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ACR9 at December 31, 2021, is presented below Aberkonkie Corporation prepares quarterly financial statements. The post-closing trial balance Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Credit $ 24,300 22,400 Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings $ 1,200 20,000 15,000 100,000 15,000 20,000 Land 12,370 Accounts Payable Common Stock Retained Earnings 90,000 53,130 $186,700 S186,700 During the first quarter of 2022, the following transaction occurred: 1. On February 1, Aberkonkie collected fees of $12,000 in advance. The company will perform $1,000 of services each month from February 1, 2022, to January 31, 2023. 2. On February 1, Aberkonkie purchased computer equipment for $9,000 plus sales taxes of $600. S3,000 cash was paid with the rest on account. Check #455 was used. 3. On March 1, Aberkonkie acquired a patent with a 10-year life for $9,600 cash. Check #456 was used. 4. On March 28, Aberkonkie recorded the quarter's sales in a single entry. During this period, Aberkonkie had total sales of $140,000 (not including the sales referred to in item 1 above). All of the sales were on account 5. On March 29, Aberkonkie collected $133,000 from customers on account. 6. On March 29, Aberkonkie paid $16,370 on accounts payable. Check #457 was used. 7. On March 29, Aberkonkie paid other operating expenses of $97,525. Check #458 was used 8. On March 31, Aberkonkie wrote off a receivable of $200 for a customer who declared bankruptcy 9. On March 31, Aberkonkie sold for $1,620 equipment that originally cost S11,000. It had an estimated life of 5 vears and salvage of $1,000. Accumulated depreciation as of December 31, 2021, was $8,000 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 Outstanding checks 12/30/2021 $5,000 8440 3,444 a452 333 #453 865 5,845 #454 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank Deposits: 1/2/2022, $5,000, 2/2/2022, $12,000; 3/30/2022, $133,000 Checks: #452, $333; #453, $865; #457, $16,370; #458, $97,525 Debit memo: Bank service charge (record as operating expense) S 29,787 150,000 (115,093) (100) Ending bank balance $ 64,594 2. Record revenue earned from item 1 above. 3. $26,000 of accounts receivable at March 31, 2022, are not past due yet. The bad debt percentage for these is 4%. The remaining balance of accounts receivable is past due. The bad debt percentage for these is 23.75%. 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 pur- chased in February is being depreciated on a straight-line basis over 5 years and salvage value was estimated at $1,200. The old equipment still owned is being depreciated over a 10-year life using straight-line with no salvage value. Debit Credit S 20,000 150,000 60,000 Land Buildings Equipment 9,000 Patent 500 Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2023) Income Taxes Payable Interest Payable Notes Payable (due in 2028) Common Stock Retained Earings Dividends Sales Revenue 50,000 24,000 27,300 -0- 11,000 -0- -0- 35.000 50,000 63,600 12,000 900,000 -0- Interest Revenue -0- Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold -0- 630,000 -0- Depreciation Expense Income Tax Expense Insurance Expense Interest Expernse -0- -0- -0- 61,800 Other Operating Expenses Amortization Expense Salaries and Wages Expense -0- 110,000 S1,161,400 S1,161,400 The following transactions occurred during December. Purchased equipment for $16,000, plus sales taxes of $800 (paid in cash) Milo sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2022, was $1,800; 2022 depreciation prior to the sale of equipment was $825 Milo sold for $5,000 on account inventory that cost $3,500 Dec. 2 2 15 Salaries and wages of $6,600 were paid. 23 Adjastment data 1. Milo estimates that uncollectible accounts receivable at year-end are $4,000. 2. The note receivable is a 1-year, 8% note dated April 1, 2022. No interest has been reconded 3. The balance in prepaid insurance represents payment of a 53,600, 6-month premium on September 1, 2022 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 5. 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. 6. The equipment purchased on December 2, 2022, is being depreciated usingg the straight-line method over 5 years, with a salvage value of $1,800 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2022, total $2,200. 