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Question 1 of 5 1.02/7 Indigo Corporation's unadjusted trial balance at December 1, 2022. is presented below. Debit Credit Cash $21,100 37,500 Accounts Receivable Notes Receivable 9.900 Interest Receivable 0 ventory 900 Prepaid Insurance 3,600 Land 19,200 Buildings 156,000 Equipment 57.000 Patent 8,100 Allowance for Doubtful Accounts $400 Accumulated Depreciation - Buildings 52,000 22,800 Accumulated Depreciation-Equipment Accounts Payable 28.000 Salaries and Wages Payable 0 Notes Payable (due April 30. 2023) 10,200 Question 1 of 5 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 10,200 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2028) 33,600 Common Stock 50,000 Retained Earnings 59.900 Dividends Sales Revenue 11,600 957,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 667,000 0 0 Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses 0 o 64,000 Question 1 of 5 1.02/7 = Insurance Expense 0 0 64,000 Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense 0 120,000 Total $1.213,900 $1.213.900 The following transactions occurred during December Dec. 2 2 Purchased equipment for $16,500.plus sales taxes of $700 (paid in cash). Indigo sold for $3,700 equipment which originally cost $5,300. Accumulated depreciation on this equipment at January 1,2022, was $1,700, 2022 depreciation prior to the sale of equipment was $875. Indigo sold for $5,300 on account inventory that cost $3,600. Salaries and wages of $6,900 were paid for December 15 23 Adjustment data: 1 2 Indigo estimates that uncollectible accounts receivable at year-end are $3,900 The note receivable is a 1-year, 8% note dated April 1, 2022 No interest has been recorded. The balance in prepaid insurance represents payment of a $3,600,6-month premium on September 1, 2022. 3 = Adjustment data: 1. 2. 3. 4 5 5. Indigo estimates that uncollectible accounts receivable at year-end are $3,900 The note receivable is a 1-year, 8% note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $3,600. 6-month premium on September 1, 2022 The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000 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, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $1.600 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 $2.200 Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interestis payable in the next 12 months. Income tax expense was $14.000. It was unpaid at December 31. 6. 7. 8. 9. 10 (a) Your answer is partially correct. 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 Credit Dec 2 Equipment 17200 Cash 17 Dec 2 Depreciation Expose 875 Accumulated Depreciation Equipment (To record depreciation expense on equipment.) Cash LILLE 3700 Accumulated Depreciation-Bulldings 2575 Equiomet Gainen Doosal of Plant Assets 12 To record sale of equipment.) Dec 150 Accounts Receivable 5300 __ Question 1 of 5 > 1.02/7 E *** Gain on Disposal of Plant Assets 14 (To record sale of equipment.) Dec 15 2 Accounts Receivable Sales Reverse (To record sales revenue.) Cost of Goods Sold 3600 Inventory HONOTTE LINNA LINN (To record cost of goods sold) Dec 23 Salaries and Wipes Expen 6900 Cash Dec. 31 1 Bad Debt Expens 3600 Allowance for Doubtful Account 2 Interest Receivable Interesting Question 1 of 5 > 1.02/7 Cash Dec 31 1 Bad Debt Expense 3600 Allowance for Doubtful Accounts 36 2. Interest Receivable Interest Revente 3. Insurance Expense Prepaid Insurance 4. Depreciation Expense Accumulated Depreciation Buildings 5. Depreciation Experte Accumulated Depreciation Buildings 6. Depreciation Expense Accumulated Depreciation Equipment Question 1 of 5 1.02/7 Accumulated Depreciation-Buildings 6. Depreciation Expense INN Accumulated Depreciation Equipment 7. Depreciation Expense Accumulated Depreciation Equipment 8. Amortization Experte Patents 9. Salaries and Wages Expense Salaries and Wages Payable 10 Income Tax Expert Income Taxes Payable e Textbook and Media