Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's fiscal year-end. Credits Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals Transaction b C d In addition, the company had the following year-end adjusting entries. Accounts Title Debits Credits 3,000 C Salaries Expense Salaries Payable Interest Receivable Interest Revenue Supplies Expense Supplies Deferred Revenue Service Revenue Rent Expense Prepaid Rent Utilities Expense Debits $ 28,300 11,300 0 3,800 9,000 96,000 38,000 Utilities Payable 29,000 0 0 4,200 $ 219,600 $ 219,600 1,700 2,200 4,200 $ 10,400 0 6,200 0 6,300 120,400 22,400 60,200 0 1,100 3,000 1,700 2,200 4,200 6,300 1,100

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial
balance as of December 31, 2024, appears below. December 31 is the company's fiscal year-end.
Credits
Accounts
Cash
Accounts Receivable
Interest Receivable
Supplies
Prepaid Rent
Land
Notes Receivable
Accounts Payable
Salaries Payable
Deferred Revenue
Utilities Payable
Common Stock
Retained Earnings
Service Revenue
Interest Revenue
Salaries Expense
Rent Expense
Supplies Expense
Utilities Expense
Totals
Transaction
b
C
In addition, the company had the following year-end adjusting entries.
Accounts Title
Debits
Credits
3,000
d
e
Salaries Expense
Salaries Payable
Interest Receivable
Interest Revenue
Supplies Expense
Supplies
Deferred Revenue
Service Revenue
Rent Expense
Prepaid Rent
Utilities Expense
Debits
$ 28,300
11,300
0
3,800
9,000
96,000
38,000
Utilities Payable
29,000
0
0
4,200
$ 219,600 $ 219,600
1,700
2,200
4,200
$ 10,400
0
6,200
0
120,400
22,400
60,200
0
6,300
1,100
3,000
1,700
2,200
4,200
6,300
1,100
Transcribed Image Text:Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's fiscal year-end. Credits Accounts Cash Accounts Receivable Interest Receivable Supplies Prepaid Rent Land Notes Receivable Accounts Payable Salaries Payable Deferred Revenue Utilities Payable Common Stock Retained Earnings Service Revenue Interest Revenue Salaries Expense Rent Expense Supplies Expense Utilities Expense Totals Transaction b C In addition, the company had the following year-end adjusting entries. Accounts Title Debits Credits 3,000 d e Salaries Expense Salaries Payable Interest Receivable Interest Revenue Supplies Expense Supplies Deferred Revenue Service Revenue Rent Expense Prepaid Rent Utilities Expense Debits $ 28,300 11,300 0 3,800 9,000 96,000 38,000 Utilities Payable 29,000 0 0 4,200 $ 219,600 $ 219,600 1,700 2,200 4,200 $ 10,400 0 6,200 0 120,400 22,400 60,200 0 6,300 1,100 3,000 1,700 2,200 4,200 6,300 1,100
Prepare a classified balance sheet for the year ended December 31, 2024.
CRIMSON TIDE MUSIC ACADEMY
Balance Sheet
December 31, 2024
Current Assets:
Total Current Assets
Long-term Assets:
Assets
Total long-term assets
Total Assets
Current Liabilities:
0 Total Current Liabilities
Liabilities
Stockholder's Equity
0 Total Stockholders' Equity
0 Total Liabilities and Stockholders' Equity
< Req 4B
Req 5 >
$
0
0
0
Transcribed Image Text:Prepare a classified balance sheet for the year ended December 31, 2024. CRIMSON TIDE MUSIC ACADEMY Balance Sheet December 31, 2024 Current Assets: Total Current Assets Long-term Assets: Assets Total long-term assets Total Assets Current Liabilities: 0 Total Current Liabilities Liabilities Stockholder's Equity 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity < Req 4B Req 5 > $ 0 0 0
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