Prepare an adjusted trial balance at December 31, 2022.

Question 1 of 1 Martinez Corp's unadjusted trial balance at December 1, 2022, is pres Debit Credit Cash $29.920 Accounts Receivable 50,048 Notes Receivable 13,600 Interest Receivable 0 Inventory 49,232 Prepaid Insurance 4,896 Land 27.200 Buildings 204,000 Equipment 81,600 Patent 12.240 Allowance for Doubtful Accounts $680 Accumulated Depreciation- Buildings 68,000 32,640 37.128 Accumulated Depreciation- Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2023) 0 14,960 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2028) 47,600 Common Stock 68,000 68,000 Common Stock Retained Earnings Dividends 86,496 16,320 Sales Revenue 1,224,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 856,800 0 0 0 Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense 0 84,048 0 149,600 Total $1,579,504 $1,579,504 The following transactions occurred during December Dec 2 Purchased equipment for $21,760, plus sales taxes of $1,088 (paid in cash). 2 Martinez sold for $4,760 equipment which originally cost $6,800. Accumulated depreciation on this equipment at January 1,2022, was $2.448; 2022 depreciation prior to the sale of equipment was $1,122 Martinez sold for $6,800 on account inventory that cost $4,760. Salaries and wages of $8,976 were paid. 15 23 Salaries and wages or 58,770 were paid. Adjustment data: 1 2 3. 4 5. 5. 6. Martinez estimates that uncollectible accounts receivable at year-end are $5,440. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $4,896, 6-month premium on September 1, 2022. The building is being depreciated using the straight-line method over 30 years. The salvage value is $40,800 The equipment owned prior to this year is being depreciated usiris 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 $2,448. 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 $2,992. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months Income tax expense was $20,400. It was unpaid at December 31 7 8. 9 10 ite Account Titles and Explanation Debit Credit 2 Equipment 22848 Cash 22848 Depreciation Expense 1122 Accumulated Depreciation Equipment 1522 (To record depreciation expense on equipment.) Cash 4760 Accumulated Depreciation Equipment 3570 Equipment 6800 DET Gain on Disposal of Plant Assets 1530 (To record sale of equipment.) Accounts Recelvable 15 6800 Sales Revenue 6800 (To record sales revenue.) Cost of Goods Sold 4760 Inventory 4760 (To record cost of goods sold.) 23 Salaries and Wages Expense 8976 Cash 8976 1 31 4760 Bad Debt Expense Allowance for Doubtful Accounts 4760 31 V 1. Bad Debt Expense 4760 Allowance for Doubtful Accounts 4760 2. Interest Receivable 816 Interest Revenue 816 3. Insurance Expense 3264 Prepaid Insurance 3264 4. Depreciation Expense 5440 Accumulated Depreciation-Buildings 5440 5. Depreciation Expense 13464 Accumulated Depreciation Equipment 13464 6. Depreciation Expense 340 Accumulated Depreciation Equipment 340 7. Amortization Expense 1360 Patents 1360 8. Salaries and Wages Expense 2992 Salaries and Wages Payable 2992 9. Interest Expense 6256 Interest Payable 6256 10. Income Tax Expense 20400 Income Taxes Payable 20400 MARTINEZ CORP. Adjusted Trial Balance December 31, 2022 Debit Credit Bad Debt Expense 4760 $ Allowance for Doubtful Accounts 4760 Interest Receivable 816 Interest Revenue 816 Insurance Expense 3264 Prepaid Insurance 3264 Depreciation Expense 5440 Accumulated Depreciation Equipment 5440 AUTORITATEA Gain on Disposal of Plant Assets 1530 Sales Revenue 6800 Amortization Expense 1360 Patents 1360 Salaries and Wages Expense 2992 Salaries and Wages Payable 2992 Interest Expense 6256 Interest Payable 6256 Income Tax Expense 20400 Income Tax Expense 20400 Income Taxes Payable 20400 Accounts Payable 37128 Accounts Receivable 6800 Cash 4760 100001 Equipment 22848 Cost of Goods Sold 4760 Inventory 4760 NOOOOO Todddddd!!! Totals