Alment sent to Gradebook Your grade is being recorded Sun Apr 26. 2020. 9:16:07 PM (America/New York-04.00 Question 1 View Policies Show Attempt History Current Attempt in Progress Grouper Corp's balance sheet at December 31, 2021. is presented below. GROUPER CORP Balance Sheet December 31, 2021 Cash Accounts receivable $30.720 96,000 152.880 Allowance for doubtful accounts $29,520 Accounts payable 54,600 Common stock (510 par 11,800) Retained earnings 5,280 48.000 170.400 Supplies Land Buildings Accumulated depreciation-buildings 126,400) $279.600 $279.00 During 2022, the following transactions occurred 1 On January 1. Grouper issued 1.440 shares of $40 par, 7% preferred stock for $59.040 2 On January 1, Grouper also issued 1.080 shares of the $10 par value common stock for $25.200 3. Grouper performed services for 5384.000 on account. 4. On April 1.2022. Grouper collected fees of $43.200 in advance for services to be performed from April 1, 2022, to March 31, 2023 5. Grouper collected 5331.200 from customers on account 6. Grouper bought $42.120 of supplies on account 7. Grouper paid 538,640 on accounts payable. & Grouper reacquired 480 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $225,840. 10 On December 31, 2022. Grouper declared the annual preferred stock dividend and a 5120 per share dividend on the outstanding com payable on January 15, 2023. 11 An account receivable of $2,040 which originated in 2022 is written off as uncollectible Adjustment data 1 Acount of supplies indicates that 57.080 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above 3. The allowance for doubtful accounts should have a balance of $4.200 at year end Depreciation is recorded on the building on a straight-line basis based on a 30 year life and a salvage value of $12,000 5. The income tax rate is 30. Hint. Prepare the income statement up to income before taves and multiply by 30% to compute the amount Prepare journal entries for the transactions listed above and adjusting entries. Credit account tits are automatically indersided when amount is entered Do not indent manually if no entry is required select "No Entry for the account titles and enter for the amounts Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit P apan sus of Par Valurred Stock Account Sarv Uncanned Serve Supplies OO Didendis Payable Allowance for Doubtful Accounts Adjusting entries 1. Supplies Expense Supplles Unearned Service Revenue 32400 Service Revenue 32400 Bad Debt Expense 4440 Allowance for Doubtful Accounts Depreciation Expense 5280 Accumulated Depreciation-Bulldings 5280 Income Tax Expense 42156 Income Taxes Payable 42156 Debit
