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 Accumulate Depreciation-Equipment Buildings 100,000 Accumulated Depreciation-Buildings 11,000 Land 20,000 Accounts Payable 12,300 Common Stock Retained Earnings 85,000 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. 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 #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 #440 3,200 #452 500 #453 900 #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; 8453, $900; #457. $16,300: #458, 596,500 (114,200) 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 LON 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 February 18 No. Account Titles and Explanation 1. Cash 15600 Unearned Service Revenue 15600 February 14 2. 12000 3800 Cash Accounts Payable 8200 Accounts Payable 8200 March 19 3, Patents 12000 Cash 12000 March 28 Accounts Receivable 180000 Service Revenue 180000 March 29 4 5. Cash 173000 Accounts Receivable 173000 March 294 6. Accounts Payable 16300 Cash 16300 March 29 7. Other Operating Expenses 96500 Cash 96500 March 31 8. Allowance for Doubtful Accounts Accounts Receivable 300 March 319 9. Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) (To record depreciation expense) Cash 2110 Accumulated Depreciation-Equipment 11050 Loss on Disposal of Plant Assets 840 14000 Equipment (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-accounts,(Post entries in the order displayed in the problem statement.) Bal 22,700 Accounts Receivable Accounts Receivable 22000 Bal Allowance For Doubtful Accounts Equipment 23,000 Accumulated Depreciation-Equipment Bal 2 11,000 Land Bal. 20000 20000 Buildings Bal. 100000 Accumulated Depreciation-Buildings 11000 Accounts Payable Accounts Payable Balt 12,300 Common Stock 85000 Retained Earnings 67100 e Textbook 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 22,700 3800 Feb. 1 15600 12000 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 3800 15600 12000 173000 16300 Mar.29 $ 96500 Accounts Receivable 22,000 Mar. 29 : 180000 Mar. 314 173000 Mar. 28 Mar 31 Allowance for Doubtful Accounts 300 Bal 1,300 Equipment 23,000 Mar, 314 Bal. 14000 Feb. 1 12000 Mar. 31 Accumulated Depreciation-Equipment 11050 Bal. Mar. 31 11,000 650 Mar. 31 Accumulated Depreciation-Equipment 11050 Bal. Mar. 31 : 11,000 650 Bal. 20,000 Buildings 100,000 UN Bal. Accumulated Depreciation-Buildings 000 Patents 12000 Accounts Payable 16300 Feb. 1 12,300 8200 Unearned Service Revenue Feb. 1 15600 Unearned Service Revenue Feb. 1 Common Stock 85,000 Retained Earnings 67.100 Service Revenue Other Operating Expenses 96500 Mar.294 Depreciation Expense Mar. 31 650 Loss on Disposal of Plant Assets Mar. 31 e Textbook and Media Prepare an unadjusted trial balance at March 31. Marigold Corp. Trial Balance 3/31/22 Debit Credit Cash 84,810 $ Accounts Receivable 28.700 Allowance for Doubtful Accounts Equipment 21,000 Accumulated Depreciation Equipment 600 Land Buildings 100,000 Accumulated Depreciation-Buildings 11.000 Patents 12.000 Accounts Payable Unearned Service Revenue 15,600 Common Stock 85.000 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 eTextbook and Media List of Accounts Attempts: Your answer is correct Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Marigold Corp. Bank Reconciliation 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 ! 107,490 Add : Deposits in Transit 2,110 Less : Outstanding Checks 440 - - 988 1999 3456 - - #454 24,890 i Adjusted Balance Per Bank 84.710 Balance Per Books 84,810 Less i : 100 Bank Service Charge Adjusted Balance Per Books - 84,710 Journalize entries related to bank reconciliation and all adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, es 5,275.) Account Titles and Explanation Debit Credit No. Date 1. 3/31/2022 Other Operating Expenses 100 Cash 100 2. 3/31/2022 Unearned Service Revenue 2 2 .600 Service Revenue 2,600 3. 