On December 1, 2022 Ivanhoe Company had the following account balances Debits Credits Cash $18200 Accumulated Depreciation Equipment $3170 Notes Receivable 2140 Accounts Payable 6300 Accounts Receivable 7310 Common Stock 49500 Inventory 16800 Retained Earnings 16840 Prepaid Insurance 1760 Equipment 29600 $75,810 $75,810 During December, the company completed the following transactions Dec 7 Received $3,760 cash from customers in payment of account (no discount allowed) 12 Purchased merchandise on account from Green Co $13,000, terms 1 10, n 30 17 Sold merchandise on account $16,900, terms 2 10, n 30 The cost of the merchandise sold was $10,200 19 Paid salaries $2,030 22 Paid Green Co in full, less discount 26 Received collections in full, less discounts, from customers billed on December 17 31 Received $2,600 cash from customers in payment of account (no discount allowed) Journalize the December transactions (Assume a perpetual inventory system ) Date Account Titles and Explanation Debit Credit Dec 7 Cash 3760 Accounts Receivable 3760 Dec 12 Inventory 13000 13000 Accounts Payable Dec 17 Accounts Receivable 16900 Sales Revenue 16900 (To record sales revenue) Dec 17 Cost of Goods Sold 10200 Inventory 10200 (To record cost of goods sold) Dec 19 Salaries and Wages Expense 2030 Cash 2030 Dec 22 Accounts Payable 13000 Cash 12870 Inventory 130 Dec 26 Cash 16562 Sales Discount 338 Accounts Receivable 16900 Dec 31 Cash 2600 Accounts Receivable 2600 Enter the December 1 balances in the ledger T accounts and post the December transactions (Post entries in the order of journal entries presented above The statement from Lyon County Bank on December 31 showed a balance of $26,402 A comparison of the bank statement with the Cash account revealed the following facts 1 The bank collected the $2,140 note receivable for Ivanhoe Company on December 15 through electronic funds transfer 2 The December 31 receipts were deposited in a night deposit vault on December 31 These deposits were recorded by the bank in January 3 Checks outstanding on December 31 totaled $1,240 4 On December 31, the bank statement showed a NSF charge of $600 for a check received by the company from M Lawrence, a customer, on account Prepare a bank reconciliation as of December 31 based on the available information ( Hint The cash balance per books is $26,222 This can be proven by finding the balance in the Cash account from parts (a) and (b) ) (List items that increase balance as per bank books first ) Adjustment data 1 The amount of depreciation is $110 2 Insurance expired $440 3 Income tax expense was $310 It was unpaid at December 31 PLEASE ANSWER Journalize the adjusting entries resulting from the bank reconciliation and adjustment data (Credit account titles are automatically indented when amount is entered Do not indent manually ) P ost the adjusting entries to the ledger T accounts (Post entries in the order of journal entries presented above For accounts that have a zero balance select 12 31 Bal from the list and enter 0 for the amount ) ANSWER PLEASE Prepare an adjusted trial balance List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Bank Charges Expense Cash Cash Over and Short Common Stock Cost of Goods Sold Depreciation Expense Entertainment Expense Equipment Freight In Freight Out Income Tax Expense Income Taxes Payable Insurance Expense Interest Receivable Interest Revenue Inventory Miscellaneous Expense No Entry Notes Receivable Petty Cash Postage Expense Prepaid Insurance Retained Earnings Salaries and Wages Expense Sales Discounts Sales Revenue Service Revenue Supplies Supplies Expense Travel Expense Utilities Expense Cash Date 12 1 Bal 12 7 12 26 Date 18200 12 19 2030 3760 12 22 12870 16562 Date 12 22 Accounts Payable Date 13000 12 1 Bal 12 12 6300 13000 12 31 2600 Common Stock Notes Receivable Date Date 12 1 Bal 2140 Date Date 12 1 Bal 49500 Accounts Receivable Date Retained Earnings Date 12 1 Bal Date 12 1 Bal 12 17 16840 7310 16900 Date 12 7 3760 12 26 16900 12 31 2600 Date Sales Revenue Date 12 17 16900 Inventory Date 16800 12 17 10200 13000 12 22 130 Date 12 1 Bal 12 17 Sales Discounts Date Date 12 26 338 Prepaid Insurance Date Date 12 1 Bal 1760 Cost of Goods Sold Date Date 12 17 10200 Equipment Date Date 12 1 Bal 29600 Salaries and Wages Expense Date Date 12 1 2030 Accumulated Depreciation Equipment Date Date 12 1 Bal 3170 IVANHOE COMPANY Bank Reconciliation December 31, 2022 Cash Balance per Bank Statement, $ 26402 Add Deposits in Transit 2600 29002 Less 4 Outstanding Checks (1240) i Adjusted Cash Balance per Bank $ 27762 Cash Balance per Books $ 26222 Add 4 Electric funds transfer received 2140 28362 Less NSF Check (600) Adjusted Cash Balance per Books $ 27762 Date Debit Credit Dec 31 2140 2140 Dec 31 600 600 Dec 31 110 Account Titles and Explanation Cash Note Receivable (To record electric funds transfer received) Accounts receivable Cash (To record NSF check) Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) Insurance Expense Prepaid Insurance (To record insurance expense) Income Tax Expense Income Taxes Payable (To record income tax expense) 110 Dec 31 440 440 Dec 31 310 310 Cash Sales Discount Date Date Date 12 1 Bal 12 7 12 26 12 31 12 31 338 12 19 12 22 12 31 18200 3760 16562 2600 2140 2030 12870 600 Accumulated Depreciation Equipment Date Date 12 1 Bal 3170 12 31 110 12 31 Bal 3280 Date 12 26 12 31 Bal 338 12 31 Bal 27762 Accounts Payable Notes Receivable Date 12 1 Bal 13000 6300 Date Date 12 1 Bal 12 12 12 31 Bal Date 12 1 Bal 12 31 Bal 1300 2140 12 31 2140 6300 0 Cost of Goods Income Taxes Payable Date Accounts Receivable Date Date 12 17 12 31 Bal 10200 Date 12 31 12 31 Bal 310 10200 7310 Date 12 7 12 26 12 31 Date 12 1 Bal 12 17 12 31 12 31 Bal 310 16900 600 3760 16900 2600 Depreciation Expense Common Stock Date 1550 Date Date 12 31 12 31 Bal 110 Date 12 1 Bal 12 31 Bal 49500 Inventory 110 49500 Salaries and Wages Expense Date 12 1 Bal 12 12 12 31 Bal 16800 13000 Date 12 17 12 22 10200 130 Retained Earnings Date Date Date Date 12 19 12 31 Bal 2030 19470 16840 2030 12 1 Bal 12 31 Bal Prepaid Insurance 16840 Insurance Expense Date 12 31 Sales Revenue Date 12 1 Bal 12 31 Bal 1760 440 Date Date 440 1320 Date 12 31 12 31 Bal Date 12 17 12 31 Bal 16900 440 16900 Equipment Income Tax Expense Date Date Date 12 1 Bal 12 31 Bal 29600 Date 12 31 12 31 Bal 310 29600 310 IVANHOE COMPANY Adjusted Trial Balance Debit Credit $ $ $ $

