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 0
Deferred rent revenue 0
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 0
Insurance expense 0
Utilities expense 18,200
Maintenance expense 16,400
Totals 377,100 377,100

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, $1,250.
  4. Accrued salaries at year-end, $950.
  5. 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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