Jaguar Auto Company provides general car maintenance to customers. The company’s fiscal year-end is December 31. The December 31, 2024, trial balance (before any adjusting entries) appears below.

In addition, the company had the following year-end adjusting entries.

Required:
Complete the following steps:
1. Enter the unadjusted balances from the trial balance into T-accounts.
2. Post the adjusting entries to the accounts.
3. Prepare an adjusted trial balance.
4. Prepare an income statement and a statement of shareholders’ equity for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024. Assume that no common stock is issued during the year.
5. Record closing entries.
6. Post closing entries to the accounts.
7. Prepare a post-closing trial balance.

Transcribed Image Text:

Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Deferred Revenue Interest Payable Notes Payable Common Stock Retained Earnings Debits $ 76,000 15,000 27,000 24,000 95,000 Credits $ 37,000 12,000 -0- 60,000 -0- 35,000 35,000 10,000