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ACR9 at December 31, 2021, is presented below Aberkonkie Corporation prepares quarterly financial statements. The post-closing trial balance c0Aberkonkie Corporation Post-Closing Trial Balance 000 December 31, 2021 tast ubdol ol snwlA 002 u Debit Credit 000AC Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Deprociation-Equipment Inagiop S 24,300 22400 ooA 1,200 20,000 da 15,000 100,000 AMaRdu) slde Accumulated Depreciation-Buildings Land Accounts Payable c00.51 Common Stock Retained Earnings u e2 15000 20.000 ni bo 12320 nS0.000 53.130 sunss $186,700 lseog $186,700 o sinageom blo hooo teo -0- During the first quarter of 2022, the following transaction occurred: 1. On February 1, Aberkonkie collcted fees of $12,000 in advance. The oompany will perform $1,000 of services each month from February 1, 2022, to January 31, 2023e l smooet 2. On February 1, Aberkonkie parchased computer equipment for $9,000 plus sales taxes of $600. $3,000 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 recoeded the quarter's sales in a single entry. Daring 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. awolls 5. On March 29, Aberkonkie collected $133,000 from costomers on account noltban 6, On March 20 Aberkonkie paid $16,370 on sccounts pavable. Check #457 was used aho da 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, Aberkoekie sold for $1,6206quilpment that originally cost $11,000 It had an estimated life of 5 years and salvage of $1,000. Accumulated depeeciation 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: slderison tu0 sdlleno tedt astamies oliM 1. The company reconciles its hank statement every quarter. Information from the December 31, 2021, bank reconciliation is vdsqs2 no m nom-a g00/2tomme Deposit in transit: Outstanding checks sdT ny 0E 1vo bodism sall dgic452 12/30/2021 1 $5000 lad s 440 3,444 u batslosqb333niiod s suler sgevl 453 1 bodsm nil-idgi splu bat b sn 000 865 ot song bo3s4s The bank statement received for the quarter ended March 31, 2022, is as follows T bBeginning balance per bank p d d b Deposits: 1/2/2022, 55,000: 2/2/2022, $12.000 3/30/2022 $133000 Checks #452, $333 453, $865 #457, $16370, #458, 597,525 Debit meme Bank service charge (record as operating expense) S 29,787 150,000 (115,093) no bai Ending bank balance 2 Record revenue earned from item 1 above. 3 $26000 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% Recond bad debr expense. (Hint: You will need to compute the balance in accounts receivable before calculating this) vod tol n s l r 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 (100) 64,594 a m be t g bbsd so lbos m sd do ano e sd isldeg A s ds dco d Credit Debit S 20,000 150,000 60,000 9,000 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, 2023) Income Taxes Payable Interest Payable Notes Payable (due in 2028) Common Stock Retained Earnings 500 50,000 24,000 27,300 -0- 11.000 -0- -0- 35,000 50,000 63,600 12,000 Dividends Sales Revenue Interest Revenue 900,000 -0- -0- Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense -0- 630,000 -0- -0- -0- -0- 61800 -0- 110,000 $1.161,400 $1,161,400 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 15 Dec. 2 2 Milo sold for $5,000 on account inventory that cost $3,500. Salaries and wages of $6,600 were paid. 23 Adjustment 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 recorded. 3. The balance in prepaid insurance represents payment of a $3,600, 6-moeth 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 using 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-term 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. Prepare an adjusted trial balance at December 31, 2022 c. Prepare a 2022 income statement and a 2022 retained earnings statement d. Prepare a December 31, 2022, balance sheet b. Totals c Net income d. Total assets 1,205,775 $51,150 $247,850 ACR9 at December 31, 2021, is presented below Aberkonkie Corporation prepares quarterly financial statements. The post-closing trial balance c0Aberkonkie Corporation Post-Closing Trial Balance 000 December 31, 2021 tast ubdol ol snwlA 002 u Debit Credit 000AC Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Deprociation-Equipment Inagiop S 24,300 22400 ooA 1,200 20,000 da 15,000 100,000 AMaRdu) slde Accumulated Depreciation-Buildings Land Accounts Payable c00.51 Common Stock Retained Earnings u e2 15000 20.000 ni bo 12320 nS0.000 53.130 sunss $186,700 lseog $186,700 o sinageom blo hooo teo -0- During the first quarter of 2022, the following transaction occurred: 1. On February 1, Aberkonkie collcted fees of $12,000 in advance. The oompany will perform $1,000 of services each month from February 1, 2022, to January 31, 2023e l smooet 2. On February 1, Aberkonkie parchased computer equipment for $9,000 plus sales taxes of $600. $3,000 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 recoeded the quarter's sales in a single entry. Daring 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. awolls 5. On March 29, Aberkonkie collected $133,000 from costomers on account noltban 6, On March 20 Aberkonkie paid $16,370 on sccounts pavable. Check #457 was used aho da 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, Aberkoekie sold for $1,6206quilpment that originally cost $11,000 It had an estimated life of 5 years and salvage of $1,000. Accumulated depeeciation 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: slderison tu0 sdlleno tedt astamies oliM 1. The company reconciles its hank statement every quarter. Information from the December 31, 2021, bank reconciliation is vdsqs2 no m nom-a g00/2tomme Deposit in transit: Outstanding checks sdT ny 0E 1vo bodism sall dgic452 12/30/2021 1 $5000 lad s 440 3,444 u batslosqb333niiod s suler sgevl 453 1 bodsm nil-idgi splu bat b sn 000 865 ot song bo3s4s The bank statement received for the quarter ended March 31, 2022, is as follows T bBeginning balance per bank p d d b Deposits: 1/2/2022, 55,000: 2/2/2022, $12.000 3/30/2022 $133000 Checks #452, $333 453, $865 #457, $16370, #458, 597,525 Debit meme Bank service charge (record as operating expense) S 29,787 150,000 (115,093) no bai Ending bank balance 2 Record revenue earned from item 1 above. 3 $26000 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% Recond bad debr expense. (Hint: You will need to compute the balance in accounts receivable before calculating this) vod tol n s l r 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 (100) 64,594 a m be t g bbsd so lbos m sd do ano e sd isldeg A s ds dco d Credit Debit S 20,000 150,000 60,000 9,000 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, 2023) Income Taxes Payable Interest Payable Notes Payable (due in 2028) Common Stock Retained Earnings 500 50,000 24,000 27,300 -0- 11.000 -0- -0- 35,000 50,000 63,600 12,000 Dividends Sales Revenue Interest Revenue 900,000 -0- -0- Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense -0- 630,000 -0- -0- -0- -0- 61800 -0- 110,000 $1.161,400 $1,161,400 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 15 Dec. 2 2 Milo sold for $5,000 on account inventory that cost $3,500. Salaries and wages of $6,600 were paid. 23 Adjustment 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 recorded. 3. The balance in prepaid insurance represents payment of a $3,600, 6-moeth 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 using 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-term 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. Prepare an adjusted trial balance at December 31, 2022 c. Prepare a 2022 income statement and a 2022 retained earnings statement d. Prepare a December 31, 2022, balance sheet b. Totals c Net income d. Total assets 1,205,775 $51,150 $247,850