HELP!!! Record the following adjusting entries in general journal form as of December 31, 2021:

1. Supplies on hand at the end of the year: $5,016.
2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 7-year life, no salvage value and company uses double-declining balance method for its depreciation.
3. Dont forget to depreciate the new equipment, which is also depreciated using the DDB method!
4. Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued at $50,000 that was purchased on 1/1/17. The new truck has an 8-year life, no salvage value and the company uses the sum-of-the-years digits for its depreciation method on this asset.
5. The building is depreciated under the straight-line method over 39 years and was placed in service on July 1, 2018.
6. The machinery was purchased on December 1, 2020, has a 5-year useful life, salvage value of $4,000, and is being depreciated under the straight-line method.
7. The patent was purchased on 1/1/2013 for $100,000 and its useful life is 20 years.
8. Included in the Prepaid Insurance Account balance at 12/1 is a $75,000, 12-month insurance policy that was purchased on August 1, 2021.
9. Also included in the 12/1 trial balance (and the 12/31 TB) was an insurance policy that expired on 12/31/21.
10. Declared dividends of $350,000 on December 31.
11. The fair market value of the short-term investments is $12,500.
12. The total fair value of the Available for Sale Securities is $489,000.
13. 2% of Accounts Receivable is estimated to be uncollectible. Company uses the allowance method for estimating its uncollectible accounts.
14. Accrued salaries of $145,000 and accrued payroll taxes of 6.2%.
15. Had issued $2,500,000 of 4%, 10-year bond, dated 1/1/18 for $2,305,133 when the market rate was 5%. Interest is paid on June 30 and January 1 using the effective interest rate method. The June payment is included in the Dec. 1 TB. Complete amortization table (all 10 years).
16. One month has passed since the issuance of restricted stock.
17. Interest on 30 days of short-term note payable, dated 12/2/21 should be accrued. (Assume 360 days in a year for calculation)
18. Income tax rate is 21%.

Additional Information:

• It is a private company with more than 40 employees. Its operations include providing household renovation services to homeowners and small businesses.
• During 2021, the following additional transactions occurred: (Hint: these are already included in 12/1/21 TB, but may be needed for the Statement of Cash Flows and calculation of Weighted Average shares of Common Stock )

1. Issued 35,000 shares of common stock, $1 par, for $700,000 on June 30, 2021.
2. Some equipment was sold (original cost $10,000, book value $3,000) for $6,500 (do not consider in your #2 AJE). Confirm with the 12/1 Trial Balance!
3. All amortization and depreciation is recorded once a year on December 31.
4. Market price per share of stock at 12/31/2021 was $18.75.

Part I: December Journal Entries

December 1: Recorded sales on account of $800,000, 3/15, net 30. Cost of inventory was $375,000. Panther Builders, Inc. uses the net method for accounting for sales.

December 2: Purchased Equipment for $400,000, paying $250,000 down and signed a 6%, 90-day note for the balance. This equipment will be depreciated using the double declining method over 9 years, and no salvage value.

December 3: Collected $611,000 on accounts.

December 4: Bought back 18,000 shares of stock for $13 per share.

December 5: Issued 10,000 shares of restricted stock to its CFO. The stock has a fair value of $160,000. The service period related to this restricted stock is 6 years. Vesting occurs if the CFO stays with the company for 6 years. The par value of the stock is $1.

December 6: Paid invoices total of $289,000 to its suppliers. The invoices related to inventory purchases that had been previously recorded.

December 7: Purchased inventory of $587,000 on account with terms 2/10 net 60. Panther Builders, Inc. uses the net method for its purchases.

December 8: Received payment related to sale on December 1.

December 9: Purchased equity securities, without the intention to sell in the near term, for $380,000, plus commissions of $3,800.

December 10: Paid off short-term note from 12/1 trial balance plus interest of $1,000.

December 11: Paid invoices of $712,000 to suppliers.

December 12: Issued 50,000 shares of common stock at $17.50 per share

December 14: Collected $850,000 on Account.

