post entries related to bank reconciliation and all adjusting entires

Concord Corporation prepares quarterly financial statements. The post-closing trial balance at December 31, 2021, is presented below. CONCORD CORPORATION Post-Closing Trial Balance December 31, 2021 Debit Credit Cash $22,400 23,000 Accounts Receivable $1,200 Allowance for Doubtful Accounts Equipment 24,000 Accumulated Depreciation-Equipment 11,000 Buildings 121,000 Accumulated Depreciation-Buildings 11,000 Land 20,000 Accounts Payable 12,150 Common Stock 86,000 Retained Earnings 89,050 $210,400 $210,400 During the first quarter of 2022, the following transactions occurred: 1 On February 1. Concord collected fees of $6,000 in advance. The company will perform $500 of services each month from February 1, 2022, to January 31, 2018 2 On February 1. Concord purchased 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. Concord acquired a patent with a 10 year life for $9.600 cash. Check 1456 was used 4. On March 28, Concord recorded the quarter's sales in a single entry. During this period, Concord had total sales of $150,000 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29. Concord collected $143.000 from customers on account. 6. On March 29. Concord paid $16,150 on accounts payable. Check #457 was used. 7. On March 29. Concord paid other operating expenses of $96,000. Check #458 was used. 8. On March 31. Concord wrote off a receivable of $200 for a customer who declared bankruptcy. 9. On March 31. Concord sold for $1.940 equipment that originally cost $13,000. It had an estimated life of 5 years and salvage of $1,000 Accumulated depreciation as of December 31, 2021, was $9,600 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation is: Deposit in transit: 12/30/2021 $6,000 Outstanding checks #440 3,200 #452 500 #453 700 #454 5.890 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank $26,690 Deposits: 1/2/2022. $6,000; 2/2/2022. $6,000; 3/30/2022. $143,000 155,000 Checks: #452. $500: #453. $700: #457. $16,150: #458, 596,000 (113,350) Debit memo: Bank service charge (record as operating expense) (100) Ending bank balance $68,240 2. Record revenue earned from item 1 above. 3. $23,600 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 26.00%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this.) 4. Depreciation is recorded on the equipment still owned at March 31, 2022. The new equipment purchased in February is being depreciated on a 4. 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. 5. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $16,000 6. Amortization is recorded on the patent. 7. 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.) Your answer is 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 for the amounts) Date No. Account Titles and Explanation Debit Credit February 19 1. Cash Unearned Service Revenue 6000 February 10 2. Equipment Cash 3000 Accounts Payable March 1 3 . Patents Cash 9800 March 28. 4. Accounts Receivable Service Revenue 150000 March 299 5. Cash 143000 Accounts Recevable 143000 March 294 6. Accounts Payable 16150 Cash 16150 March 29 7. Other Operating Expens 96000 Cash 96000 March 31 8. Allowance for Doubtful Accounts Accounts Receivable 200 March 31 6 9. Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) Cash 1940 860 Loss on Disposal of Plant Assets Accumulated Depreciation Equipment 10200 Equipment 13000 (To record sale of equipment) e Textbook and Media List of Accounts Attempts: 6 of 6 used Your answer is correct. Enter the December 31, 2021, balances in ledger accounts using T-accounts. (Post entries in the order displayed in the problem statement) Cash Bal. 22400 2200 Accounts Receivable Bal 23000 Allowance For Doubtful Accounts Allowance For Doubtful Accounts Equipment Accumulated Depreciation--Equipment 11000 Land 20000 Buildings Bal. 121000 Accumulated Depreciation-Buildings 11000 Accounts Payable 12150 Common Stock Bal. . 