Sarasota Corp prepares quarterly financial statements. The post-dosing trial balance at December 31, 2021, is presented below. SARASOTA CORP Post-Closing Trial Balance December 31, 2021 Credit Cash Debit $23.200 22.200 $1,400 22.000 Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation Equipment Buildings Accumulated Depreciation-Buildings 13000 109.000 13,000 land 20.000 Accounts Payable Common Stock 12.060 87.000 69,940 $196,400 $196,400 Retained Earnings During the first quarter of 2022. the following transactions occurred On February 1 Sorota collected fees of $15.600 in advance. The company will perform $1300 of services each month from February 1 2022. to January 31, 2018 2 On February 1 Sarasota purchased computer equipment for $8.325 plus sales taxes of $675. $2.775 cash was paid with the rest on account Check 455 was used 3. On March 1. Sarasota acquired a patent with a 10-year life for $9.000 cash. Check 456 was used 4. On March 28. Sarasota recorded the quarter's sales in a single entry. During this period, Sarasota had total sales of $180.000 not including the sales referred to in item 1 abovel. All of the sales were on account 5. On March 29. Sarasota collected $173,000 from customers on account 6. On March 29. Sarasota paid $16,060 on accounts payable. Check #457 was used 7. On March 29, Sarasota paid other operating expenses of $96.500. Check 1458 was used. 8. On March 31. Sarasota wrote off a receivable of $100 for a customer who declared bankruptcy 9. On March 31. Sarasota sold for $1.980 equipment that originally cost $13.000. It had an estimated life of years and savage of 51.000 Accumulated depreciations of December 31, 2021. was 59.600 using the stra n e method On Record depreciation on the ment sold, then record the Bank reconciliation data and b ent dat 1 The company reconciles its bank statement every quarter. Information from the December 31, 2021, bank reconciliation Deposit in transit: Outstanding checks 12/30/2021 $4,000 440 1.300 1452 2453 #454 5,845 The bank statement received for the quarter ended March 31, 2022, is as follows: Beginning balance perbank $29,645 Deposits: 1/2/2022. 54.000, 2/2/2022, $15,600; 3/30/2022, 5173,000 192,600 Checks #452.5400, 450, 500, 457.516.060,8458596,500 (113.860 Debit memo: Bank serviceTharge records operating expense) (1000 Ending bank balance $ 108,285 2. Record revenue ewned from item 1 above 3. $26.000 of accounts receivable at March 31, 2022. Mene 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 24.00. 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 deprecated on a straight-line basis over 5 years and salvage value w 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. Mint Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount) Your Antwer Correct Answer Used) u te e automatically indeed when amount in minden m e t e e n Record journal entries for transactions 1-9. C en for the amount Date No. Account Tries and Explanation Enter the December 31, 2021, balances in ledper accounts using T-accounts. (Post entries in the order displayed in the problem statement Cash I Accounts Receivable Allowance For Doubtful Accounts 0 Equipment 1 Accumulated Depreciation-Equipment Land Buildings Accumulated Depreciation-Buildings Accounts Payable Common Stock Retained Earnings Record journal entries for transactions 1-9. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the ac Debit Credit Date February 14 No. Account Titles and Explanation 1. Cash | 15,600 Uneared Service Revenue 15,600 February 14 Equipment Cash 2.775 Accounts Payable 6225 March 1 3 . Patents 9,000 Cash 9,000 March 28 4. Accounts Receivable 180,000 Service Revenue 180,000 March 294 5. Cash 173.000 Accounts Receivable 173.000 March 29 6. Accounts Payable 16060 Cash 16,060 March 29 7. Other Operating Expenses 96 500 Cash 96,500 March 31. 8. Allowance for Doubtful Accounts Accounts Receivable March 31 9. Depreciation Expense Accumulated Depreciation Equipment (To record depredation expense) Cash 1.980 Accumulated Depreciation Equipment 10,200 Loss on Disposal of Plant Assets 820 Equipment (To record sale of equipment)