Question 1 of 2 Grouper Corpuradjusted trial balance at December 1, 2022, is presented below Debit Credit $20.000 34 500 Accounts Receivable 9,400 Notes Receable 0 Interest Recevable Invey 35.500 4200 Precald Insurance 20.000 135.000 Building Elment 64000 9,000 Patent 5500 Allowance for Doubtful Accounts Accumulated Deprecation-Building Accumulated Depreciation Equipment Accounts Payable 45.000 25,600 26.500 o Salaries and Wapes Payable Notes Payable oue April 30 20235 Income Taxes Payable 10,100 O Interest Payable Notes Payable due in 2026 Common Stock Retained arning Dividends 31.900 46.000 20,300 12,200 Sales Reverse 964,000 o Gaimonsool of Plantes Badet Cost of Goods Sold o 653.000 be 964000 Sales Revenue 0 Interest Revenue O Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold 653.000 0 Depreciation Expense Income Tax Expense 0 D 66,000 Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total 0 107.000 $1 169.900 $1.169.900 The following transactions occurred during December Dec. 2 Purchased equipment for $15.900 plus sales taxes of $800 (pald in cash! 2 Grouper sold for $3,600 equipment which originally cost $4600 Accumulated depreciation on this equipm January 1 2022 was $2.000: 2022 depreciation prior to the sale of equipment was 5775. Grouper sold for $5.500 on account inventory that cost $3.700 Salaries and wages of $6,800 were paid for December 15 23 Adjustment data 1 2 3 4 Grouper estimates that uncollectible accounts receivable at year-end are $4.300 The note receivables a 1-year note dated April 1.2022. No interest has been recorded. The balance in prepaid insurance represents payment of a $4200, 6-month premium on September 1 2022 The building is being depreciated using the straight-line method over 30 years. The salvage value is $27.000 The equipment owned prior to this year is being deprecated using the straight-line method over 5 years. The salv 10% of cost The equipment purchased on December 2, 2022 is being depreciated using the straight-line method over 5 years, salvage value of 51.700 5 6 7. The patent was acquired on January 1.2022, and has a useful life of years from that date Mind Amortization Expense 107.000 Salaries and Wages Expense $1.169,900 $1,169.900 Total The following transactions occurred during December. Dec. 2 2 Purchased equipment for $15.900, plus sales taxes of $300 (paid in cash). Grouper sold for $3,600 equipment which originally cost $4,600. Accumulated depreciation on this equipment at January 1, 2022 was $2.000, 2022 depreciation prior to the sale of equipment was $775. Grouper sold for $5.500 on account inventory that cost $3.700. Salaries and wages of $6,800 were paid for December 15 23 1 3 4 Adjustment data: Grouper estimates that uncollectible accounts receivable at year-end are $4,300 2 The note receivable is a 1-year, 8% note dated April 1, 2022 No interest has been recorded The balance in prepaid insurance represents payment of a $4,200, 6-month premium on September 1 2022 The building is being depreciated using the straight-line method over 30 years. The salvage value is $27.000. 5. The equipment owned prior to this year is being depreciated using 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 $1,700 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 $2,300, 9. 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. 10 Income tax expense was $14.000. It was unpaid at December 31 6. 7 8 0. Question 1 of 2 Cre Debit Record ums/entries in the order presented in the problem Account Titles and Explanation 16700 Date Eq De Cash bee To record depreciation pense on equipment To record sale of equipment Dec 13 To record sales revenue) 100 DONO DO 11 dbdbdIn To record cost of goods sold) De Dec s 1 Dec 23 HOME 1 Dec 31 3