Problem 3-7A (Algo) Complete the accounting cycle after adjusting entries (LO3-4, 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 Cash Accounts Receivable Interest Receivable Supplies Debits $20,300 Credits 10,500 0 3,000 Prepaid Rent 8,200 Land 88,000 Notes Receivable 30,000 Accounts Payable Salaries Payable $9,200 0 Deferred Revenue 5,800 0 Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals 102,000 21,200 52.200 0 27,000 0 0 3,400 $ 190,400 $ 190,400 In addition, the company had the following year-end adjusting entries. Transaction Accounts Title Salaries Expense Salaries Payable Debits Credits 2,600 2,600 b. Interest Receivable 1,300 Interest Revenue 1,300 C. Supplies Expense 1,800 Supplies 1,800 d. Deferred Revenue 3,800 Service Revenue 3,800 e Rent Expense 5,900 Prepaid Rent 5,900 f. Utilities Expense 700 Utilities Payable 700 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.