Wildhorse Corporation's Balance Sheet at December 31, 2021, is presented as follows.

prepare the adjusted entries, followed by the adjusted trial balance

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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 Debit Credit 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 49,200 48,000 1,200 22,500 10,000 12,500 317,000 317,000 35,200 35,200 5. Cash Accounts Receivable 6. Supplies Accounts Payable 7. Accounts Payable Cash 8. Treasury Stock Cash 9. Other Operating Expenses Cash 269,100 269,100 34,000 34,000 30,100 30,100 12,500 12,500 175,200 175,200 10. Cash Dividends 13,320 Dividends Payable 11. Allowance for Doubtful Accounts 1,900 Accounts Receivable Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indel manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journ entries in the order presented in the problem.)