9. Both the short-serm and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10. Income tax expense was $15,000. It was unpaid at December 31. Instructions a. Prepare journal entries for the transactions listed above and adjusting entries. b. Totals c. Net income d. Total assets b. Prepare an adjusted trial balance at December 31, 2022. $1,205,775 $51,150 $247,850 c. Prepare a 2022 income statement and a 2022 retained earnings statement d. Prepare a December 31, 2022, halance sheet. ACR9 at December 31, 2021, is presented below Aberkonkie Corporation prepares quarterly financial statements. The post-closing trial balance Aberkonkie Corporation Post-Closing Trial Balance December 31, 2021 Debit Credit $ 24,300 22,400 Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings $ 1,200 20,000 15,000 100,000 15,000 20,000 Land 12,370 Accounts Payable Common Stock Retained Earnings 90,000 53,130 $186,700 S186,700 During the first quarter of 2022, the following transaction occurred: 1. On February 1, Aberkonkie collected fees of $12,000 in advance. The company will perform $1,000 of services each month from February 1, 2022, to January 31, 2023. 2. On February 1, Aberkonkie purchased computer equipment for $9,000 plus sales taxes of $600. S3,000 cash was paid with the rest on account. Check #455 was used. 3. On March 1, Aberkonkie acquired a patent with a 10-year life for $9,600 cash. Check #456 was used. 4. On March 28, Aberkonkie recorded the quarter's sales in a single entry. During this period, Aberkonkie had total sales of $140,000 (not including the sales referred to in item 1 above). All of the sales were on account 5. On March 29, Aberkonkie collected $133,000 from customers on account. 6. On March 29, Aberkonkie paid $16,370 on accounts payable. Check #457 was used. 7. On March 29, Aberkonkie paid other operating expenses of $97,525. Check #458 was used 8. On March 31, Aberkonkie wrote off a receivable of $200 for a customer who declared bankruptcy 9. On March 31, Aberkonkie sold for $1,620 equipment that originally cost S11,000. It had an estimated life of 5 vears and salvage of $1,000. Accumulated depreciation as of December 31, 2021, was $8,000 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 Outstanding checks 12/30/2021 $5,000 8440 3,444 a452 333 #453 865 5,845 #454 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank Deposits: 1/2/2022, $5,000, 2/2/2022, $12,000; 3/30/2022, $133,000 Checks: #452, $333; #453, $865; #457, $16,370; #458, $97,525 Debit memo: Bank service charge (record as operating expense) S 29,787 150,000 (115,093) (100) Ending bank balance $ 64,594 2. Record revenue earned from item 1 above. 3. $26,000 of accounts receivable at March 31, 2022, are not past due yet. The bad debt percentage for these is 4%. The remaining balance of accounts receivable is past due. The bad debt percentage for these is 23.75%. 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 pur- chased in February is being depreciated on a straight-line basis over 5 years and salvage value was estimated at $1,200. The old equipment still owned is being depreciated over a 10-year life using straight-line with no salvage value. Debit Credit S 20,000 150,000 60,000 Land Buildings Equipment 9,000 Patent 500 Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2023) Income Taxes Payable Interest Payable Notes Payable (due in 2028) Common Stock Retained Earings Dividends Sales Revenue 50,000 24,000 27,300 -0- 11,000 -0- -0- 35.000 50,000 63,600 12,000 900,000 -0- Interest Revenue -0- Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold -0- 630,000 -0- Depreciation Expense Income Tax Expense Insurance Expense Interest Expernse -0- -0- -0- 61,800 Other Operating Expenses Amortization Expense Salaries and Wages Expense -0- 110,000 S1,161,400 S1,161,400 The following transactions occurred during December. Purchased equipment for $16,000, plus sales taxes of $800 (paid in cash) Milo sold for $3,500 equipment which originally cost $5,000. Accumulated depreciation on this equipment at January 1, 2022, was $1,800; 2022 depreciation prior to the sale of equipment was $825 Milo sold for $5,000 on account inventory that cost $3,500 Dec. 2 2 15 Salaries and wages of $6,600 were paid. 23 Adjastment data 1. Milo estimates that uncollectible accounts receivable at year-end are $4,000. 2. The note receivable is a 1-year, 8% note dated April 1, 2022. No interest has been reconded 3. The balance in prepaid insurance represents payment of a 53,600, 6-month premium on September 1, 2022 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. 5. 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. 6. The equipment purchased on December 2, 2022, is being depreciated usingg the straight-line method over 5 years, with a salvage value of $1,800 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2022, total $2,200. 9. Both the short-serm and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months. 10. Income tax expense was $15,000. It was unpaid at December 31. Instructions a. Prepare journal entries for the transactions listed above and adjusting entries. b. Totals c. Net income d. Total assets b. Prepare an adjusted trial balance at December 31, 2022. $1,205,775 $51,150 $247,850 c. Prepare a 2022 income statement and a 2022 retained earnings statement d. Prepare a December 31, 2022, halance sheet