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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 Debit Credit Cash $22,400 Accounts Receivable 23,000 $1,200 Allowance for Doubtful Accounts Equipment 24,000 11,000 Accumulated Depreciation-Equipment 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 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 #456 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: 3.200 Deposit in transit: 12/30/2021 $6,000 Outstanding checks #440 #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 49MM 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, 5500;#453, $700: #457. $16.150;#458. $96,000 (113,3501 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) 4. Depreciation is recorded on the equipment still owned at March 31, 2022. The new equipment purchased in February is being depreciated on a straight-line basis over 5 years and salvage value was estimated at $900. The old equipment still owned is being depreciated over a 10-year life using straight-line with no salvage value. 5. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $16,000 6. Amortization is recorded on the patent. 7. The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Your answer is correct. Record journal entries for transactions 1-9. (Credit account titles are automatically indented 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.) Date No. Account Titles and Explanation Debit Credit Record journal entries for transactions 1-9. (Credit account titles are automatically indented 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.) Date No. Account Titles and Explanation Debit Credit February 14 1. Cash 6000 Unearned Service Revenue 6000 February 10 2. Equipment 9600 Cash 3000 Accounts Payable 6600 March 1 3 . Patents Cash 9600 March 28 4. Accounts Receivable 150000 Service Revenue 150000 March 29 5. Cash 143000 Accounts Recevable 143000 March 201 6 Accounts Payable 16150 March 29. 6. Accounts Payable 16150 Cash 16150 March 29. 7. Other Operating Expenses 96000 Cash 96000 March 31 8. Allowance for Doubtful Accounts 200 Accounts Receivable March 31 9. Depreciation Expense 600 Accumulated Depreciation Equipment (To record depreciation expense) Cash 1940 Loss on Disposal of Plant Assets 850 Accumulated Depreciation Equipment 10200 Equipment (To record sale of equipment) Enter the December 31, 2021, balances in ledger accounts using T-accounts. (Post entries in the order displayed in the problem statement.) Cash 22400 Accounts Receivable 23000 Allowance For Doubtful Accounts 1200 Equipment 24000 Bal. : Accumulated Depreciation Equipment Bal 11000 Land Bal 20000 Buildings 12 1000 Accumulated Depreciation-Buildings 11000 Accounts Payable Bal. . 12150 Common Stock 86000 Retained Earnings Bal. 89050 Tauthenland Media Post the journal entries to the ledger accounts for items 1-9. (Post entries in the order of journal entries presented above.) Cash 22,400 Feb. 1 3000 Feb 1 : 6000 9600 Mar. 29 143000 16150 Mar 314 1940 Mar 29 96000 Accounts Receivable 23,000 Mar. 294 Bal. 143000 Mar. 284 150000 Mar 31 200 Allowance for Doubtful Accounts 200 Bal. 1,200 Mar. 31 Equipment 24,000 Mar. 31 12000 9600 Accumulated Depreciation-Equipment Mar. 31 10200 11,000 Mar. 314 600 Land Bal. 20,000 Buildings 121,000 Bal. Accumulated Depreciation-Buildings Bal. 11,000 Patents Mar. 1 9600 Accounts Payable 16150 Bal 12,150 Feb 6600 Uncarned Service Revenue Feb. 1 : 6000 Common Stock Bal. 86,000 Retained Earnings Bal. 89,050 Service Revenue Mar. 28 : 150000 Other Operating Expenses 96000 Mar 29 Depreciation Expense Mar. 31 600 Loss on Disposal of Plant Assets Mar 314 860 | Prepare an unadjusted trial balance at March 31. Concord Corporation Trial Balance 3/31/22 Debit Credit Cash 48590 $ Accounts Receivable 29800 Allowance for Doubtful Accounts 1000 Equipment 20600 Accumulated Depreciation-Equipment 1400 Land 20000 Buildings 