post entries related to bank reconciliation and all adjusting entries

fill in the blanks

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 Credit Cash Debit $22.400 23,000 Accounts Receivable Allowance for Doubtful Accounts $1,200 Equipment 24,000 11.000 Accumulated Depreciation-Equipment Buildings 121,000 Accumulated Depreciation-Buildings 11,000 Land 20,000 Accounts Payable 12,150 36,000 Common Stock 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 1455 was used 3. On March 1, Concord acquired a patent with a 10-year life for $9,600 cash. Check #456 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 8458 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 1452 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, 5143,000 155,000 Checks: #452, $500: #453, $700;#457. $16,150;#458. $96,000 (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 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 occount tities 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 1: 1. Cash Unearned Service Revenue 6000 February 18 2. quipment 9600 Cash 3000 Accounts Payable March 17 3. Patents Cash 9600 March 28 4 Accounts Receivable Service Revenue 150000 March 29. 5. Cash Accounts Receivable 143300 March 29 6. Accounts Payable Cash March 200 7 Other Operating Expenses Cash March 31 8. Allowance for Doubtful Accounts Accounts Receivable March 31 9. Depreciation Expense Accumulated Depreciation Equipment 600 (To record depreciation expense) Cash Loss on Disposal of Plant Assets Accumulated Depreciation Equipment 10200 Equipment 13000 (To record sale of equipment) eTextbook 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 Accounts Receivable Bal. 23000 Allowance For Doubtful Accounts Allowance For Doubtful Accounts Equipment Bal. 24000 Accumulated Depreciation Equipment Land Bal. 20000 Buildings Bal & 12:000 Accumulated Depreciation-Buildings Accounts Payable Bal. Common Stock 86000 Retained Earnings Bal 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. 1 Bal 3000 Feb. 1 6000 9600 Mar. 29 143000 16150 Mar. 31 19400 96000 Mar. 31 : 1940 Mar. 29 : 96000 Bal. Accounts Receivable 23,000 Mar. 29: 150000 Mar 31 : 143000 Mar.28 200 Allowance for Doubtful Accounts Mar. 31 200 Bal. 1.200 Equipment Bal. 24,000 Mar. 31 Feb 1 : 9600 Mar. 31 Mar. 31 Accumulated Depreciation-Equipment 10200 Bal Mar 314 11,000 Land 20,000 Buildings 121,000 Bal. Bal 121,000 Accumulated Depreciation-Buildings 11,000 Patents Mar. 1 2 9600 Accounts Payable 16150 Bal. 12,150 Feb 13 6600 Unearned Service Revenue Feb. 12 6000 Common Stock Bal. 86,000 Retained Earnings 89,050 Service Revenue Mar 28 150000 Other Operating Expenses Mar. 29 96000 Depreciation Expense 600 Mar. 31 Loss on Disposal of Plant Assets 8602 Mar. 314 eTextbook and Media List of Accounts Attempts: 4 Your answer is correct. Prepare an unadjusted trial balance at March 31. Concord Corporation Trial Balance 3/31/22 Debit Credit Concord Corporation Trial Balance 3/31/22 Debit Credit 48590 Accounts Receivable 29800 Allowance for Doubtful Accounts 1000 Equipment 20600 Accumulated Depreciation Equipment Land 20000 Buildings 121000 11000 Accumulated Depreciation-Buildings 9600 Patents 2600 Accounts Payable 6000 Unearned Service Revenue B4000 Common Stock 89050 Retained Earnings Retained Earnings 89050 Service Revenue 150000 Other Operating Expenses 96000 Depreciation Expense 600 Loss on Disposal of Plant Assets 860 Totals 347050 347050 eTextbook 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 Concord Corporation Bank Reconciliation 3/31/22 Balance Per Bank 68240 Add : Deposits in Transit 1940 Less : Outstanding Checks 1440 3200 i 4454 5890 i 1455 3000 i #456 9600 i 21690 i Adjusted Balance Per Bank 48490 Balance Per Books 48590 Less : Bank Service Charge 100 Adjusted Dalance Per Books 48490 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, es. 5,275.) No. Date Account Titles and Explanation Debit Credit 1. 3/31/2022 Other Operating Expenses 100 Cash 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 5. 3/31/2022 Depreciation Expense Accumulated Depreciation Buildings 6. 3/31/2022 Amortization Expense Patents 7. 3/31/2022 Income Tax Expense 30000 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 Service Revenue 1000 3. 3/31/2022 Bad Debt Expense Allowance for Doubtful Accounts 1556 4. 3/31/2022 Depreciation Expense Accumulated Depreciation-Equipment 5. 3/31/2022 Depreciation Expense Accumulated Depreciation Buildings 6. 3/31/2022 Amortization Expense Patents 7. 3/31/2022 Income Tax Expense 20000 Income Taxes Payable 30000 Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order presented in the previous part. Round answers to 0 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 12.000 Bal Equipment 24,000 Mar. 31 9,600 Feb. 1 Accumulated Depreciation Equipment 1020012 MAA 100 Bal Equipment 24,000 Mar. 31 9,600 Feb. 1 Mar. 31 Accumulated Depreciation-Equipment 10,200 Bal. Mar. 31 Land 20,000 Buildings Bal. 121,000 Accumulated Depreciation-Buildings 11,000 Patents Patents Mar. 1 9,600 Mar. 29 Accounts Payable 16,150 Bal 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 Mar. 31 600 Mar. 31 Loss on Disposal of Plant Assets 860 860 Amortization Expense Bad Debt Expense Depreciation Expense Mar. 31 600 Mar. 31 Loss on Disposal of Plant Assets 860 860 Amortization Expense Bad Debt Expense Income Tax Expense