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Concord Corporation prepares quarterly financial statements. The post closing trial balance at December 31, 2021, is presented below. CONCORD CORPORATION Post-Closing Trial Balance December 31, 2021 Credit Cash Debit $22.400 23,000 Accounts Receivable Allowance for Doubtful Accounts $1,200 Equipment 24,000 Accumulated Depreciation-Equipment 11,000 Buildings 121.000 Accumulated Depreciation-Buildings 11,000 Land 20,000 Accounts Payable 12.150 Common Stock 86,000 Retained Earnings 89,050 $210,400 $210,400 During the first quarter of 2022, the following transactions occurred: 1. On February 1, Concord collected fees of $6,000 in advance. The company will perform $500 of services each month from February 1, 2022, to January 31, 2018 2. On February 1, Concord purchased computer equipment for $9.000 plus sales taxes of $600. $3,000 cash was paid with the rest on account Check #455 was used. 3. On March 1, Concord acquired a patent with a 10-year life for $9,600 cash.Check 1456 was used. 4. On March 28, Concord recorded the quarter's sales in a single entry. During this period, Concord had total sales of $150,000 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29. Concord collected $143,000 from customers on account. 6. On March 29. Concord paid $16,150 on accounts payable. Check #457 was used. 7. On March 29. Concord paid other operating expenses of $96,000. Check #458 was used. 8. On March 31. Concord wrote off a receivable of $200 for a customer who declared bankruptcy. 9. On March 31. Concord sold for $1.940 equipment that originally cost $13,000. It had an estimated life of 5 years and salvage of $1.000 Accumulated depreciation as of December 31, 2021, was $9,600 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation is: Deposit in transit: 12/30/2021 $6,000 Outstanding checks #440 3,200 #452 500 #453 #454 5,890 700 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank $26,690 Deposits: 1/2/2022. $6,000; 2/2/2022. $6,000; 3/30/2022, $143,000 155,000 Checks: $452. $500;#453, $700;#457, 516,150 $458, 596,000 (113,350) Debit memo: Bank service charge (record as operating expense) (100) Ending bank balance $68,240 2. Record revenue earned from item 1 above. 3. $23,600 of accounts receivable at March 31, 2022, are not past due yet. The bad debt percentage for these is 4%. The balance of accounts receivable are past due. The bad debt percentage for these is 26.00% Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this) "courses/35737/assignments/4252482?module item_id=13447481 Sales Revenue 150000 March 29 5. Cash Accounts Receivable March 29 6 . Accounts Payable Cash March 29 7. Other Operating Expenses Cash March 31 8. Accounts Receivable March 31 9. Depreciation Expense (To record depreciation expense) . Cash Loss on Disposal of Plant Assets