Question

i got the number for salaries expense wrong. as shown in picture. what is the right answer?

The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company's reporting year-end. Debits 10,250 6,250 2,500 180.000 42.500 17.000 75,000 30,000 26.750 Account Title Cash Accounts receivable Prepaid insurance Land Buildings Accumulated depreciation-buildings office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Deferred rent revenue Common stock Retained earnings Service revenue Interest revenue Rent revenue Salaries expense Depreciation expense Insurance expense Utilities expense Maintenance expense Totals 180,000 44,250 73,000 2,800 3,300 Information necessary to prepare the year-end adjusting entries appears below. 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, $1,250. d. Accrued salaries at year-end, $950. e. Deferred rent revenue at year-end should be $500. 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.

Answer 1

Date	General Journal	Debit	Credit
Dec 31, 2021	Service revenue	73,000
	Interest revenue	2,800
	Rent revenue	2,800
	Income Summary		78,600
Dec 31, 2021	Income Summary	71,150
	Salaries expense		26,950	(26,000 + 950)
	Insurance expense		1,250
	Utilities expense		18,200
	Maintenance expense		16,400
	Depreciation expense		8,350
Note: For closing entries revenue is closed while debit revenue account and credit income summary
and for closing entries expense is closed while debiting income summary and credit expesne account