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The unadjusted trial balance as of December 31,2024 , for the Bags Consulting Company appears below. December company's reporting year-end. Information necessary to prepare the
The unadjusted trial balance as of December 31,2024 , for the Bags Consulting Company appears below. December 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 dep method. b. The office equipment is depreciated at 10 percent of original cost per year. c. Prepaid insurance expired during the year, $1,800. d. Accrued salaries at year-end, $1,450. e. Rent to customers who paid in advance has been provided for $7,900. 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 strai method. b. The office equipment is depreciated at 10 percent of original cost per year. c. Prepaid insurance expired during the year, $1,800. d. Accrued salaries at year-end, \$1,450. e. Rent to customers who paid in advance has been provided for $7,900. 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. Journal entry worksheet 45 The bulldings have an estimated useful life ons 50 years with no salvage value. The company uses the straight-line depreclation method. Note: Enter debits before credits. Journal entry INorksheet 1 5 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, $1,800. Note: Enter debits before credits. Journal entry worksheet Ending balance Ending balance \begin{tabular}{|l|l|l|l|} \hline Beginning balance & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Prepare an adjusted trial balance. Journal entry worksheet Close the revenue accounts using Retained Earnings. Note: Enter debits before credits. Close the expense accounts using Retained Earnings. Note: Enter debits before credits. Prepare a post-closing trial balance
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