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Files - Dropbox Connect https//newconnect.mheducation.com/flow/connect.html ne - WorkdayE Inco Check Webord Equ?ax Verification Mobile App Mobilc Utah Insurance Dep Real Estate's Online 0 Utah Business Searc a Workout Problems Help Saved The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end Cash Accounts receivable Prepaid insurance Land Building:s Accumulated depreciation-buildings Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Deferred rent revenue Common stock Retained earnings Sales revenue Interest revenue Rent revenue Salaries and wages expense Depreciation expense Insurance expense Utility expense Maintenance expense Totals 15,160 10,000 4,000 255,008 117,000 32,009 46,800 31,650 300,900 50,550 94,000 5, 800 7,800 41,000 25,200 21,300 568,600 568,600 a The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method b. The office equipment is depreciated at 10 percent of original cost per year c Prepaid insurance expired during the year, $2,000 d. Accrued salaries and wages at year-end, $1,700 e. Deferred rent revenue at year-end should be $1.250

Explanation / Answer

2. General Ledger

3. Trial Balance

4. Closing Entries

5. Post Closing Trial Balance

Cash Particulars Amount Particulars Amount Dec-31 15,100 15,100 0 Closing Balance 15,100 Account Receivable Particulars Amount Particulars Amount Dec-31 10,000 10,000 0 Closing Balance 10,000 Prepaid Insurance Particulars Amount Particulars Amount Dec-31 4,000 c. 2,000 4,000 2,000 Closing Balance 2,000 land Particulars Amount Particulars Amount Dec-31 255,000 255,000 0 Closing Balance 255,000 Buildings Particulars Amount Particulars Amount Dec-31 80,000 80,000 0 Closing Balance 80,000 Accumulated dep-building Particulars Amount Particulars Amount Dec-31 32,000 a. 1,600 0 33,600 Closing Balance 33,600 Office Equipment Particulars Amount Particulars Amount Dec-31 117,000 117,000 0 Closing Balance 117,000 Accumulated dep-equipment Particulars Amount Particulars Amount Dec-31 46,800 b. 11,700 0 58,500 Closing Balance 58,500 Accounts payable Particulars Amount Particulars Amount Dec-31 31,650 0 31,650 Closing Balance 31,650 Salaries and Wages Payable Particulars Amount Particulars Amount Dec-31 d. 1,700 0 1,700 Closing Balance 1,700 Deferred Rent revenue Particulars Amount Particulars Amount Dec-31 0 e. 1,250 0 1,250 Closing Balance 1,250 Common Stock Particulars Amount Particulars Amount Dec-31 300,000 0 300,000 Closing Balance 300,000 Retained Earnings Particulars Amount Particulars Amount Dec-31 50,550 0 50,550 Closing Balance 50,550 Sales Revenue Particulars Amount Particulars Amount Dec-31 94,000 0 94,000 Closing Balance 94,000 Interest Revenue Particulars Amount Particulars Amount Dec-31 5,800 0 5,800 Closing Balance 5,800 Rent Revenue Particulars Amount Particulars Amount e. 1,250 Dec-31 7,800 1,250 7,800 Closing Balance 6,550 Salaries and Wages Expense Particulars Amount Particulars Amount Dec-31 41,000 d. 1,700 42,700 Closing Balance 42,700 Depreciation Expense Particulars Amount Particulars Amount Dec-31 0 a. 1,600 b. 11,700 13,300 Closing Balance 13,300 Insurance Expense Particulars Amount Particulars Amount Dec-31 0 c. 2,000 2,000 Closing Balance 2,000 Utility Expense Particulars Amount Particulars Amount Dec-31 25,200 25,200 Closing Balance 25,200 Maintenance Expense Particulars Amount Particulars Amount Dec-31 21,300 21,300 Closing Balance 21,300

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