86000 Retained Earnings 89050 eTextbook and Media List of Accounts Attempts: 1 of 6 used Your answer is correct. Post the journal entries to the ledger accounts for items 1-9. (Post entries in the order of journal entries presented above.) Cash 22,400 Feb. 16 Bal. 3000 Feb. 1 + 6000 Mar. 14 9600 Mar. 29 143000 Mar. 29 16150 Mar 314 1940 Mar. 29 96000 Accounts Receivable 23,000 Mar. 294 150000 Mar. 314 143000 Mar. 28 200 Allowance for Doubtful Accounts 200 Bal Mar. 31 1,200 Equipment 24,000 Mar. 314 Bal. Feb. 1 9600 Accumulated Depreciation Equipment Mar. 31 10200 Bal 11.000 Mar 314 600 Land 20,000 Bal. Buildings 121,000 Bal Accumulated Depreciation-Buildings Bal. 11,000 Accumulated Depreciation-Buildings Bal 11,000 Patents 9600 Accounts Payable 16150 Bal. 12,150 Feb. 1 6600 Unearned Service Revenue Feb. 17 6000 Common Stock Bal. 86,000 Retained Earnings Bali 89,050 Service Revenue Mar. 28 4 150000 Other Operating Expenses 96000 Mar. 29 UUTUUS Hent4262482?module_itemid=13447481 Mar. 31 Depreciation Expense 600 Loss on Disposal of Plant Assets Mar. 31 : 860 eTextbook and Media List of Accounts Attempts: 4 of 6 used Your answer is correct. Prepare an unadjusted trial balance at March 31. Concord Corporation Trial Balance 3/31/22 Debit Credit Cash 48590 $ Accounts Receivable 29800 Accounts Receivable 29800 Allowance for Doubtful Accounts 1000 Equipment 20600 Accumulated Depreciation Equipment 1400 Land 20000 Buildings 121000 Accumulated Depreciation Buildings 11000 Patents 9600 Accounts Payable 2600 Unearned Service Revenue 6000 Common Stock 86000 Retained Earnings 89050 Service Revenue 150000 Other Operating Expenses 96000 Depreciation Expense 600 lascon Disansala. Plant Assets 860 Loss on Disposal of Plant Assets 860 Totals 347050 347050 e Textbook and Media List of Accounts Attempts: 2 of 6 use Your answer is correct. Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Concord Corporation Bank Reconciliation 3/31/22 Balance Per Bank 68240 Add : Deposits in Transit 1940 Less 4: Outstanding Checks . #440 3200 #440 3200 i #454 5890 i #455 3000 i #456 9600 i 21690 i Adjusted Balance Per Bank 48490 Balance Per Books 48590 Less : Bank Service Charge 100 i Adjusted Balance Per Books 48490 e Textbook and Media List of Accounts Attempts: 1 of 6 used Journalize entries related to bank reconciliation and all adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) No Date Account Titles and Explanation Debit Credit 1. 3/31/2022 Other Operating Expenses 100 Cash 100 2. 3/31/2022 Unearned Service Revenue 1000 Service Revenue 1000 3. 3/31/2022 Bad Debt Expense Allowance for Doubtful Accounts 1556 4. 3/31/2022 Depreciation Expense Accumulated Depreciation-Equipment 710 5. 3/31/2022 Depreciation Expense Accumulated Depreciation-Buildings 875 6. 3/31/2022 Amortization Expense Patents 30000 7. 3/31/2022 Income Tax Expense Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to decimal places, eg. 5,275.) Bal Feb. 1 Mar. 29 Mar. 31 Cash 22,400 Feb. 1 6,000 Mar. 1 143,000 Mar. 29 1.940 Mar. 29 3,000 9,600 16,150 96,000 Bal. Mar. 28 Accounts Receivable 23,000 Mar. 29 150,000 Mar. 31 143,000 200 Allowance for Doubtful Accounts 200 Bal Mar 31 1.200 Bal Equipment 24,000 Mar. 31 9,600 13,000 Feb. 1 Accumulated Depreciation-Equipment 10.200 Bal 11,000 Mar. 31 Bal. Equipment 24,000 Mar. 31 9,600 13.000 Feb. 1 Mar. 31 Accumulated Depreciation-Equipment 10,200 Bal. Mar. 31 11,000 600 Land 20,000 Bal. Buildings 121,000 Accumulated Depreciation-Buildings 11,000 Patents Patents 9,600 Mar. 1 Accounts Payable 16,150 Bal. Mar. 29 12,150 Feb. 1 6,600 Unearned Service Revenue Feb. 1 6,000 Income Taxes Payable Common Stock Bal. 86,000 86,000 Retained Earnings Bal 89,050 89,050 Service Revenue Mar. 28 150,000 Service Revenue Mar. 28 150,000 Other Operating Expenses 96,000 Mar. 29 Depreciation Expense 600 Mar. 31 Mar. 31 Loss on Disposal of Plant Assets 860 860 Amortization Expense Rad Deht Fynence d. 860 860 Amortization Expense Bad Debt Expense Income Tax Expense e Textbook and Media List of Accounts Save for Later Attempts: 0 of 6 us The parts of this question must be completed in order. This part will be available when you complete the part above. Concord Corporation prepares quarterly financial