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Comprehensive Problem Bug-Off Exterminators (Algo) Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2021. December 31, 2021 Unadjusted Trial Balance Debit Credit Cash $ 20,600 Accounts receivable 44,860 Allowance for doubtful accounts $ 864 Merchandise inventory 17,100 Trucks 50,000 Accumulated depreciation-Trucks 0 Equipment 55,800 Accumulated depreciation Equipment 15, 260 Accounts payable 5,900 Estimated warranty liability 2,300 Unearned services revenue 0 Interest payable Long-term notes payable 33,000 D. Buggs, Capital 100,700 D. Buggs, Withdrawals 28,000 Extermination services revenue 96,000 Interest revenue 908 Sales (of merchandise) 121,826 Cost of goods sold 51,700 Depreciation expense-Trucks 0 Depreciation expense-Equipment Wages expense 53,000 Interest expense Rent expense 27,000 Bad debts expense 0 Miscellaneous expense 1,298 53,000 27,000 Wages expense Interest expense Rent expense Bad debts expense Miscellaneous expense Repairs expense Utilities expense Warranty expense Totals 1,298 17,000 10,400 $ 376,758 $ 376,758 The following information in a through h applies to the company at the end of the current year. a. The bank reconciliation as of December 31, 2021, includes the following facts. Cash balance per bank Cash balance per books Outstanding checks Deposit in transit Interest earned (on bank account) Bank service charges (miscellaneous expense) $ 16,900 20,600 2,700 3,350 88 33 Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.) b. An examination of customers' accounts shows that accounts totaling $697 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $790. c. A truck is purchased and placed in service on January 1, 2021. Its cost is being depreciated with the straight-line method using the following facts and estimates. Original cost Expected salvage value Useful life (years) $ 50,000 $ 15,200 4 Deposit in transit Interest earned (on bank account) Bank service charges (miscellaneous expense) 3, 350 88 33 Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.) b. An examination of customers' accounts shows that accounts totaling $697 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Azcounts should be $790. c. A truck is purchased and placed in service on January 1, 2021. Its cost is being depreciated with the straight-line method using the following facts and estimates. Original cost Expected salvage value Useful life (years) $ 50,000 $ 15,200 4 d. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2019. They are being depreciated with the straight-line method using these facts and estimates. Original cost Expected salvage value Useful life (years) Sprayen $ 30,600 $ 3,000 8 Injector $ 25, 200 $ 4,300 5 e. On September 1, 2021, the company is paid $24.300 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in September. When the cash was received, the full amount was credited to the Extermination Services Revenue account. f. The company offers a warranty for the services it sells. The expected cost of providing warranty service is 2.5% of the extermination services revenue of $79,800 for 2021. No warranty expense has been recorded for 2021. All costs of servicing warranties in 2021 were properly debited to the Estimated Warranty Liability account. g. The $33,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2021. Thaandian instantaneof merchandien ir rnrinted and determinant - 16200 - .... anomatlinunton. Signed WIL HISI Nauonal Bank on December 31, 2021. h. The ending inventory of merchandise is counted and determined to have a cost of $15,300. Bug-Off uses a perpetual inventory system. Required: 1. Determine amounts for the following items: a. Correct (reconciled) ending balance of Cash; and the amount of the omitted check. b. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts. c. Depreciation expense for the truck used during year 2021. d. Depreciation expense for the two items of equipment used during year 2021. e. The adjusted 2021 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts. f. The adjusted 2021 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts. g. The adjusted 2021 ending balances of the Interest Expense and the Interest Payable accounts. 5 2. Use the results of part 1 to complete the six-column table by first entering the appropriate adjustments for items a through g and then completing the adjusted trial balance columns. Hint: Item brequires two adjustments. 3. Prepare journal entries to record the adjustments entered on the six-column table. Assume Bug-Off's adjusted balance for Merchandise Inventory matches the year-end physical count. 4a. Prepare a single-step income statement for 2021. 4b. Prepare the statement of owner's equity (cash withdrawals during 2021 were $28,000 and owner investments were $0) for 2021. 4c. Prepare a classified balance sheet for December 31, 2021. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Reg 4 Reg 4B Req 40 242 Meie PZO.Valiu UVICI HIVCSICHTLS WCIC VIVI 4c. Prepare a classified balance sheet for December 31, 2021. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Req 4B Reg 40 Determine amounts for the following items: a. Correct (reconciled) ending balance of Cash; and the amount of the omitted check. b. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts. c. Depreciation expense for the truck used during year 2021. d. Depreciation expense for the two items of equipment used during year 2021. e. The adjusted 2021 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts. (Do not round your intermediate calculations.) f. The adjusted 2021 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts. g. The adjusted 2021 ending balances of the Interest Expense and the Interest Payable accounts. Show less A a. Reconciled balance of cash $ 17.550 a. Omitted check $ 2,755 b. Necessary adjustment c. Depreciation expense $ 8,700 Injector Sprayer 3,450 $ $ d. Depreciation expense 4.180 Extermination Services Revenue Unearned Services Revenue b. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts. c. Depreciation expense for the truck used during year 2021. d. Depreciation expense for the two items of equipment used during year 2021. e. The adjusted 2021 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts. (Do not round your intermediate calculations.) f. The adjusted 2021 ending balances of the Warranty Expense and the Estimated Warranty Liability accounts. g. The adjusted 2021 ending balances of the Interest Expense and the Interest Payable accounts. Show less A a Reconciled balance of cash $ 17 550 ok a. Omitted check $ 2,755 7 b. Necessary adjustment ences c. Depreciation expense $ 8,700 Sprayer Injector 3.450 $ 4 180 d. Depreciation expense $ Extermination Services Revenue Unearned Services Revenue e. Ending balances after adjustment Warranty Expense Estimated Warranty Liability $ f. Ending balances after adjustment 1,995 Interest Expense Interest Payable g. Ending balances after adjustment Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Account Title Debit Credit Debit Credit Cash $ 20,600 Accounts receivable 44,860 Allowance for doubtful accounts $ 864 Merchandise inventory 17.100 Trucks 50,000 0 55,800 Accumulated depreciation-Trucks Equipmeni Accumulated depreciation Equipment Accounts payable Estimated warranty liability 15 260 5.900 2.300 Unearned services revenue 0 Interesi payable 0 33 000 Long-term notes payable D Buggs, Capital D Buggs, Withdrawals 100 700 28,000 Extermination services revenue 96 000 Interest revenue 908 Sales 121,826 51,700 0 Cost of goods sold Depreciation expense-Trucks Depreciation expense-Equipment Wages expense 0 53,000 Prev 1 of 1 bu Next 55,800 Equipment Accumulated depreciation-Equipment Accounts payable Estimated warranty liability 15,260 5,900 2.300 Unearned services revenue 0 0 ? 33,000 Interest payable Long-term notes payable D. Buggs, Capital D. Buggs, Withdrawals Extermination services revenue 100 700 28,000 ces 96.000 Interest revenue 908 Sales 121 826 51,700 Cost of goods sold Depreciation expense-Trucks Depreciation expense-Equipment 0 Wages expense 53 000 Interest expense 0 27,000 Rent expense Bad debts expense Miscellaneous expense 1 298 Repairs expense 17.000 Utilities expense 10,400 Warranty expense 0 Totals $ 376,758 376 768 $ 0 $ 0 $ 0 $ 0