December 16: Paid invoice from 12/7.

December 17: Purchased $110,045 inventory on account with terms 2/15, net 30. Panther Builders, Inc. uses the net method for its purchases.

December 18: Collected $453,000 on Account.

December 19: Recorded sales on account of $850,000, 2/15, net 60, cost of inventory was $595,000.

December 20: Recorded sales on account of $635,000, terms 3/10, net 30, cost of merchandise inventory was $425,000.

December 21: Sold 12,500 shares of Treasury Stock for $15 per share.

December 24: Made payment of $52,000 towards long-term note payable of $500,000, which includes interest of $6,500.

December 26: Wrote off $18,600 in bad debt.

December 31: Signed a 6-year lease for equipment, fair value of $500,000. Equipment transfers to Panther Builders, Inc. at end of lease. Lease payments of 82,750 commence with signing of lease.

2 3 CR 5 6 7 B 30,000.00 10 11 12 13 14 15 16 17 18 19 20 Acct 100 101 102 103 104 105 106 107 110 111 120 121 122 123 124 125 Trial Balance December 1, 2021 Description DR Cash 2.188,098.00 Accounts Receivable 2.240,370.00 Allowance for Doubtful Accounts Short-term Investments 14,000.00 Fair Value Adjustment ST Inventory 1.645,000.00 Prepaid Insurance 125,000.00 Supplies 12.005.00 Available for sale investments 100,000.00 Fair Value Adjustment AFS 15,000.00 Land 1.135.00030 Building 3,000,000.00 Accumulated Depreciation-Building Machinery 850,000.00 Accumulated Depreciation Machinery Equipment 250,000.00 TB Unadjusted at 12.1.20 December Adjusting is worksheet 269.231.00 14,100.00 Bood BIU- 08 Find Merge Center Alignment Formatting Table Styles Format rent Pem die A 3000000 E G D 177,923.00 56,500.00 42,611.00 60,000.00 202 1,251,754,00 1,577,000.00 9,000.00 25,000.00 A B 126 Accumulated Depreciation Equipment 127 Truck 128 Accumulated Depreciation Truck 130 Right-of-use Asset 175 Patents 201 Accounts Payable Salaries Payable 203 Utilities Payable 204 Payroll Taxes Payable 205 Interest Payable 206 Dividends Payable 207 Note Payable short term 208 Income Tax Payable 220 Lease Liability 221 Note Payable-long term 225 Bond Payable 226 Discount on Bond Payable Common Stock, $1 par, SIM shares authorized: 235,000 shares issued and 301 outstanding TR nadiusted at 12.1.20 December JES 50,000.00 26,000.00 500,000.00 2.500,000.00 137.292.00 235,000.00 Bond Adjusting JES worksheet C16 3000000 Celle E G H 3,488,193.00 1.045,590.00 15,000.00 5,961,510.00 3,155,000.00 39 10 11 32 13 34 15 16 37 18 19 50 51 52 53 54 55 56 57 58 A 302 303 304 305 306 307 401 500 600 601 602 605 606 607 608 609 610 611 612 614 B APIC Common Stock Retained Earnings Unrealized Gains (Losses) Equity Unearned Compensation Treasury Stock APIC Treasury Stock Sales Cost of Goods Sold Compensation Expense Salaries Expense Bad Dept Expense Payroll Tax Expense Advertisting Expense Insurance Expense Supplies Expense Depreciation Expense Amortization Expense Utilities Expense Miscellaneous Expenses Interest Expense TB-Unadjusted at 12.1.20 December JES 1,900,000.00 80,000.00 125,000.00 40,000.00 16,000.00 9,000.00 9,300.00 58,847.00 Adjusting JES worksheet Bond C16 3000000 D E F G 125,000.00 40,000.00 16,000.00 51 606 52 607 53 608 54 609 55 610 56 611 57 