Journal Entries for Bankruptcy Trustee The balance sheet of the Binder Company immediately prior to entering bankruptcy proceedings and a balance sheet prepared during liquidation follows:

BINDER COMPANY
Balance Sheet
June 30, 2016
Cash	$ 2,000		Accounts Payable	$ 40,000
Accounts receivable	10,000		Accrued wages*	7,000
Inventories	30,000		Taxes payable	8,000
Equipment, net	53,000		Notes payable**	70,000
Land	15,000		Stockholders' equity	(15,000)
Total assets	$110,000		Total liabilities and equity	$110,000

* Amounts due do not exceed statutory limits per employee.

** Of the notes payable, $25,000 are secured with inventory having a book value of $25,000. The remaining notes payable and the accounts payable are unsecured.

BINDER COMPANY, Alfred Wade, Trustee,
Balance Sheet
December 31, 2016
Cash	$9,250	Accounts payable	$30,000
Equipment, net	53,000	Notes payable	41,250
		Estate deficit	(9,000)
Total assets	$62,250	Total liabilities and equity	$62,250

The inventory was sold at 60 percent of its book value. Eighty percent of the accounts receivable were collected; the rest were written off.

Required

Reconstruct the journal entries made by Alfred Wade, Trustee for Binder Company, from June 30 to December 31, 2016.