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Debit Credit Cash $26,400 Accounts Receivable 44,160 Notes Receivable 12.000 Interest Receivable 0 Inventory 43,440 Prepaid Insurance 4,320 Land 24,000 Buildings 180,000 Equipment 72.000 Patent 10.800 Allowance for Doubtful Accounts $600 Accumulated Depreciation- Buildings 60.000 Accumulated Depreciation- Equipment 28,800 Accounts Payable 32,760 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 13,200 Income Taxes Payable Interest Payable 0 Notes Pavable (due in 2028) 42.000 Common Stock 60,000 Retained Earnings 76,320 Dividends 14,400 Sales Revenue 1,080,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 756,000 Depreciation Expense 0 Income Tax Expense 0 Insurance Expense 0 Interest Expense 0 Other Operating Expenses 74,160 Amortization Expense 0 Salaries and Wages Expense 132,000 Total $1,393,680 $1,393,680 The following transactions occurred during December. Purchased equipment for $19.200 plus sales taxes of $960 (paid in cash). Dec. 2 2 Cheyenne sold for $4.200 equipment which originally cost $6,000. Accumulated depreciation on this equip January 1, 2022, was $2,160; 2022 depreciation prior to the sale of equipment was $990. Cheyenne sold for $6,000 on account inventory that cost $4,200. Salaries and wages of $7,920 were paid. 15 23 Adjustment data: 1. 2. 3. 4. 5. Cheyenne estimates that uncollectible accounts receivable at year-end are $4,800. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $4,320, 6-month premium on September 1, 2022. The building is being depreciated using the straight-line method over 30 years. The salvage value is $36,000. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The 10% of cost. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 ye salvage value of $2,160. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2022, total $2,640. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. Al payable in the next 12 months. 6. 7. 8. 9. 10 Income tax expense was $18,000. It was unpaid at December 31. Debit Credit Account Titles and Explanation Equipment 20180 Cash Depreciation Expense Accumulated Depreciation Equipment 990 [To record depreciation expense on equipment.) Cash Accumulated Depreciation Equipment Equipment Galon Disposal of Plant Assets (To record sale of equipment) Accounts Receivable Sales Revenue |0|||||| NI DO 1000 (!!! (To record sales revenue Cost of Goods Sold Inventory To record cost of goods sold) Salaries and Wages Expense Cash Bad Debt Expen Allowance for Doubtful Accounts 2. Interest Receable Interest Revenue 3. Inowrance Expense Preparand 4. Deprecationen Cash 1 Badebe Expen Allowance for Doubtful Accounts 2. Interest Receivable DOBITI Interest Revenue 3. Insurance Expende Prepald Insurance 4. Depreciation Expense Accumulated Depreciation Bulldings 5. Depreciation Expense Accumulated Depreciation-Equlpment 6. Depreciation Expense Accumulated Depreciation Equipment 7. Amortization Expense Patents 8. Salaries and Wages pense Salaries and Wages Payable 9. Interest Expense Interest Payable 10 Income Tax Expense Income Taxes Payable