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The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below. December 31 is the company's reporting year-end. Information necessary
The unadjusted trial balance as of December 31, 2024, for the Bags Consulting Company appears below. December 31 is the company's reporting year-end. Information necessary to prepare the year-end adjusting entries appears below. 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, $2,000. d. Accrued salaries at year-end, $1,700. d. Accrued salaries at year-end, $1,700. e. Rent to customers who paid in advance has been provided for $8,300. 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. Complete this question by entering your answers in the tabs below. From the trial balance and information given, prepare adjusting entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 45 > The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method. From the trial balance and information given, prepare adjusting entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 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. Journal entry worksheet The office equipment is depreciated at 10 percent of original cost per year. Note: Enter debits before credits. Journal entry worksheet Prepaid insurance expired during the year, $2,000. Note: Enter debits before credits. Journal entry worksheet 1 2 5 Accrued salaries at year-end, $1,700. Note: Enter debits before credits. Journal entry worksheet
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