statements. The post-closing trial balance at December 31, 2021, is presented below. CONCORD CORPORATION Post-Closing Trial Balance December 31, 2021 Debit Credit Cash $22,400 23,000 Accounts Receivable $1,200 Allowance for Doubtful Accounts Equipment 24,000 Accumulated Depreciation-Equipment 11,000 Buildings 121,000 Accumulated Depreciation-Buildings 11,000 Land 20,000 Accounts Payable 12,150 Common Stock 86,000 Retained Earnings 89,050 $210,400 $210,400 During the first quarter of 2022, the following transactions occurred: 1 On February 1. Concord collected fees of $6,000 in advance. The company will perform $500 of services each month from February 1, 2022, to January 31, 2018 2 On February 1. Concord purchased 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. Concord acquired a patent with a 10 year life for $9.600 cash. Check 1456 was used 4. On March 28, Concord recorded the quarter's sales in a single entry. During this period, Concord had total sales of $150,000 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29. Concord collected $143.000 from customers on account. 6. On March 29. Concord paid $16,150 on accounts payable. Check #457 was used. 7. On March 29. Concord paid other operating expenses of $96,000. Check #458 was used. 8. On March 31. Concord wrote off a receivable of $200 for a customer who declared bankruptcy. 9. On March 31. Concord sold for $1.940 equipment that originally cost $13,000. It had an estimated life of 5 years and salvage of $1,000 Accumulated depreciation as of December 31, 2021, was $9,600 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) Bank reconciliation data and adjustment data: 1. The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation is: Deposit in transit: 12/30/2021 $6,000 Outstanding checks #440 3,200 #452 500 #453 700 #454 5.890 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance per bank $26,690 Deposits: 1/2/2022. $6,000; 2/2/2022. $6,000; 3/30/2022. $143,000 155,000 Checks: #452. $500: #453. $700: #457. $16,150: #458, 596,000 (113,350) Debit memo: Bank service charge (record as operating expense) (100) Ending bank balance $68,240 2. Record revenue earned from item 1 above. 3. $23,600 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 26.00%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this.) 4. Depreciation is recorded on the equipment still owned at March 31, 2022. The new equipment purchased in February is being depreciated on a 4. 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. 5. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $16,000 6. Amortization is recorded on the patent. 7. 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.) Your answer is 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 for the amounts) Date No. Account Titles and Explanation Debit Credit February 19 1. Cash Unearned Service Revenue 6000 February 10 2. Equipment Cash 3000 Accounts Payable March 1 3 . Patents Cash 9800 March 28. 4. Accounts Receivable Service Revenue 150000 March 299 5. Cash 143000 Accounts Recevable 143000 March 294 6. Accounts Payable 16150 Cash 16150 March 29 7. Other Operating Expens 96000 Cash 96000 March 31 8. Allowance for Doubtful Accounts Accounts Receivable 200 March 31 6 9. Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) Cash 1940 860 Loss on Disposal of Plant Assets Accumulated Depreciation Equipment 10200 Equipment 13000 (To record sale of equipment) e Textbook and Media List of Accounts Attempts: 6 of 6 used Your answer is correct. Enter the December 31, 2021, balances in ledger accounts using T-accounts. (Post entries in the order displayed in the problem statement) Cash Bal. 22400 2200 Accounts Receivable Bal 23000 Allowance For Doubtful Accounts Allowance For Doubtful Accounts Equipment Accumulated Depreciation--Equipment 11000 Land 20000 Buildings Bal. 121000 Accumulated Depreciation-Buildings 11000 Accounts Payable 12150 Common Stock Bal. . 