050Salaries payable 0Deferred rent revenue 8,700Common stock 170,000Retained earnings 43,350Service revenue 70,000Interest revenue 2,400Rent revenue 0Salaries expense24,000 Depreciation expense0 Insurance expense0 Utilities expense17,200 Maintenance expense15,700 Totals$ 363,100$ 363,100

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, $1,150.
4. Accrued salaries at year-end, $850.
5. Rent to customers who paid in advance has been provided for $6,700.

Required:

From the trial balance and information given, prepare adjusting entries.

Post the beginning balances and adjusting entries into the appropriate T-accounts.

Prepare an adjusted trial balance.

Prepare closing entries.

Prepare a post-closing trial balance.