Marigold Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2021, is presented below. MARIGOLD CORP. Post-Closing Trial Balance December 31, 2021 Debit Credit Cash $22,700 Accounts Receivable 22,000 Allowance for Doubtful Accounts Equipment 23,000 11,000 Accumulated Depreciation-Equipment Buildings 100,000 Accumulated Depreciation-Buildings 11,000 Land 20,000 12,300 Accounts Payable Common Stock 85,000 Retained Earnings 67.100 $187.700 $187,700 During the first quarter of 2022, the following transactions occurred: 1. On February 1, Marigold collected fees of $15,600 in advance. The company will perform $1,300 of services each month from February 1, 2022. to January 31, 2018 2. On February 1, Marigold purchased computer equipment for $11.400 plus sales taxes of $600: $3,800 cash was paid with the rest on account. Check #455 was used. 3. On March 1, Marigold acquired a patent with a 10-year life for $12,000 cash. Check 6456 was used. 4. On March 28, Marigold recorded the quarter's sales in a single entry. During this period, Marigold had total sales of $180,000 (not including the sales referred to in item 1 above). All of the sales were on account 5. On March 29, Marigold collected $173,000 from customers on account 6. On March 29, Marigold paid $16,300 on accounts payable. Check #457 was used. 7. On March 29, Marigold paid other operating expenses of $96,500. Check #458 was used. 8. On March 31, Marigold wrote off a receivable of $300 for a customer who declared bankruptcy. 9. On March 31, Marigold sold for $2,110 equipment that originally cost $14,000. It had an estimated life of 5 years and salvage of $1,000. Accumulated depreciation as of December 31, 2021, was $10,400 using the straight line method. (Hint: Record depreciation 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 $5,000 Outstanding checks #440 3,200 500 #453 900 1454 5,890 #452 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank $28,190 Deposits: 1/2/2022, 55,000; 2/2/2022, 515,600; 3/30/2022,5173,000 193,600 Checks: #452.5500;#453, 5900; 457,516,300, 1458, 596,500 Debit memo: Bank service charge (record as operating expense) (1001 Ending bank balance $107.490 2. Record revenue earned from item 1 above. 3. $25,200 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) 3. $25,200 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 $1,500. 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.) Your answer is correct. Record journal entries for transactions 1-9. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date No. Account Titles and Explanation 1. Cash 15600 February 14 15600 Unearned Service Revenue 12000 February 11 2. Equipment 3800 Cash 8200 Accounts Payable Accounts Payable 8200 March 1 3 . Patents 12000 Cash A N 12000 March 28, 4. Accounts Receivable 180000 N Service Revenue 180000 > March 29 5. Cash 173000 Accounts Receivable 173000 March 29 6. Accounts Payable 16300 Cash 16300 March 29 7. Other Operating Expenses 96500 96500 Cash March 31 8. Allowance for Doubtful Accounts 300 300 Accounts Receivable March 31 9. Depreciation Expense 650 650 Accumulated Depreciation Equipment (To record depreciation expense) (To record depreciation expense) Cash 2110 Accumulated Depreciation Equipment 11050 Loss on Disposal of Plant Assets 840 Equipment 14000 (To record sale of equipment) eTextbook and Media List of Accounts Attempts: 3 of 6 used Your answer is correct. Enter the December 31, 2021, balances in ledger accounts using T-account entries in the order displayed in the problem statement.) Accounts Receivable Accounts Receivable 22000 Allowance For Doubtful Accounts 1300 Equipment EQU Accumulated Depreciation--Equipment 11,000 Land Bal D 20000 C 20000 Buildings Bal 100000 Accumulated Depreciation-Buildings 11000 Accounts Payable Accounts Payable Bal : 12,300 Common Stock Bal. OT 8.500 85000 Retained Earnings eTextbook and Media List of Accounts Attempts: 6 of 6 used Your answer is correct. Post the journal entries to the ledger accounts for items 1-9. (Post entries in the order of journal entries presented above.) Bal Cash 22,700 Feb. 1: 15600 15600 Mar. 3800 Feb. 14 12000 Cash Feb. 1 Feb, 14 15600 12000 173000 16300 Mar. 318 2110 Bal Accounts Receivable 22,000 Mar. 29 180000 Mar 314 Mar. 28 Allowance for Doubtful Accounts 300 Bal. Mar 31 Equipment 23,000 Mar 314 12000 Feb. 1 Accumulated Depreciation-Equipment 11050 Bal M31 11,000 650 Land 20,000 Land 20,000 Bal. Buildings 100,000 Bal. Accumulated Depreciation-Buildings Bal 11,000 Patents Accounts Payable 16300 12,300 8200 Unearned Service Revenue 15600 Common Stock 85.000 Retained Earnings 67.100 Retained Earnings 67,100 Service Revenue 180000 Other Operating Expenses 96500 Mar. 29 0 Depreciation Expense Mar. 319 Loss on Disposal of Plant Assets Mar. 31 eTextbook and Media List of Accounts Attempts: 2 of 6 used Your answer is correct. Prepare an unadjusted trial balance at March 31. Marigold Corp. Trial Balance 3/31/22 Debit Credit $ 84,810 $ Accounts Receivable 28,700 Allowance for Doubtful Accounts 1.000 Equipment 21,000 600 Accumulated Depreciation Equipment Land 20,000 100,000 Buildings 11,000 Accumulated Depreciation-Buildings 12.000 Patents 4200 15,600 Unearned Service Revenue 1 85.000 Common Stock Common Stock 85.000 Retained Earnings 67.100 Service Revenue 180,000 Other Operating Expenses 96,500 Depreciation Expense 650 Loss on Disposal of Plant Assets 840 Totals 364,500 364,500 e Textbook and Media List of Accounts Attempts: Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Marigold Corp Bank Reconciliation 3/31/22 US.CU COURSES/36/37/assignments/4252482 Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Marigold Corp. Bank Reconciliation 3/31/22 Balance Per Bank Add 4: Deposits in Transit Less : Outstanding Checks #440 Adjusted Balance Per Bank Balance Per Books Less : Bank Service Charge Adjusted Balance Per Books