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Required:The unadjusted trial balance as of December 31,2024, for the Bags Consulting Company ...

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Accounting

Required:The unadjusted trial balance as of December 31,2024, for the Bags Consulting Company
appears below. December 31 is the company's reporting yearend.
From the trial balance and information given, prepare adjusting entries.
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, $1,000.
d. Accrued salaries at yearend, $1,500.
e. Rent to customers who paid in advance has been provided for $6,300.
Post the beginning balances and adjusting entries into the appropriate T-accounts.
Prepare an adjusted trial balance.
Prepare closing entries.
Prepare a post-closing trial balance.
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