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The unadjusted trlal 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 trlal 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 entrles appears below. a. The bulldings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreclation method. b. The office equipment is depreclated at 10 percent of original cost per year. c. Prepaid Insurance expired during the year, $1,900. d. Accrued salarles at year-end, $1,600. e. Rent to customers who pald in advance has been provided for $8,100. Requlred: 1. From the trlal balance and Information given, prepare adjusting entrles. 2. Post the beginning balances and adjusting entrles Into the approprlate 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 345 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. Post the beginning balances and adjusting entries into the appropriate T-accounts. Note: Enter the letter of the transaction in the column next to the amount. Prepare an adjusted trial balance. Prepare closing entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 2 Close the revenue accounts using Retained Earnings. Note: Enter debits before credits. Prepare a post-closing trial balance
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