Post-Closing Trial Balance December 31, 2016 Credit Debit $29,640 27,330 Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings Land Accounts Payable Common Stock Retained Earnings $1,460 24,400 18,300 122,000 18,300 24,400 15,090 109,800 64,820 $227,770 $227,770 During the first quarter of 2017, the following transactions occurred 1. On February 1, Pronghorn collected fees of $14,640 in advance. The company will perform $1,220 of services each month from February 1, 2017, to January 31, 2018 2. On February 1, Pronghorn purchased computer equipment for $10,980 plus sales taxes of $732. $3,660 cash was paid with the rest on account. Check #455 was used 3, On March 1, Pronghorn acquired a patent with a 10-year life for $11,712 cash. Check #456 was used 4. On March 28, Pronghorn recorded the quarters sales in a single entry. During this period, Pronghorn had total sales of $170,800 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29, Pronghorm collected $162,260 from customers on account. 6, On March 29, Pronghorn paid $19,970 on accounts payable. Check #457 was used. 7, On March 29, Pronghorn paid other operating expenses of $118,980. Check #458 was used 8. On March 31, Pronghorn wrote off a receivable of $240 for a customer who declared bankruptcy. 9. On March 31, Pronghorn sold for $1,980 equipment that originally cost $13,420. It had an estimated life of 5 years and salvage of $1,220. Accumulated depreciation as of December 31 Record journal entries for transactions 1-9. (Credit account titles are automatically indented when amount is Entry" for the account titles and enter O for the amounts.) Date No. Account Titles and Explanation Debit Credit 2. 43. 4. 5. 6. 47. 8. 9. To record depreciation expense) To record sale of equipment) Enter the December 31, 2016, balances in ledger accounts using T-accounts. (Post entries in the order 29640 Accounts Receivable 27330 Allowance For Doubtful Accounts 1460 Equipment 24400 Accumulated Depreciation-Equipment 18300 Land 24400 Buildings 122000 Accumulated Depreciation-Buildings 18300 Accounts Payable 15090 Common Stock 109800 Retained Earnings 64820 Post the journal entries to the ledger accounts for items 1-9. (Post entries in the order of journal entries Cash Bal 29,640 Accounts Receivable Bal 27,330 Allowance for Doubtful Accounts Bal. 1,460 Equipment Bal 24,400 Accumulated Depreciation-Equipment 18,300 Land 24,400 Buildings Bal 122,000 Accumulated Depreciation-Buildings Bal 18,300 Patents Patents Accounts Payable Bal 15,090 Unearned Service Revenue Common Stock Bal 109,800 Retained Earnings Bal Service Revenue 64,820 Other Operating Expenses Depreciation Expense Prepare an unadjusted trial balance at March 31. Pronghorn Corp Trial Balance Debit Credit Totals Prepare a bank reconciliation in good form. (List items that increase balance as per bank first Pronghorn Corp Bank Reconciliation Journalize entries related to bank reconciliation and all adjusting entries. (Credit account titles are automatically i entry "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 is required, select No. Date Account Titles and Explanation Debit Credit 1. 3/31/2017 2. 3/31/2017 3. 3/31/2017 4. 3/31/2017 5. 3/31/2017 6. 3/31/2017 7. 3/31/2017 Post entries related to bank reconciliation and all adjusting entries. (Post entries in the order Bal Feb. 1 Mar. 29 Mar. 31 Cash 29,640 Feb. 1 14,640 Mar. 1 162,260 Mar. 29 3,660 11,712 19,970 118,980 1,980 Mar. 29 Accounts Receivable 27,330 Mar. 29 170,800 Mar. 31 Bal 162,260 Mar. 28 240 Allowance for Doubtful Accounts Mar. 31 240 Bal 1,460 Equipment 24,400 Mar. 31 11,712 Bal 13,420 Feb. 1 Accumulated Depreciation-Equipment Mar. 31 10,370 Bal 18,300 Mar. 31 610 Land Bal 24,400 Building:s Bal 122,000 Accumulated Depreciation-Buildings Bal 18,300 Patents Mar. 1 11,712 Accounts Payable Mar. 29 19,970 Bal 15,090 Feb. 1 8,052 Unearned Service Revenue Feb. 1 14,640 Income Taxes Payable Common Stock Bal 109,800 109,800 Retained Earnings Bal 64,820 Patents Mar. 1 11,712 Accounts Payable Mar. 29 19,970 Bal 15,090 Feb. 1 8,052 Unearned Service Revenue Feb. 1 14,640 Income Taxes Payable Common Stock Bal 109,800 109,800 Retained Earnings Bal 64,820 Service Revenue Mar. 28 170,800 Other Operating Expenses Mar. 29 118,980 Depreciation Expense Mar. 31 610 Loss on Disposal of Plant Assets 1,070 1,070 Mar. 31 Amortization Expense Bad Debt Expense Income Tax Expense Prepare an adjusted trial balance at March 31. (Round answers to 0 decimal places, eg, 5,275.) Pronghorn Corp Adjusted Trial Balance Debit Credit