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The unadjusted trial balance as of December $31,2024,$ for the Bags Consulting Company appears below. December $31$ is the company$$s reporting year$-$end.

Account Title Debits Credits

Cash $ $18,500$

Accounts receivable $9,750$

Prepaid insurance $3,900$

Land $250,000$

Buildings $77,500$

Accumulated depreciation$$buildings $ $31,000$

Office equipment $114,000$

Accumulated depreciation$$office equipment $45,600$

Accounts payable $31,300$

Salaries payable $0$

Deferred rent revenue $13,200$

Common stock $290,000$

Retained earnings $50,100$

Service revenue $92,500$

Interest revenue $5,600$

Rent revenue $0$

Salaries expense $40,000$

Depreciation expense $0$

Insurance expense $0$

Utilities expense $24,700$

Maintenance expense $20,950$

Totals $ $559,300$ $ $559,300$

Information necessary to prepare the year$-$end adjusting entries appears below.

The buildings have an estimated useful life of $50$ years with no salvage value. The company uses the straight$-$line depreciation method.

The office equipment is depreciated at $10$ percent of original cost per year.

Prepaid insurance expired during the year, $$1,950.$

Accrued salaries at year$-$end, $$1,650.$

Rent to customers who paid in advance has been provided for $$8,200.$

Required:

From the trial balance and information given, prepare adjusting entries.

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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