9 (Part Level Submission) Kenseth Corporations unadjusted trial balance at December 1, 2014, is presented below.

Kenseth Corporation's unadjusted trial balance at December 1, 2014, is presented below. Debit Credit Cash $27,740 Accounts Receivable 36,960 Notes Receivable 9,500 Interest Receivable -0- Inventory 36,390 Prepaid Insurance 3,720 Land 21,000 Buildings 165,000 Equipment 60,800 Patent 10,530 Allowance for Doubtful $420 Accounts Accumulated 55,000 DepreciationBuildings Accumulated Depreciation 24,320 Equipment Accounts Payable 27,200 Salaries and Wages -0- Payable Notes Payable (due 12,600 April 30, 2015) Interest Payable -0- Notes Payable (due in 35,590 2020) Common Stock 51,100 Retained Earnings 34,200 Dividends 14,800 Sales Revenue 948,900 Interest Revenue -0- Gain on Disposal of -0- Plant Assets Bad Debt Expense -0- Cost of Goods Sold 633,800 Depreciation Expense -0- Insurance Expense -0- Interest Expense -0- Other Operating 61,690 Expenses Amortization Expense -0- Salaries and Wages 107,400 Expense Total $1,189,330 $1,189,330 The following transactions occurred during December. Dec. Kenseth purchased equipment for $17,400, plus sales taxes of $600 (all paid in cash). 2 2 Kenseth sold for $3,590 equipment which originally cost $5,400. Accumulated depreciation on this equipment at January 1, 2014, was $1,960; 2014 depreciation prior to the sale of equipment was $450. 15 Kenseth sold for $5,310 on account inventory that cost $3,270. 23 Salaries and wages of $6,710 were paid. Adjustment data: 1. Kenseth estimates that uncollectible accounts receivable at year-end are $3,970. 2. The note receivable is a one-year, 8% note dated April 1, 2014. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $3,720, 6-month premium on September 1, 2014. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $31,200. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2014, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,220. 7. The patent was acquired on January 1, 2014, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2014, total $2,000. 9. Both the short-term and long-term notes payable are dated January 1, 2014, and carry a 10% interest rate. All interest is payable in the next 12 months. 1 Income tax expense was $13,460. It was unpaid at December 31. 0 Don't show me this message again for the assignment (a) Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 2 Dec. 2 (To record depreciation expense on equipment.) Debit Credit (To record sale of equipment.) Dec. 15 (To record sales revenue.) (To record cost of goods sold.) Dec. 23 Dec. 31 1. 2. 3. 4. 5. 6. 7. 8. 9. 10