Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted...
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Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's fiscal year-end. Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue. Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals Debits Credits $ 14,300 9,900 0 2,400 7,600 82,000 24,000 25,500 0 0 2,800 $ 168,500 $ 8,300 0 5,500 0 88,200 20,300 46,200 0 $ 168,500 In addition, the company had the following year-end adjusting entries. Transaction Accounts Title Salaries Expense Salaries Payable Interest Receivable Interest Revenue Supplies Expense Supplies Deferred Revenue Service Revenue b. d. £. Rent Expense Prepaid Rent Utilities Expense Utilities Payable Debits 2,300 1,000 1,500 3,500 5,600 400 Credits 2,300 1,000 1,500 3,500 5,600 400 Required: 1., 2.& 6. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts. 5. Record closing entries. 7. Prepare a post-closing trial balance. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet for the year ended December 31, 2024, Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's fiscal year-end. Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue. Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals Debits Credits $ 14,300 9,900 0 2,400 7,600 82,000 24,000 25,500 0 0 2,800 $ 168,500 $ 8,300 0 5,500 0 88,200 20,300 46,200 0 $ 168,500 In addition, the company had the following year-end adjusting entries. Transaction Accounts Title Salaries Expense Salaries Payable Interest Receivable Interest Revenue Supplies Expense Supplies Deferred Revenue Service Revenue b. d. £. Rent Expense Prepaid Rent Utilities Expense Utilities Payable Debits 2,300 1,000 1,500 3,500 5,600 400 Credits 2,300 1,000 1,500 3,500 5,600 400 Required: 1., 2.& 6. Enter the unadjusted balances from the trial balance and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts. 5. Record closing entries. 7. Prepare a post-closing trial balance. 3. Prepare an adjusted trial balance. 4. Prepare an income statement, statement of stockholders' equity, and classified balance sheet for the year ended December 31, 2024,
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Answer rating: 100% (QA)
To assist you with your accounting tasks Ill provide a stepbystep solution based on the information provided Lets go through each requirement 1 Enter the unadjusted balances from the trial balance and ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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