Record the following adjusting entries in general journal form as of December 31, 2020: 1. Supplies on hand at the end of the year: $700 2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 8 year life, no salvage value and company uses double-declining balance method for its depreciation. 3. Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued at $50,000 which was purchased on 1/1/17. The new truck has a 9-year life, no salvage value and the company uses the sum-of-the-years digits for its depreciation method on this asset. 4. Don't forget to depreciate the new equipment! 5. The patent was purchased on 1/1/2013 for $100,000 and its useful life is 20 years. 6. $40,600 was paid on October 1, 2020 for six months rent. 7. On February 1, 2020, paid $38,500 for a 12-month insurance policy. 8. Declared dividends of $30,000 on December 31 9. The fair market value of the securities (classified as trading) is $17,000. 10.3% of Accounts Receivable is estimated to be uncollectible. Company uses the allowance method for estimating its uncollectible accounts. 11. Accrued salaries expense of $6,000 and recorded Payroll tax expense on account of $2300. 12. Had issued $300,000 of 6%, 10-year bond, dated 1/1/18 for $323,383 when the market rate was 5%. Interest is paid on June 30 and January 1 using the effective interest rate method. The June payment is included in the Dec. 1 TB.(Additional credit awarded if amortization table is included) 13. One month has passed since the issuance of restricted stock. 14. Interest on 30 days of note payable, dated 12/1/20 should be accrued. (Assume 360 days in a year for calculation) 15. Accrued interest of 7% on long-term note payable of $175,000. 16. Income tax rate is 21% Additional Information: During 2020, the following additional transactions occurred: (Hint: these are already included in 12/1/20 TB, but may be needed for the Statement of Cash Flows) 1. Issued 5,000 shares of common stock, $1 par, for $40,000 on June 1, 2020. 2. Some equipment was sold (original cost $10,000, book value $6,000) for $3,000 (do not consider in your #2 AJE above) 3. All amortization and depreciation is recorded once a year on December 31. DR 707,685 788 501 Arst 100 101 102 103 104 105 106 907 125 126 927 128 130 175 18.000 110000 40.600 38.500 3.600 150.000 32719 56.500 35.000 65.000 368,300 78,000 17 000 28.417 202 203 204 205 206 207 20B 221 225 226 301 302 304 305 306 310 401 500 800 601 602 Cascade Trifort, Inc. Trial Balance December 1, 2020 Description Cash Accounts Receivable Allowance for Doubtful Accounts Trading Securities Inventory Preesid Rent Prepaid Insurance Supplies Equipment Acumulated Depreciation Eement Trud Accumulated Depreciation Truck Land Patents Accounts Payable Salaries Payable Utilities Payable Payroll Taxes Payable interest Payable Dividends Payable Income Tax Payable Note Payable short term Note Payable-long term Bond Payable Premium on Bond Payable Common Stock. $1 par, 35,000 stares APC Common Stock Unearned Compensation Treasury Stock APC Treasury Stock Retained Earnings Sales Cost of Goods Sold Compensation Expense Salaries Expense Rent Expense Bad Dept Expense Payroll Tax Expense Advertising Expense Insurance Expense Supplies Expense Depreciation Expense Amortization Expense Utilities Expense Miscellaneous Expenses interest Expense Income Tax Expense Realized Gains Losses Unrealized Gains Losses 19,585 71,640 175.000 300,000 18.572 45.000 158.000 242.000 653,000 175.000 42.000 23000 15.000 7,000 605 606 607 508 509 610 611 612 614 615 617 620 Totals 17.00 3.300 7,990 6000 2.303,675 2.303,675 Record the following adjusting entries in general journal form as of December 31, 2020: 1. Supplies on hand at the end of the year: $700 2. Equipment shown on the 12/1 TB was purchased on 1/1/17, has a 8 year life, no salvage value and company uses double-declining balance method for its depreciation. 3. Included in the truck balance is a fully depreciated truck for $6,500 and a new truck valued at $50,000 which was purchased on 1/1/17. The new truck has a 9-year life, no salvage value and the company uses the sum-of-the-years digits for its depreciation method on this asset. 4. Don't forget to depreciate the new equipment! 5. The patent was purchased on 1/1/2013 for $100,000 and its useful life is 20 years. 6. $40,600 was paid on October 1, 2020 for six months rent. 7. On February 1, 2020, paid $38,500 for a 12-month insurance policy. 8. Declared dividends of $30,000 on December 31 9. The fair market value of the securities (classified as trading) is $17,000. 10.3% of Accounts Receivable is estimated to be uncollectible. Company uses the allowance method for estimating its uncollectible accounts. 11. Accrued salaries expense of $6,000 and recorded Payroll tax expense on account of $2300. 12. Had issued $300,000 of 6%, 10-year bond, dated 1/1/18 for $323,383 when the market rate was 5%. Interest is paid on June 30 and January 1 using the effective interest rate method. The June payment is included in the Dec. 1 TB.(Additional credit awarded if amortization table is included) 13. One month has passed since the issuance of restricted stock. 14. Interest on 30 days of note payable, dated 12/1/20 should be accrued. (Assume 360 days in a year for calculation) 15. Accrued interest of 7% on long-term note payable of $175,000. 16. Income tax rate is 21% Additional Information: During 2020, the following additional transactions occurred: (Hint: these are already included in 12/1/20 TB, but may be needed for the Statement of Cash Flows) 1. Issued 5,000 shares of common stock, $1 par, for $40,000 on June 1, 2020. 2. Some equipment was sold (original cost $10,000, book value $6,000) for $3,000 (do not consider in your #2 AJE above) 3. All amortization and depreciation is recorded once a year on December 31. DR 707,685 788 501 Arst 100 101 102 103 104 105 106 907 125 126 927 128 130 175 18.000 110000 40.600 38.500 3.600 150.000 32719 56.500 35.000 65.000 368,300 78,000 17 000 28.417 202 203 204 205 206 207 20B 221 225 226 301 302 304 305 306 310 401 500 800 601 602 Cascade Trifort, Inc. Trial Balance December 1, 2020 Description Cash Accounts Receivable Allowance for Doubtful Accounts Trading Securities Inventory Preesid Rent Prepaid Insurance Supplies Equipment Acumulated Depreciation Eement Trud Accumulated Depreciation Truck Land Patents Accounts Payable Salaries Payable Utilities Payable Payroll Taxes Payable interest Payable Dividends Payable Income Tax Payable Note Payable short term Note Payable-long term Bond Payable Premium on Bond Payable Common Stock. $1 par, 35,000 stares APC Common Stock Unearned Compensation Treasury Stock APC Treasury Stock Retained Earnings Sales Cost of Goods Sold Compensation Expense Salaries Expense Rent Expense Bad Dept Expense Payroll Tax Expense Advertising Expense Insurance Expense Supplies Expense Depreciation Expense Amortization Expense Utilities Expense Miscellaneous Expenses interest Expense Income Tax Expense Realized Gains Losses Unrealized Gains Losses 19,585 71,640 175.000 300,000 18.572 45.000 158.000 242.000 653,000 175.000 42.000 23000 15.000 7,000 605 606 607 508 509 610 611 612 614 615 617 620 Totals 17.00 3.300 7,990 6000 2.303,675 2.303,675