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The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the companys reporting year-end.

Account Title	Debits		Credits
Cash	5,350
Accounts receivable	7,500
Prepaid insurance	3,100
Land	210,000
Buildings	57,500
Accumulated depreciationbuildings			23,000
Office equipment	90,000
Accumulated depreciationoffice equipment			36,000
Accounts payable			28,500
Salaries payable			0
Deferred rent revenue			0
Common stock			220,000
Retained earnings			46,500
Service revenue			80,500
Interest revenue			4,000
Rent revenue			4,800
Salaries expense	31,000
Depreciation expense	0
Insurance expense	0
Utilities expense	20,700
Maintenance expense	18,150
Totals	443,300		443,300

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

1. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.
2. The office equipment is depreciated at 10 percent of original cost per year.
3. Prepaid insurance expired during the year, $1,550.
4. Accrued salaries at year-end, $1,200.
5. Deferred rent revenue at year-end should be $750.

Required: 1. From the trial balance and information given, prepare adjusting entries. 2. Post the beginning balances and adjusting entries into the appropriate T-accounts. 3. Prepare an adjusted trial balance. 4. Prepare closing entries. 5. Prepare a post-closing trial balance.

Journal entry worksheet 2 Close the revenue accounts using Retained Earnings. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general journal

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