86000 Retained Earnings 89050 eTextbook and Media List of Accounts Attempts: 1 of 6 used Your answer is correct. Post the journal entries to the ledger accounts for items 1-9. (Post entries in the order of journal entries presented above.) Cash 22,400 Feb. 16 Bal. 3000 Feb. 1 + 6000 Mar. 14 9600 Mar. 29 143000 Mar. 29 16150 Mar 314 1940 Mar. 29 96000 Accounts Receivable 23,000 Mar. 294 150000 Mar. 314 143000 Mar. 28 200 Allowance for Doubtful Accounts 200 Bal Mar. 31 1,200 Equipment 24,000 Mar. 314 Bal. Feb. 1 9600 Accumulated Depreciation Equipment Mar. 31 10200 Bal 11.000 Mar 314 600 Land 20,000 Bal. Buildings 121,000 Bal Accumulated Depreciation-Buildings Bal. 11,000 Accumulated Depreciation-Buildings Bal 11,000 Patents 9600 Accounts Payable 16150 Bal. 12,150 Feb. 1 6600 Unearned Service Revenue Feb. 17 6000 Common Stock Bal. 86,000 Retained Earnings Bali 89,050 Service Revenue Mar. 28 4 150000 Other Operating Expenses 96000 Mar. 29 UUTUUS Hent4262482?module_itemid=13447481 Mar. 31 Depreciation Expense 600 Loss on Disposal of Plant Assets Mar. 31 : 860 eTextbook and Media List of Accounts Attempts: 4 of 6 used Your answer is correct. Prepare an unadjusted trial balance at March 31. Concord Corporation Trial Balance 3/31/22 Debit Credit Cash 48590 $ Accounts Receivable 29800 Accounts Receivable 29800 Allowance for Doubtful Accounts 1000 Equipment 20600 Accumulated Depreciation Equipment 1400 Land 20000 Buildings 121000 Accumulated Depreciation Buildings 11000 Patents 9600 Accounts Payable 2600 Unearned Service Revenue 6000 Common Stock 86000 Retained Earnings 89050 Service Revenue 150000 Other Operating Expenses 96000 Depreciation Expense 600 lascon Disansala. Plant Assets 860 Loss on Disposal of Plant Assets 860 Totals 347050 347050 e Textbook and Media List of Accounts Attempts: 2 of 6 use Your answer is correct. Prepare a bank reconciliation in good form. (List items that increase balance as per bank first.) Concord Corporation Bank Reconciliation 3/31/22 Balance Per Bank 68240 Add : Deposits in Transit 1940 Less 4: Outstanding Checks . #440 3200 #440 3200 i #454 5890 i #455 3000 i #456 9600 i 21690 i Adjusted Balance Per Bank 48490 Balance Per Books 48590 Less : Bank Service Charge 100 i Adjusted Balance Per Books 48490 e Textbook and Media List of Accounts Attempts: 1 of 6 used Journalize entries related to bank reconciliation and all adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) No Date Account Titles and Explanation Debit Credit 1. 3/31/2022 Other Operating Expenses 100 Cash 100 2. 3/31/2022 Unearned Service Revenue 1000 Service Revenue 1000 3. 3/31/2022 Bad Debt Expense Allowance for Doubtful Accounts 1556 4. 3/31/2022 Depreciation Expense Accumulated Depreciation-Equipment 710 5. 3/31/2022 Depreciation Expense Accumulated Depreciation-Buildings 875 6. 3/31/2022 Amortization Expense Patents 30000 7. 3/31/2022 Income Tax Expense Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to decimal places, eg. 5,275.) Bal Feb. 1 Mar. 29 Mar. 31 Cash 22,400 Feb. 1 6,000 Mar. 1 143,000 Mar. 29 1.940 Mar. 29 3,000 9,600 16,150 96,000 Bal. Mar. 28 Accounts Receivable 23,000 Mar. 29 150,000 Mar. 31 143,000 200 Allowance for Doubtful Accounts 200 Bal Mar 31 1.200 Bal Equipment 24,000 Mar. 31 9,600 13,000 Feb. 1 Accumulated Depreciation-Equipment 10.200 Bal 11,000 Mar. 31 Bal. Equipment 24,000 Mar. 31 9,600 13.000 Feb. 1 Mar. 31 Accumulated Depreciation-Equipment 10,200 Bal. Mar. 31 11,000 600 Land 20,000 Bal. Buildings 121,000 Accumulated Depreciation-Buildings 11,000 Patents Patents 9,600 Mar. 1 Accounts Payable 16,150 Bal. Mar. 29 12,150 Feb. 1 6,600 Unearned Service Revenue Feb. 1 6,000 Income Taxes Payable Common Stock Bal. 86,000 86,000 Retained Earnings Bal 89,050 89,050 Service Revenue Mar. 28 150,000 Service Revenue Mar. 28 150,000 Other Operating Expenses 96,000 Mar. 29 Depreciation Expense 600 Mar. 31 Mar. 31 Loss on Disposal of Plant Assets 860 860 Amortization Expense Rad Deht Fynence d. 860 860 Amortization Expense Bad Debt Expense Income Tax Expense e Textbook and Media List of Accounts Save for Later Attempts: 0 of 6 us The parts of this question must be completed in order. This part will be available when you complete the part above