GRADING: Worth up to 15 points. Carefully READ the instructions on page 3 first. Partially completed problems will earn no credit- that means all requirements must be FULLY completed. All work must be completed by hand. If you complete all items as requested, you will earn at least 7.5 points. The remaining points are dependent upon the accuracy of your answers! Round amounts to the nearest dollar, if applicable. Jamukha Corporation prepares guarterly financial statements, ending March 31, 2018, The balance sheet at December 31,2017, is presented below Jamukha Corporation Balance Sheet December 31, 2017 Liabilities and Stockholders Equity Accounts payable Common stock Retained earnings Assets 42,075 50,000 81,200 Cash Accounts receivable Allowance for doubtful accounts Land Equipment A/D equipment Building A/D - building 16,225 36,050 (5,000) 40,000 75,000 (30,000) 120,000 (79.000) 173,275 173,275 During the first quarter the following transactions occurred: I. Performed services for $75,000 on account. 2. On February 1, collected fees of $25,440 in advance. $ 2.120 worth of services are to be performed each month from February 1, 2018, to January 31, 2019. (Wait to make adjusting entries.) On February 1, purchased equipment for S 18,500 plus 5% sales tax, $6,500 cash was paid with the remaining balance on account. Check #755 was used (hint: use accounts payable for the liability). On March 5, collected $96,750 on from customers on account. Paid $42,825 on accounts payable. Check #756 was used. Paid administrative expenses of S6 1,175. Check #757 was used. Acquired a patent with a 10-year life for $19,100 cash on March 1. Check #758 was used. Wrote off a receivable of $1,100 from a customer who went bankrupt. 4. 5, 7. 8