Learning Objectives 1, 2, 3, 4, 5, 6 P-F:4-32A Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet The unadjusted trial balance of Walton Anvils at December 31, 2024, and the data for the adjustments follow: 5. Net Income $18,890 WALTON ANVILS Unadjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash $ 13,480 14,500 2,320 1,700 23,000 Accounts Receivable Prepaid Rent Office Supplies Equipment Accumula el Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends $ 1,000 7.100 6,000 24,000 4,500 4,600 Service Revenue 19,500 I 2.500 Salaries Expense Rent Expense Depreciation Expense-Equipment Cinnliar Cunanen 2,500 Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Total $ 62,100 $ 62,100 Adjustment data: a. Unearned Revenue still unearned at December 31, $1,800. b. Prepaid Rent still in force at December 31, $2,100. c. Office Supplies used, $1,500. d. Depreciation, $390. e. Accrued Salaries Expense at December 31, $200. Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance. 2. Complete the worksheet for the year ended December 31, 2024 (optional). 3. Prepare the adjusting entries and post to the accounts. 4. Prepare an adjusted trial balance. 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form