can someone pls help me on this one. everything in order and to understand handwritting.
YORKIS PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2017 Debit $ 29,500 49,600 Credit Accu Receivable Allowance for Doubtful Acco $ 750 1,960 1.100 25,000 6,250 12,000 Supplies Prepaid Insurance Et Accu e d Depreciation Equipment Machinery Accumulated Depreciation Machinery Dividend Payable Notes Payable Band Payable Common Stocks Retained Earrings 2,000 1,000 7,200 10,000 10.000 25,010 Dividend 1.000 Service Revenue 100,000 RE 9,750 30,500 Salaries and Wages Expense Utilities Expenses 1,ORO Salaries and Wages Expense Utilities Expenses Office Expense 100 161,310 $161.210 1. Services performed for clients that were not recorded by December 31, 54,900, 2. The estimate of uncollectable is determined by taking 3% of gross accounts receivable 3. Insurance expired during the year 5480, 4. On January 1, 2016, YORKIS PEREZ purchased for $25,000 equipment with an 8 years useful life and with a salvage value of 55,000 YORKIS PEREZ uses Double-Declining Balance Method. Record the depreciation expense for 2017 5. The machinery was purchased in January 2016 for $12,000 and had an estimated useful life of 5 years with $2,000 salvage value. Record the depreciation expense of machinery for 2017 YORKIS PEREZ ses straight-line depreciation At December 31, 2017 after recording depreciation of machinery, new technology was introduced that would accelerate the obsolescence of machinery, YORKIS PEREZ estimates that expected future net cash flows on the equipment will be $6,000 and that the fair value of the equipment is $4,000. It is estimated that the remaining useful life is 2 years. YORKIS PEREZ uses straight-line depreciation. Prepare the journal entry to record the impairment at December 31, 2017 6 Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2017 7. Office salaries and wages earned but unpaid December 31, 2017, 52, 510. 8. Bank reconciliation: YORKIS PEREZ books show a cash balance at the Denver National Bank on December 31, 2017, of $29.500. The bank statement covering the month of November shows an ending balance of $31,188 An examination identified the following reconciling items A deposit of $3.680 that YORKIS PEREZ mailed December 30 does not appear on the bank statement Checks written in December but not charged to the December bank statementare: 6. Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2017 7. Office salaries and wages earned but unpaid December 31, 2017, 52,510 & Bank reconciliation: YORKIS PEREZ'S books show a cash balance at the Denver National Bank on December 31, 2017, of $29,500. The bank statement covering the month of November shows an ending balance of $31,188. An examination identified the following reconciling items A deposit of $3,680 that YORKIS PEREZ mailed December 30 does not appear on the bank statement. Checks written in December but not charged to the December bank statement are: Check #7327 $ 150 #7348 5 4,820 #7349 $ 31 YORKIS PEREZ has not yet recorded the $600 of interest collected by the bank December 20 on Sequoia Co. bonds held by the bank for Nugget Bank service charges of $18 are not yet recorded on YORKIS PEREZ's books The bank returned one of YORKIS PEREZ's customer's checks for $220 with the bank statement, marked "NSE." The bank treated this bad check as a disbursement. YORKIS PEREZ discovered that it incorrectly recorded check #7322, written in December for $131 in payment of an account payable, as $311. A check for Yankees PEREZ Co. in the amount of $175 that the bank incorrectly charged to YORKIS PEREZ accompanied the statement 9. On December 31, YORKIS PEREZ, Inc. factored $16,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, YORKIS PEREZ was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. Prepare the journal entry required on YORKIS PEREZ's books. 10 YORKIS PEREZ is currently involved in three lawsuits at December 31, 2017. The first case is probable that YORKIS PEREZ will be liable for $1.000 as a result of this suit. The second case is reasonably possible that YORKIS PEREZ will be liable for $20,000 as a result of this suit. The last case is probable favorable outcome for $3,000 as a result of this suit. Prepare required journal entry(ies) for three contingencies as of December 31, 2017 Instructions From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2017
