Question

In: Accounting

The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....

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

Account Title

Debits

Credits

Cash

10,250

Accounts receivable

6,250

Prepaid insurance

2,500

Land

180,000

Buildings

42,500

Accumulated depreciation—buildings

17,000

Office equipment

75,000

Accumulated depreciation—office equipment

30,000

Accounts payable

26,750

Salaries payable

Deferred rent revenue

Common stock

180,000

Retained earnings

44,250

Service revenue

73,000

Interest revenue

2,800

Rent revenue

3,300

Salaries expense

26,000

Depreciation expense

Insurance expense

Utilities expense

18,200

Maintenance expense

16,400

Totals

377,100

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, $1,250.

d. Accrued salaries at year-end, $950.

e. Deferred rent revenue at year-end should be $500.

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.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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