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

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 Debits Credits

Cash $ $18,300$

Accounts Receivable $10,300$

Interest Receivable $0$

Supplies $2,800$

Prepaid Rent $8,000$

Land $86,000$

Notes Receivable $-$ Long term $28,000$

Accounts Payable $ $8,900$

Salaries Payable $0$

Deferred Revenue $5,700$

Utilities Payable $0$

Common Stock $97,400$

Retained Earnings $20,900$

Service Revenue $50,200$

Interest Revenue $0$

Salaries Expense $26,500$

Rent Expense $0$

Supplies Expense $0$

Utilities Expense $3,200$

Totals $ $183,100$ $ $183,100$

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

Transaction Accounts Title Debits Credits

a$.$ Salaries Expense $2,500$

Salaries Payable $2,500$

b$.$ Interest Receivable $1,200$

Interest Revenue $1,200$

c$.$ Supplies Expense $1,700$

Supplies $1,700$

d$.$ Deferred Revenue $3,700$

Service Revenue $3,700$

e$.$ Rent Expense $5,800$

Prepaid Rent $5,800$

f$.$ Utilities Expense $600$

Utilities Payable $600$

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.