Concord Corporations unadjusted trial balance at December 1, 2017, is presented below.

Prepare journal entries for the transactions listed above and adjusting entries.

Concord Corporation's unadjusted trial balance at December 1, 2017, is presented below. Credit Cash Debit $25,200 35,400 8,100 Accounts Receivable Notes Receivable 0 Interest Receivable Inventory Prepaid Insurance Land 36,470 3,900 21,500 160,200 61,500 10.170 $450 53,400 24,600 27,200 0 12,600 0 0 36,000 52,800 22,490 Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2018) Income Taxes Payable Interest Payable Notes Payable (due in 2023) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 14,000 943,000 0 0 0 633,000 0 0 0 0 61,600 0 101,500 $1,172,540 $1,172,540 The following transactions occurred during December. Dec Dec. 2 Purchased equipment for $16,200, plus sales taxes of $600 (paid in cash). 2 Concord sold for $3,600 equipment which originally cost $4,800. Accumulated depreciation on this equipment at January 1, 2017, was $2,000; 2017 depreciation prior to the sale of equipment was $430. Concord sold for $5,400 on account inventory that cost $3,270. Salaries and wages of $6,470 were paid. 15 23 Adjustment data: 1. 2. 3. 4. 5. 6. Concord estimates that uncollectible accounts receivable at year-end are $3,850. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. The balance in prepaid insurance represents payment of a $3,900, 6-month premium on September 1, 2017. The building is being depreciated using the straight-line method over 30 years. The salvage value is $31,800. 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. The equipment purchased on December 2, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,040. The patent was acquired on January 1, 2017, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2017, total $2,160. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 10% interest rate. All interest is payable in the next 12 months. Income tax expense was $12,500. It was unpaid at December 31. 7. 8. 9. 10 Date Account Titles and Explanation Debit Credit Dec. 2 Equipment 16800 Cash Dec 2 Depreciation Expense Equipment (To record depreciation expense on equipment.) Cash Accumulated Depreciation Equipment Equipment Gain on Disposal of Plant Assets (To record sale of equipment.) (To record sales revenue.) (To record cost of goods sold.) > 1. 2. 3. 4. 5. 6. 7. 8. 9. 10