Chapter $3$ Assignment

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Problem $3-7$A $($Algo$)$ Complete the accounting cycle after adjusting entries $($LO$3-4,3-5,3-6,3-7)$

$33\mathrm{.}34$

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Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted triad balance as of December $31,2024,$ appears below. December $31$ is the company's fiscal year$-$end.

$\backslash$table$[[$Accounts$,$Debits,Credits$],[$Cash$,$$ $26,300,],[$Accounts Receivable,$11,100,],[$Interest Receivable,$0,],[$Supplies$,3,600,],[$Prepaid Rent,$8,800,],[$Land$,94,000,],[$Notes Receivable $-$ Long term,$36,000,],[$Accounts Payable,,$ $10,100],[$Salaries Payable,$-,0],[$Deferred Revenue,,$6,100],[$Utilities Payable,,$0],[$Common Stock,,$115,800],[$Retained Earnings,,$22,100],[$Service Revenue,,$58,200],[$Interest Revenue,,$],[$Salaries Expense,$28,500,],[$Rent Expense,$0,],[$Supplies Expense,$0,],[$Utilities Expense,$4,000,],[$Totals$,$$ $212,300,$$ $212,300]]$

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$\backslash$table$[[$Transaction Accounts Title,Debits,Credits$],[$a$.$ Salaries Expense,$2,900,2,900],[$b$.$ Salaries Payable,$1,600,1,600],[$c$.$ Interest Receivable,$2,100,2,100],[$d$.$ Interest Revenue,$4,100,4,100],[$e$.$ Supplies Expense,,$],[$Supplies$,,]]$

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.

$3.$ Prepare an adjusted trial balance.

$4.$ Prepare an income statement, statement of stockholders' equity, and classified balance sheet for the year ended December $31,2024.$

$5.$ Record closing entries.

$7.$ Prepare a post$-$closing trial balance.

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