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Date No. Account Titles and Explanation Debit Credit February 14 1. Cash 6000 Unearned Service Revenue 6000 February 14 2. Equipment 9600 Cash 3000 Accounts Payable 6600 March 1 3 . Patents 9600 Cash 9600 March 28 4 4. Accounts Receivable 150000 Service Revenue 150000 March 29 5. Cash 143000 Accounts Receivable 143000 March 29 : 6. Accounts Payable 16150 16150 Cash Accounts Receivable 143000 March 294 6. Accounts Payable 16150 Cash 16150 March 294 7. Other Operating Expenses 96000 Cash 96000 March 31 4 8. Allowance for Doubtful Accounts 200 Accounts Receivable 200 March 314 9. Depreciation Expense 600 Accumulated Depreciation Equipment 600 (To record depreciation expense) Cash 1940 Loss on Disposal of Plant Assets 860 Accumulated Depreciation Equipment 10200 13000 Equipment (To record sale of equipment) Andia Buildings Accumulated Depreciation-Buildings Accounts Payable Common Stock Retained Earnings 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 Fahneva. Concordia. cad.comAutorgimento $2.000 us sales taxes. S000 cashwand with the conten t . Check 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 #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 6458 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 deprecision 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 #453 700 #454 5,890 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank Deposits: 1/2/2022. $6,000; 2/2/2022, $6,000; 3/30/2022, $143,000 Checks: #452, $500: #453, 5700,#457,516,150; 1458, 596,000 $26,690 155,000 (113.350) DEPUSTS: 112 ZULL, 30,00U, 41 21 2022, 70,00U, 3/JUZULU, 143,000 199,00 Checks: #452, $500;#453, $700;#457, $16,150;#458. $96,000 (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.) 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.) Enter the December 31, 2021, balances in ledger accounts using T-accounts. (Post entries in the order displayed in the problem statement.) Cash Accounts Receivable Allowance For Doubtful Accounts Equipment Accumulated Depreciation Equipment Land Buildings