3/31/2022 Bad Debt Expense 918 Allowance for Doubtful Accounts 4. 3/31/2022 Depreciation Expense 575 Accumulated Depreciation Equipment 5. 3/31/2022 Depreciation Expense 700 Accumulated Depreciation Buildings 6. 3/31/2022 Amortization Expense 100 Patents 24665 7. 3/31/2022 Income Tax Expense 7. 3/31/2022 Income Tax Expense 24,665 Income Taxes Payable 24 665 e Textbook and Media List of Accounts Attempts: 4 of 6 used (2) Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to 0 decimal places, eg. 5,275.) Bal. Feb. 1 Mar. 29 Mar. 31 Cash 22,700 Feb. 1 15,600 Mar. 1 173,000 Mar. 29 2,110 Mar. 29 3.800 12,000 16,300 96,500 Accounts Receivable 22,000 Mar. 29 180,000 Mar. 31 Bal. Mar. 28 173,000 300 Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to decimal places, e.g. 5,275.) 3,800 Bal. Feb. 1 Mar. 29 Mar. 31 Cash 22,700 Feb. 1 15,600 Mar. 1 173,000 Mar. 29 2,110 Mar. 29 12,000 16,300 96,500 Bal. Accounts Receivable 22,000 Mar. 29 180,000 Mar. 31 173,000 Mar. 28 300 Allowance for Doubtful Accounts 300 Bal. Mar. 31 14,000 Bal. Equipment 23,000 Mar. 31 12,000 Feb. 1 cament Accumulated Depreciation Equipment 44EAR al 11.000 Mar. 31 Accumulated Depreciation-Equipment 11,050 Bal Mar. 31 11,000 650 Land 20.000 Building 100,000 Accumulated Depreciation-Buildings Patents Mar. 1 12.000 Mar. 29 Accounts Payable 16,300 Bal. Teyplus.com cours/5375 g nments/4262482module tem 13447481 Accounts Payable Mar. 29 16,300 Bal. 12,300 Feb. 1 Unearned Service Revenue 15,600 Income Taxes Payable Common Stock Bal 85.000 85,000 Retained Earnings 67,100 67,100 Service Revenue Mar. 28 180,000 Other Operating Expenses Other Operating Expenses 96,500 Depreciation Mar. 31 650 Plant Assets Mar. 31 Loss on Disposal of 840 840 mortization Expense Amortization Expense Bad Debt Expense Income Tax Expense Depreciation Expense Mar. 31 Mar 31 Loss on Disposal of Plant Assets 840 840 Amortization Expense Bad Debt Expense Income Tax Exper 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 Accumulate Depreciation-Equipment Buildings 100,000 Accumulated Depreciation-Buildings 11,000 Land 20,000 Accounts Payable 12,300 Common Stock Retained Earnings 85,000 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. 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 #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 #440 3,200 #452 500 #453 900 #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; 8453, $900; #457. $16,300: #458, 596,500 (114,200) 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 LON 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 February 18 No. Account Titles and Explanation 1. Cash 15600 Unearned Service Revenue 15600 February 14 2. 12000 3800 Cash Accounts Payable 8200 Accounts Payable 8200 March 19 3, Patents 12000 Cash 12000 March 28 Accounts Receivable 180000 Service Revenue 180000 March 29 4 5. Cash 173000 Accounts Receivable 173000 March 294 6. Accounts Payable 16300 Cash 16300 March 29 7. Other Operating Expenses 96500 Cash 96500 March 31 8. Allowance for Doubtful Accounts Accounts Receivable 300 March 319 9. Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) (To record depreciation expense) Cash 2110 Accumulated Depreciation-Equipment 11050 Loss on Disposal of Plant Assets 840 14000 Equipment (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-accounts,(Post entries in the order displayed in the problem statement.) Bal 22,700 Accounts Receivable Accounts Receivable 22000 Bal Allowance For Doubtful Accounts Equipment 23,000 Accumulated Depreciation-Equipment Bal 2 11,000 Land Bal. 20000 20000 Buildings Bal. 100000 Accumulated Depreciation-Buildings 11000 Accounts Payable Accounts Payable Balt 12,300 Common Stock 85000 Retained Earnings 67100 e Textbook 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 22,700 3800 Feb. 1 15600 12000 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 