Wildhorse corporation balance sheet at December 31, 2021, is presented as follows.

prepare a journal

Wildhorse Corporation's balance sheet at December 31, 2021, is presented as follows. During 2022, the following transactions occurred. 1. On January 1,2022 , Wildhorse issued 1,200 shares of $40 par, 7% preferred stock for $49,200. 2. On January 1,2022 , Wildhorse also issued 1,000 shares of the $10 par value common stock for $22,500. 3. Wildhorse performed services for $317,000 on account. 4. On April 1, 2022, Wildhorse collected fees of $35,200 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Wildhorse collected $269,100 from customers on account. 6. Wildhorse bought $34,000 of supplies on account. 7. Wildhorse paid $30,100 on accounts payable. 8. Wildhorse reacquired 500 shares of its common stock on June 1,2022 , for $25 per share. 9. Paid other operating expenses of $175,200. 10. On December 31, 2022, Wildhorse declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $1,900 which originated in 2021 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $6,500 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3,800 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30 -year life and a salvage value of $10,800. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before income taxes and multiply by 30% to compute the amount.) No. Account Titles and Explanation 1. Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 2. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock 3. Accounts Receivable Service Revenue 4. Cash Unearned Service Revenue 5. Cash Accounts Receivable Debit Credit 49200 48000 1200 22500 10000 12500 317000 317000 35200 35200 269100 269100 6. Supplies 34000 Accounts Payable 34000 7. Accounts Payable 30100 Cash 30100 8. Treasury Stock 12500 Cash 12500 9. Other Operating Expenses 175200 Cash 175200 175200 10. 11. \begin{tabular}{l} Allowance for Doubtful Accounts \\ \hline Accounts Receivable \\ \hline \end{tabular} 1900 1900