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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

Solution

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