Flounder Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is presented below.

Flounder Corp. prepares quarterly financial staternents. The post-closing trial balance at Decermber 31. 2016, is presented below. FLOUNDER CORP Post Closing Trial Balance December 31, 2016 Debit $22,300 22,900 Credit Cash Accounts Receivable Allowance for Doubttul Accounts Equipment Accumulated Depreciation-Equipment Buildings $1,300 24,000 13,000 112,000 13,000 20,000 Accounts Payabla Common Stock Retained Earnings 12.240 63,000 79,560 $201,100 201.100 During the first quarter of 2017, the fellowing transactions occurred: 1, on February 1, Flounder collected tees of 15.600 in advance. The company wil perform s1,300 t services each month from February 1, 2017, to January 31, 2018. z. an February 1, Flaunder purchased computer equipment far $8,400 plus sales taxes of $600, $2,800 cash was paid with the rest on account. Cherk #455 was used. 3, on March 1. Nounder acquired a patent with a 10-year Rte tor $9,000 cash. Check #456 was used. 4 an March 28, Hounder recorded the quarter's salesin a single entry. During thisernd Hounder had tatal sales of $1EJ Da nat including the sales referred ta n item 1 above All of the sales were on account. on March 29, Flounder colected 173,000 from customers on account. 6. On March 29, Flounder paid 16,240 on accounts payable. Check #457 was used. 7, on March 29, Flounder paid other operating expenses of $95,000-Check +458 was used. 8. On March 31, Flounder wrote ofT a receivable of $300 for a customer who declared bankruptcy. 9. On March 31, Flounder sold for $1,980 equipment that originally cost $13,000. It had an estimated life of 5 years and salvage of $1,000. Accumulated depredation as of December 31, 2016, was $9,600 using the straight line method. (Hint: Record depreciation on the equlpment 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, 2016, bank reconciliation is: Deposit in transit: 12/30/2016 $4,500 3,500 Outstanding checks 440 452 4453 454 5,855