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 Credit Cash Debit $22,700 22,000 Accounts Receivable $1,300 Allowance for Doubtful Accounts Equipment 23,000 Accumulated Depreciation-Equipment 11,000 Buildings 100,000 Accumulated Depreciation-Buildings 11,000 Land 20,000 Accounts Payable 12,300 85,000 Common Stock 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. O.M. Mardo w ed . Check 2. On February 1, Marigold purchased computer equipment for $11.400 plus des HAUS UT SOVU Check #455 was used. 3. On March 1, Marigold acquired a patent with a 10-year life for $12,000 cash. Check #456 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 8440 9452 453 #454 5.890 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank $28,190 Deposits: 1/2/2022, $5,000; 2/2/2022, $15,600; 3/30/2022, $173,000 193,600 Checks: #452, $500; #453, $900; #457 $16,300; #458,$96,500 Debit memo: Bank service charge (record as operating expense) (100) 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 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.) amount will be paid we 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 February 18 No. Account Titles and Explanation 1. Cash 15600 Unearned Service Revenue 15600 February 1: 2. Equipment 12000 Cash 3800 Accounts Payable 8200 8200 Accounts Payable Patents 12000 12000 March 20 Accounts Receivable 180000 Service Revenue 180000 March 29 4 5. Cash 173000 Accounts Receivable 173000 March 294 6. Accounts Payable 16300 Cash 16300 March 294 7. Other Operating Expenses 96500 Cash 96500 March 31 8. Allowance for Doubtful Accounts 300 Accounts Receivable 300 March 31 9. Depreciation Expense Accumulated Depreciation Equipment 650 (To record depreciation expense) (To record depreciation expense) Cash 1 2110 Accumulated Depreciation Equipment 11050 Loss on Disposal of Plant Assets 840 / / 14000 Equipment (To record sale of equipment) e Textbook 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-accounts. (Post entries in the order displayed in the problem statement Cash 22,700 Accounts Receivable Accounts Receivable Bal. 22000 22000 Allowance For Doubtful Accounts 1300 Equipment Bal. 23,000 23, 0000 Accumulated Depreciation-Equipment Bal.3 11,000 Land 20000 20000 Buildings Bal 100000 Accumulated Depreciation-Buildings Bal. 11000 Accounts Payable Accounts Payable Common Stock Bal 85000 Retained Earnings eTextbook and Media List of Accounts Attempts 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. 15600 3800 Feb. 1 : Cash 22,700 Feb. 1 3800 Bal. Feb. 1 15600 Mar. 1 12000 173000 Mar. 29 16300 Mar. 29 Mar. 314 2110 Mar. 29 96500 Accounts Receivable 22,000 Mar. 29 173000 Bal. Mar. 28 180000 Mar. 31 300 Allowance for Doubtful Accounts Bal. Mar. 31: 300 1,300 Equipment 23,000 Mar. 31 Bal. 14000 Feb. 1 12000 Accumulated Depreciation-Equipment 11050 Bal. 11,000 Mar 31 : 650 Land 20,000 Bal Land Bal 20,000 Buildings Bal. 100,000 Accumulated Depreciation-Buildings 11,000 Patents Mar. 1 12000 Accounts Payable Mar. 29 16300 12,300 8200 Unearned Service Revenue Feb. 14 15600 Common Stock Bal. 85,000 Retained Earnings Bal. 67,100 Retained Earnings 67,100 Service Revenue Mar. 28 180000 Other Operating Expenses Mar. 29 96500 Depreciation Expense 650 | Mar. 31 Loss on Disposal of Plant Assets Mar. 31 840 e Textbook and Media List of Accounts Prepare an unadjusted trial balance at March 31. Marienla Car Prepare an unadjusted trial balance at March 31. Marigold Corp. Trial Balance 3/31/22 Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Land Buildil Cash Accumulated Depreciation-Buildings Patents Accounts Payable Unearned Service Revenue Common Stock Q Search or type URL (20 P Aid Equipment Accumulated Depreciation Equipment Land Buildings Accumulated Depreciation-Buildings Patents Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Service Revenue Other Operating Expenses Depreciation Expense Loss on Disposal of Plant Assets Totals Q Search or type URL on 8