National Companies, reported the following account balances on January 1. Credit Debit $ 5,000 $ 30,000 120,000 2,000 0 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 277,000 17,500 10,000 17,500 120,000 0 $ 299,500 $ 299,500 The company entered into the following transactions during the year. January 15 Issued 20,000 shares of $1 par common stock for $80,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,300 shares of $1 par common stock into treasury for $36,300 cash. March 15 Reissued 2,300 shares of treasury stock for $27,300 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. October 1 Issued 100, 10-year, $1,160 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded $260,000 of service revenue, all of which was collected in cash. December 30 Paid $230,000 cash for this year's wages through December 31. (Ignore payroll taxes and payroll deductions.) December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) General Journal Requirement Debt to Assets General Ledger Trial Balance Balance Sheet Ratio Each journal entry is posted automatically to the general ledger. General Ledger Account Cash Accounts Receivable No. Date Debit Credit No. Date Debit Credit Balance Balance 17,500 January 01 January 01 5,000 Allowance for Doubtful Accounts Buildings No. Date Debit Credit No. Date Debit Credit Balance Balance 2,000 January 01 January 01 277,000 Accumulated Depreciation-Buildings Notes Payable (long-term) No. Date Debit Credit No. Date Debit Credit Balance Balance 30,000 January 01 January 01 17,500 Common Stock Additional Paid-In Capital, Common Stock No. Debit Credit No. Date Debit Credit Date January 01 Balance 10,000 Balance 120,000 January 01 Retained Earnings No. Date Debit Credit Balance 120,000 January 01 General Journal Trial Balance > Requirement General Journal General Ledger Trial Balance Balance Sheet Debt to Assets Ratio The option you choose will be the values used to populate the balance sheet tabs. NATIONAL COMPANIES Trial Balance December 31, 2021 Account Title Debit Credit Cash $ 17,500 5,000 Accounts Receivable Allowance for Doubtful Accounts 2,000 277,000 30,000 17,500 Buildings Accumulated Depreciation-Buildings Notes Payable (long-term) Common Stock Additional Paid-In Capital, Common Stock Retained Earnings Total 10,000 120,000 120,000 $ 299,500 $ 299,500