121000 11000 Accumulated Depreciation Buildings Patents 9600 2600 Accounts Payable Buildings 121000 Accumulated Depreciation-Buildings 11000 Patents 9600 Accounts Payable 2600 Unearned Service Revenue 6000 Common Stock 86000 Retained Earnings 89050 150000 Service Revenue 96000 Other Operating Expenses 600 Depreciation Expense 860 Loss on Disposal of Plant Assets 347050 347050 Totals Bank Reconciliation 3/31/22 Balance Per Bank 68240 Add : Deposits in Transit Less : Outstanding Checks 3440 3200 i #454 5890 i 1455 3000 #456 9600 i 21690 48490 Adjusted Balance Per Bank 48590 Balance Per Books 100 i Less : Bank Service Charge 48490 Adjusted Balance Per Books Journalize entries related to bank reconciliation and all adjusting entries. (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry' for the account titles and enter for the amounts. Round answers to decimal places, es 5.275.) No. Date Account Titles and Explanation Debit Credit 1. 3/31/2022 Other Operating Expenses Cash 2. 3/31/2022 Unearned Service Revenue Service Revenue 1000 3. 3/31/2022 Bad Debt Expense 1556 1556 Allowance for Doubtful Accounts 4. 3/31/2022 Depreciation Expense 710 Accumulated Depreciation Equipment 5. 3/31/2022 Depreciation Expense Accumulated Depreciation-Buildings 6. 3/31/2022 Amortization Expense Cash 100 2. 3/31/2022 Unearned Service Revenue 1000 Service Revenue 1000 3. 3/31/2022 Bad Debt Expense 1556 Allowance for Doubtful Accounts 1556 4. 3/31/2022 Depreciation Expense 710 Accumulated Depreciation Equipment 5. 3/31/2022 Depreciation Expense Accumulated Depreciation-Buildings BO 6. 3/31/2022 Amortization Expense Patents 30000 7. 3/31/2022 Income Tax Expense 30000 Income Taxes Payable Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to decimal places, eg. 5,275.) Bal. Feb. 1 Mar. 29 Mar 31 Cash 22.400 Feb. 1 6,000 Mar. 1 143,000 Mar.29 1.940 Mar. 29 Mar. 31 Adj. 1 3,000 9,600 16,150 96,000 100 Bal 48490 143,000 Bal Mar 28 Accounts Receivable 23,000 Mar. 29 150,000 Mar. 31 29800 200 Bal Allowance for Doubtful Accounts 200 Bal. Mar. 31 1.200 Mar 31 Ad 1556 Bal. 2556 13.000 Bal. Feb. 1 Equipment 24,000 Mar 31 9,600 Feb. 1 9,600 Bal. 20600 Accumulated Depreciation-Equipment 10,200 Bal. Mar. 31 11,000 Mar. 31 600 Mar 31 Adj. 2110 Land 20,000 20000 Buildings Bal 121,000 121000 Accumulated Depreciation-Buildings Bal 11.000 Mar 31 Adj. 875 11875 11875 Mar. 1 Patents 9,600 Mar. 31 Adj. + 9520 Bal Accounts Payable 16,150 Bal Mar 29 12,150 6,600 Feb. 1 2600 Unearned Service Revenue 1000 Feb. 1 Mar. 31 Adj. 6,000 Bal. 5000 Income Taxes Payable Mar. 31 Adj, 30000 30000 Common Stock Bal. 86,000 86,000 86,000 Retained Earnings 89,050 89,050 Service Revenue Mar.28 150,000 Mar. 31 Adj. 1000 Bal. 151000 Other Operating Expenses 96,000 Mar. 29 Mar. 31 Adi : 100 Bal. 96100 Depreciation Expense 600 Mar. 31 Mar. 31 Adj. 710 Mar. 31 Adj. + Mar. 31 Loss on Disposal of Plant Assets 860 860 Mar. 31 Adj. 1 Amortization Expense 80 Bad Debt Expense Mar. 31 Adj. 1556 Bal. 1556 Income Tax Expense Mar 31 Adj. 30000 Bal 30000 e Textbook and Media Prepare an adjusted trial balance at March 31. (Round answers to decimal places, es 5.275.) Concord Corporation Adjusted Trial Balance 3/31/22 Debit Credit Cash 48490 Accounts Receivable 29800 Allowance for Doubtful Accounts 2556 Equipment 20600 Accumulated Depreciation Equipment Land 20000 Buildings 121000 Accumulated Depreciation-Buildings Patents 9520 Accounts Payable 2600 Accounts Payable 2600 Unearned Service Revenue 5000 Income Taxes Payable 30000 Common Stock 86000 Retained Earnings 89050 Service Revenue 151000 Other Operating Expenses 96100 Depreciation Expense 2185 860 Loss on Disposal of Plant Assets 80 Amortization Expense 1556 Bad Debt Expense 30000 Income Tax Expense 380191 380191 Prepare an income statement for the quarter ended March 31, 2017. (Round answers to decimal places, es 5,275) Concord Corporation Income Statement