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Ayayal Corps unadjusted trial balance at December 1, 2017 is presented below. Credit Debit $27.600 35,700 9.100 0 36,180 3.900 21.400 145,800 62.000 10,440 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2018) Income Taxes Payable Interest Payable Notes Payable (due in 2023) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold $600 48.800 24.800 27.300 0 12,300 0 0 35,200 59.900 38,820 12.000 918,000 0 0 0 638,500 xam Project - Accounting Cycle Review 9.1 Question 1 of 1 -750 = 638,500 0 0 Cost of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 0 0 61.400 0 101.500 $1,165,520 $1.165.520 The following transactions occurred during December Purchased equipment for $17.400, plus sales taxes of $1.800 (paid in cash) Dec 2 2 15 23 Ayayai sold for $3,600 equipment which originally cost $4,800. Accumulated depreciation on this equipment at January 1,2017 was $1,850, 2017 depreciation prior to the sale of equipment was $460 Ayayal sold for $5.250 on account inventory that cost $3.400. Salaries and wages of $6,500 were paid Adjustment data: 2 3 4 5. Ayayai estimates that uncollectible accounts receivable at year-end are $3.920 The note receivable is a one-year, 8% nate dated April 1. 2017 No interest has been recorded The balance in prepaid insurance represents payment of a $3.900, 6-month premium on September 1, 2017 The building is being depreciated using the straight-line method over 30 years. The salvage value is $31.500 The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. The equipment purchased on December 2, 2017 is being deprecated using the straight line method over 5 years, with a salvage value of $1.800 The patent was acquired on January 1, 2017 and has a useful life of years from that date MI 6 2 atch for anything o am Project - Accounting Cyde Review 9-1 Question 1 of 1 -750 III 7. 8 9. salvage value of $1,800. The patent was acquired on January 1, 2017 and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2017 total $2.040 Both the short-term and long-term notes payable are dated January 1, 2017 and carry a 10% interest rate. All interestis payable in the next 12 months Income tax expense was $14.100. It was unpaid at December 31 10 Part 1 Prepare journal entries for the transactions listed above and adjusting entries. (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 Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Cred (To record depreciation expense on equipment each for anything O