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On December 1, 2022 Ivanhoe Company had the following account balances. Debits Credits Cash $18200 Accumulated Depreciation- Equipment $3170 Notes Receivable 2140 Accounts Payable 6300

On December 1, 2022 Ivanhoe Company had the following account balances.

	Debits		Credits
Cash	$18200	Accumulated Depreciation- Equipment	$3170
Notes Receivable	2140	Accounts Payable	6300
Accounts Receivable	7310	Common Stock	49500
Inventory	16800	Retained Earnings	16840
Prepaid Insurance	1760
Equipment	29600
	= $75,810		= $75,810

During December, the company completed the following transactions.

Dec.	7	Received $3,760 cash from customers in payment of account (no discount allowed).
	12	Purchased merchandise on account from Green Co. $13,000, terms 1/10, n/30.
	17	Sold merchandise on account $16,900, terms 2/10, n/30. The cost of the merchandise sold was $10,200.
	19	Paid salaries $2,030.
	22	Paid Green Co. in full, less discount.
	26	Received collections in full, less discounts, from customers billed on December 17.
	31	Received $2,600 cash from customers in payment of account (no discount allowed).

Journalize the December transactions. (Assume a perpetual inventory system.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 7	Cash	3760
	Accounts Receivable		3760
Dec. 12	Inventory	13000	13000
	Accounts Payable
Dec. 17	Accounts Receivable	16900
	Sales Revenue		16900
	(To record sales revenue)
Dec. 17	Cost of Goods Sold	10200
	Inventory		10200
	(To record cost of goods sold)
Dec. 19	Salaries and Wages Expense	2030
	Cash		2030
Dec. 22	Accounts Payable	13000
	Cash		12870
	Inventory		130
Dec. 26	Cash	16562
	Sales Discount	338
	Accounts Receivable		16900
Dec. 31	Cash	2600
	Accounts Receivable		2600

Enter the December 1 balances in the ledger T accounts and post the December transactions. (Post entries in the order of journal entries presented above.

The statement from Lyon County Bank on December 31 showed a balance of $26,402. A comparison of the bank statement with the Cash account revealed the following facts.

1.		The bank collected the $2,140 note receivable for Ivanhoe Company on December 15 through electronic funds transfer.
2.		The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January.
3.		Checks outstanding on December 31 totaled $1,240.
4.		On December 31, the bank statement showed a NSF charge of $600 for a check received by the company from M. Lawrence, a customer, on account.

Prepare a bank reconciliation as of December 31 based on the available information.(Hint: The cash balance per books is $26,222. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase balance as per bank & books first.)

Adjustment data:

1.		The amount of depreciation is $110.
2.		Insurance expired $440.
3.		Income tax expense was $310. It was unpaid at December 31.

PLEASE ANSWER: Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Post the adjusting entries to the ledger T-accounts. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "12/31 Bal." from the list and enter 0 for the amount.)

ANSWER PLEASE: Prepare an adjusted trial balance.

List of Accounts:

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Bank Charges Expense
Cash
Cash Over and Short
Common Stock
Cost of Goods Sold
Depreciation Expense
Entertainment Expense
Equipment
Freight-In
Freight-Out
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Receivable
Interest Revenue
Inventory
Miscellaneous Expense
No Entry
Notes Receivable
Petty Cash
Postage Expense
Prepaid Insurance
Retained Earnings
Salaries and Wages Expense
Sales Discounts
Sales Revenue
Service Revenue
Supplies
Supplies Expense
Travel Expense
Utilities Expense

Cash Date 12/1 Bal. 12/7 12/26 Date 18200 12/19 2030 3760 12/22 12870 16562 Date 12/22 Accounts Payable Date 13000 12/1 Bal. 12/12 6300 13000 12/31 2600 Common Stock Notes Receivable Date Date 12/1 Bal. 2140 Date Date 12/1 Bal. 49500 Accounts Receivable Date Retained Earnings Date 12/1 Bal. Date 12/1 Bal. 12/17 16840 7310 16900 Date 12/7 3760 12/26 16900 12/31 2600 Date Sales Revenue Date 12/17 16900 Inventory Date 16800 12/17 | 10200 13000 12/22 | 130 Date 12/1 Bal. 12/17 Sales Discounts Date Date 12/26 338 Prepaid Insurance Date Date 12/1 Bal. 1760 Cost of Goods Sold Date Date 12/17 10200 Equipment Date Date 12/1 Bal. 29600 Salaries and Wages Expense Date Date 12/1 2030 Accumulated Depreciation Equipment Date Date 12/1 Bal. 3170 IVANHOE COMPANY Bank Reconciliation December 31, 2022 Cash Balance per Bank Statement, $ 26402 Add : Deposits in Transit 2600 29002 Less 4: Outstanding Checks (1240) i Adjusted Cash Balance per Bank $ 27762 Cash Balance per Books $ 26222 Add 4 Electric funds transfer received 2140 28362 Less : NSF Check (600) Adjusted Cash Balance per Books $ 27762 Date Debit Credit Dec. 31 2140 2140 Dec. 31 600 600 Dec. 31 110 Account Titles and Explanation Cash Note Receivable (To record electric funds transfer received) Accounts receivable Cash (To record NSF check) Depreciation Expense Accumulated Depreciation- Equipment (To record depreciation expense) Insurance Expense Prepaid Insurance (To record insurance expense) Income Tax Expense Income Taxes Payable (To record income tax expense) 110 Dec. 31 440 440 Dec. 31 310 310 Cash Sales Discount Date Date Date 12/1 Bal. 12/7 12/26 12/31 12/31 338 12/19 12/22 12/31 18200 3760 16562 2600 2140 2030 12870 600 Accumulated Depreciation- Equipment Date Date 12/1 Bal. 3170 12/31 110 12/31 Bal. 3280 Date 12/26 12/31 Bal. 338 12/31 Bal. 27762 Accounts Payable Notes Receivable Date 12/1 Bal. 13000 6300 Date Date 12/1 Bal. 12/12 12/31 Bal. Date 12/1 Bal. 12/31 Bal. 1300 2140 12/31 2140 6300 0 Cost of Goods Income Taxes Payable Date Accounts Receivable Date Date 12/17 12/31 Bal. 10200 Date 12/31 12/31 Bal. 310 10200 7310 Date 12/7 12/26 12/31 Date 12/1 Bal. 12/17 12/31 12/31 Bal. 310 16900 600 3760 16900 2600 Depreciation Expense Common Stock Date 1550 Date Date 12/31 12/31 Bal. 110 Date 12/1 Bal. 12/31 Bal. 49500 Inventory 110 49500 Salaries and Wages Expense Date 12/1 Bal. 12/12 12/31 Bal. 16800 13000 Date 12/17 12/22 10200 130 Retained Earnings Date Date Date Date 12/19 12/31 Bal. 2030 19470 16840 2030 12/1 Bal. 12/31 Bal. Prepaid Insurance 16840 Insurance Expense Date 12/31 Sales Revenue Date 12/1 Bal. 12/31 Bal. 1760 440 Date Date 440 1320 Date 12/31 12/31 Bal. Date 12/17 12/31 Bal. 16900 440 16900 Equipment Income Tax Expense Date Date Date 12/1 Bal. 12/31 Bal. 29600 Date 12/31 12/31 Bal. 310 29600 310 IVANHOE COMPANY Adjusted Trial Balance Debit Credit $ $ $ $