3800 15600 12000 173000 16300 Mar.29 $ 96500 Accounts Receivable 22,000 Mar. 29 : 180000 Mar. 314 173000 Mar. 28 Mar 31 Allowance for Doubtful Accounts 300 Bal 1,300 Equipment 23,000 Mar, 314 Bal. 14000 Feb. 1 12000 Mar. 31 Accumulated Depreciation-Equipment 11050 Bal. Mar. 31 11,000 650 Mar. 31 Accumulated Depreciation-Equipment 11050 Bal. Mar. 31 : 11,000 650 Bal. 20,000 Buildings 100,000 UN Bal. Accumulated Depreciation-Buildings 000 Patents 12000 Accounts Payable 16300 Feb. 1 12,300 8200 Unearned Service Revenue Feb. 1 15600 Unearned Service Revenue Feb. 1 Common Stock 85,000 Retained Earnings 67.100 Service Revenue Other Operating Expenses 96500 Mar.294 Depreciation Expense Mar. 31 650 Loss on Disposal of Plant Assets Mar. 31 e Textbook and Media Prepare an unadjusted trial balance at March 31. Marigold Corp. Trial Balance 3/31/22 Debit Credit Cash 84,810 $ Accounts Receivable 28.700 Allowance for Doubtful Accounts Equipment 21,000 Accumulated Depreciation Equipment 600 Land Buildings 100,000 Accumulated Depreciation-Buildings 11.000 Patents 12.000 Accounts Payable Unearned Service Revenue 15,600 Common Stock 85.000 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 eTextbook and Media List of Accounts Attempts: Your answer is correct Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Marigold Corp. Bank Reconciliation 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 ! 107,490 Add : Deposits in Transit 2,110 Less : Outstanding Checks 440 - - 988 1999 3456 - - #454 24,890 i Adjusted Balance Per Bank 84.710 Balance Per Books 84,810 Less i : 100 Bank Service Charge Adjusted Balance Per Books - 84,710 Journalize entries related to bank reconciliation and all adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, es 5,275.) Account Titles and Explanation Debit Credit No. Date 1. 3/31/2022 Other Operating Expenses 100 Cash 100 2. 3/31/2022 Unearned Service Revenue 2 2 .600 Service Revenue 2,600 3. 3/31/2022 Bad Debt Expense 918 Allowance for Doubtful Accounts 4. 3/31/2022 Depreciation Expense 575 Accumulated Depreciation Equipment 5. 3/31/2022 Depreciation Expense 700 Accumulated Depreciation Buildings 6. 3/31/2022 Amortization Expense 100 Patents 24665 7. 3/31/2022 Income Tax Expense 7. 3/31/2022 Income Tax Expense 24,665 Income Taxes Payable 24 665 e Textbook and Media List of Accounts Attempts: 4 of 6 used (2) Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to 0 decimal places, eg. 5,275.) Bal. Feb. 1 Mar. 29 Mar. 31 Cash 22,700 Feb. 1 15,600 Mar. 1 173,000 Mar. 29 2,110 Mar. 29 3.800 12,000 16,300 96,500 Accounts Receivable 22,000 Mar. 29 180,000 Mar. 31 Bal. Mar. 28 173,000 300 Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to decimal places, e.g. 5,275.) 3,800 Bal. Feb. 1 Mar. 29 Mar. 31 Cash 22,700 Feb. 1 15,600 Mar. 1 173,000 Mar. 29 2,110 Mar. 29 12,000 16,300 96,500 Bal. Accounts Receivable 22,000 Mar. 29 180,000 Mar. 31 173,000 Mar. 28 300 Allowance for Doubtful Accounts 300 Bal. Mar. 31 14,000 Bal. Equipment 23,000 Mar. 31 12,000 Feb. 1 cament Accumulated Depreciation Equipment 44EAR al 11.000 Mar. 31 Accumulated Depreciation-Equipment 11,050 Bal Mar. 31 11,000 650 Land 20.000 Building 100,000 Accumulated Depreciation-Buildings Patents Mar. 1 12.000 Mar. 29 Accounts Payable 16,300 Bal. Teyplus.com cours/5375 g nments/4262482module tem 13447481 Accounts Payable Mar. 29 16,300 Bal. 12,300 Feb. 1 Unearned Service Revenue 15,600 Income Taxes Payable Common Stock Bal 85.000 85,000 Retained Earnings 67,100 67,100 Service Revenue Mar. 28 180,000 Other Operating Expenses Other Operating Expenses 96,500 Depreciation Mar. 31 650 Plant Assets Mar. 31 Loss on Disposal of 840 840 mortization Expense Amortization Expense Bad Debt Expense Income Tax Expense Depreciation Expense Mar. 31 Mar 31 Loss on Disposal of Plant Assets 840 840 Amortization Expense Bad Debt Expense Income Tax Exper