Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company?s fiscal year-end.?
In addition, the company had the following year-end adjusting entries.
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, 2021, and a classified balance sheet as of December 31, 2021. 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.Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
This problem has been solved!
Step by Step Answer: