The unadjusted trial balance as of December 31 2018 for the

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. Credits Debits 7,900 9,250 3,700 240,000 72,500 29,000 108,000 43,200 30,600 Account Title Cash Accounts receivable Prepaid insurance Land Buildings 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 270,000 49,200 89,500 5,200 6,600 38,000 23,700 20,250 523,300 523,300

Solution

Debit

credit

Debit

credit

Debit

credit

Cash

7900

7900

Accounts receivable

9250

9250

Prepaid insurance

3700

1850

1850

Land
Building

240000

240000

Building

72500

72500

Accumulated depreciation

29000

580

29580

Office equipment

108000

108000

Accumulated depreciation

43200

4320

47520

Accounts Payable

30600

30600

Salaries and wages payable

0

1550

1550

Deferred rent revenue

0

1200

1200

Common stock

270000

270000

Retained earnings

49200

49200

Sales revenue

89500

89500

Interest revenue

5200

5200

Rent revenue

6600

1200

5400

Salaries and wages expense

38000

1550

39550

Depreciation expense

0

4900

4900

Insurance expense

0

1850

1850

utility expense

23700

23700

Maintenance expense

20250

20250

523300

523300

529750

529750

Particulars

Debit

credit

Close the expense accounts

Income summary

90250

     Salaries expense

39550

     Depreciation expense

4900

     Insurance expense

1850

     utility expense

23700

     Maintenance expense

20250

Close the income summary account

Sales revenue

89500

Rent revenue

5400

Interest revenue

5200

     Income summary

100100

Income summary

9850

    Retained earnings

9850

Debit

credit

Debit

credit

Debit

credit

Cash

7900

7900

Accounts receivable

9250

9250

Prepaid insurance

3700

1850

1850

Land
Building

240000

240000

Building

72500

72500

Accumulated depreciation

29000

580

29580

Office equipment

108000

108000

Accumulated depreciation

43200

4320

47520

Accounts Payable

30600

30600

Salaries and wages payable

0

1550

1550

Deferred rent revenue

0

1200

1200

Common stock

270000

270000

Retained earnings

49200

49200

Sales revenue

89500

89500

Interest revenue

5200

5200

Rent revenue

6600

1200

5400

Salaries and wages expense

38000

1550

39550

Depreciation expense

0

4900

4900

Insurance expense

0

1850

1850

utility expense

23700

23700

Maintenance expense

20250

20250

523300

523300

529750

529750

Particulars

Debit

credit

Close the expense accounts

Income summary

90250

     Salaries expense

39550

     Depreciation expense

4900

     Insurance expense

1850

     utility expense

23700

     Maintenance expense

20250

Close the income summary account

Sales revenue

89500

Rent revenue

5400

Interest revenue

5200

     Income summary

100100

Income summary

9850

    Retained earnings

9850

	Debit	credit	Debit	credit	Debit	credit
Cash	7900				7900
Accounts receivable	9250				9250
Prepaid insurance	3700			1850	1850
Land Building	240000				240000
Building	72500				72500
Accumulated depreciation		29000		580		29580
Office equipment	108000				108000
Accumulated depreciation		43200		4320		47520
Accounts Payable		30600				30600
Salaries and wages payable		0		1550		1550
Deferred rent revenue		0		1200		1200
Common stock		270000				270000
Retained earnings		49200				49200
Sales revenue		89500				89500
Interest revenue		5200				5200
Rent revenue		6600	1200			5400
Salaries and wages expense	38000		1550		39550
Depreciation expense	0		4900		4900
Insurance expense	0		1850		1850
utility expense	23700				23700
Maintenance expense	20250				20250
	523300	523300			529750	529750