612 58 614 59 615 60 617 61 620 62 Totals 63 64 65 66 B Advertising Expense Insurance Expense Supplies Expense Depreciation Expense Amortization Expense Utilities Expense Miscellaneous Expenses Interest Expense Income Tax Expense Realized Gains (Losses) Unrealized Gains (Losses) Income 9,000.00 9,300.00 58,847.00 3,500.00 17,221,412.00 17,221,412.00 D E F Income Statement Cr G H Bal Sheet Stmt. Own Equity Dr. CE CR Dr 35,134.40 1,500 B Adjusted Trial Balance December 31, 2021 Acct. 1 Description DR 100 Cash 3,310,788.00 101 Accounts Receivable 1,756,720.00 102 Allowance for Doubtful Accounts 103 Short-term Investments 14,000.00 104 Fair Value Adjustment-ST 105 Inventory 933,104,10 106 Prepaid Insurance 43,750.00 107 Supplies 5,016.00 110 Available for sale investments 483,800.00 111 Fair Value Adjustment-AFS 5.200.00 120 Land 1,135,000.00 121 Building 3,000,000.00 122 Accumulated Depreciation Building 123 Machinery 850,000.00 124 Accumulated Depreciation Machinery 125 Equipment 650,000.00 126 Accumulated Depreciation Equipment TB-Adjusted at 12.31.21 S & Wid Avg Shares Closing Entries 346,154.08 183,300.00 203,923.85 Statement G home to search O c 183,300.00 A 124 125 126 650,000.00 203,923.85 127 56,500.00 48,166.56 9 CO 1 2 3 4 5 6 7 8 9 0 500,000.00 55,000.00 128 130 175 201 202 203 204 205 206 Accumulated Depreciation Machinery Equipment Accumulated Depreciation Equipment Truck Accumulated Depreciation Truck Right-of-use Asset Patents Accounts Payable Salaries Payable Utilities Payable Payroll Taxes Payable Interest Payable Dividends Payable Note Payable short term Income Tax Payable Lease Liability Note Payable-long term Bond Payable Discount on Bond Payable Common Stock, $1 par, $IM shares TB Adjusted at 12.31.21 IS WId Avg Shares 358,598.10 1,722,000.00 9,000.00 33,990.00 50,750.00 350,000.00 150,000.00 190,247.00 417,250.00 454,500.00 2,500,000.00 207 1 2 3 4 -5 -6 7 208 220 221 225 226 128,224.00 Closing Entries Statement A D E F G 38 295,000.00 4,463,193.00 695,590.00 5200 39 40 41 42 43 44 157.777.78 71,500.00 25,000.00 8,186,460.00 45 46 47 48 49 301 302 303 304 305 306 307 401 500 600 601 602 605 606 607 608 609 610 B Common Stock, $1 par, $1M shares authorized; 235,000 shares issued and outstanding APIC Common Stock Retained Earnings Unrealized Gains (Losses) Equity Unearned Compensation Treasury Stock APIC Treasury Stock Sales Cost of Goods Sold Compensation Expense Salaries Expense Bad Dept Expense Payroll Tax Expense Advertising Expense Insurance Expense Supplies Expense Depreciation Expense Amortization Expense TB-Adjusted at 12.31.21 15 & Wtd Avg Shares 50 51 52 53 54 55 4,550,000.00 2,222.22 2.045,000.00 23,734.40 88,990.00 125,000.00 121,250.00 22,989.00 277,679.48 5,000.00 Closing Entries Statements... . C16 3000000 D E F G 125,000.00 40,000.00 16,000.00 A B 51 606 Advertising Expense 52 607 Insurance Expense 53 608 Supplies Expense 54 609 Depreciation Expense 55 610 Amortization Expense 56 611 Utilities Expense 57 612 Miscellaneous Expenses 58 614 Interest Expense 59 615 Income Tax Expense 60 617 Realized Gains (Losses) 61 620 Unrealized Gains (Losses) Income 62 Totals 63 64 65 66 9,000.00 9,300.00 58,847.00 3,500.00 17,221,412.00 17,221,412.00