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Whispering Winds Corp. prepares quarterly financial statements. The post-closing trial balance at December 31, 2021, is presented below. WHISPERING WINDS CORP. Post-Closing Trial Balance December 31, 2021 Debit Credit $23,400 22.600 $1.500 24.000 10,000 Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings Land Accounts Payable Common Stock Retained Earnings 109,000 10,000 20,000 12,100 82,000 83,400 $199,000 $199,000 During the first quarter of 2022, the following transactions occurred: 1. 2. 3. 3 4. On February 1, Sheffield collected fees of $10,800 in advance. The company will perform $900 of services each month from February 1, 2022, to January 31, 2018. On February 1, Sheffield purchased computer equipment for $7,875 plus sales taxes of $525. $2,625 cash was paid with the rest on account. Check #455 was used. On March 1, Sheffield acquired a patent with a 10-year life for $8,400 cash. Check #456 was used. On March 28, Sheffield recorded the quarter's sales in a single entry. During this period, Sheffield had total sales of $140,000 (not including the sales referred to in item 1 above). All of the sales were on account On March 29, Sheffield collected $133,000 from customers on account. On March 29, Sheffield paid $16,100 on accounts payable. Check #457 was used. On March 29, Sheffield paid other operating expenses of $95,500. Check #458 was used. On March 31, Sheffield wrote off a receivable of $200 for a customer who declared bankruptcy. On March 31, Sheffield sold for $1,810 equipment that originally cost $12,000. It had an estimated life of 5 years and salvage of $1,000. Accumulated depreciation as of December 31, 2021, was $8,800 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) 5. 6. 7. . 8. 9. Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation is: Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation is: 12/30/2021 $4,500 Deposit in transit Outstanding checks #440 3,300 #452 500 #453 900 #454 5,850 The bank statement received for the quarter ended March 31, 2022, is as follows: 2. 3. Beginning balance per bank $29,450 Deposits: 1/2/2022, $4,500: 2/2/2022, $10,800; 3/30/2022, $133,000 148,300 Checks: #452, $500: #453, $900; #457, $16,100;#458. $95,500 (113,000) Debit memo: Bank service charge (record as operating expense) (100) Ending bank balance $64,650 Record revenue earned from item 1 above. $25,600 of accounts receivable at March 31, 2022, are not past due yet. The bad debt percentage for these is 4%. The balance of accounts receivable are past due. The bad debt percentage for these is 22.00%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this.) Depreciation is recorded on the equipment still owned at March 31, 2022. The new equipment purchased in February is being depreciated on a straight-line basis over 5 years and salvage value was estimated at $900. The old equipment still owned is being depreciated over a 10-year life using straight-line with no salvage value. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $16,000. Amortization is recorded on the patent. The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) 4. 5. 7. (a) Your answer is partially correct. Record journal entries for transactions 1-9. (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 o for the amounts.) Date No. Account Titles and Explanation Debit February 14 1. Cash 10800 Record journal entries for transactions 1-9. (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.) scount Titles and Explanation Debit Credit Cash 10800 Unearned Service Revenue 10800 Equipment 8400 cash 2625 Accounts Payable 5775 Patents 8400 Cash 8400 Accounts Receivable 35000 35000 Cash 133000 Accounts Receivable 133000 Accounts Payable 16100 Cash 16100 Other Operating Expenses 95500 Cash 95500 Allowance for Doubtful Accounts 200 Accounts Receivable 200 Depreciation Expense 550 Accumulated Depreciation Equipment 550 o record depreciation expense) Cash 1810 * OTTI Accumulated Depreciation Equipment 9350 Loss on Disposal of Plant Assets 840 Equipment 12000 record sale of winment Enter the December 31, 2021, balances in ledger accounts using T-accounts. (Post entries in the order displayed in the problem statement.) Cash Bal. Accounts Receivable Bal. Allowance For Doubtful Accounts Bal. Equipment Bal. Accumulated Depreciation-Equipment Bal. Land Bal. Buildings Bal. Accumulated Depreciation-Buildings Bal. Accounts Payable Bal. Common Stock Bal. Retained Earnings Bal. eTextbook and Media