will someone please check if I did my adjusting journal entries right?
45,000 30,000 1000 80,000 5,000 40,000 12,000 16,000 75,000 42,000 18,000 18,000 7,000 65,000 106,000 2,500 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Interest Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Delivery Expense Depreciation Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total 3,000 511,000 7,000 3,000 45,500 2,000 16,000 98,000 40,000 195,000 15,500 0 0 6,500 36,000 770,500 770,500 Part 1a: Prepare adjusting journal entries using the unadjusted trial balance on the previous page and the information provided below. Use only the account names provided on the previous page (do not create any new account names). 1. On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30 Accounts Receivable $16 600 Sales Revenue 1$10,000 Cost of Goods sold 85,500 $5.500 Inventory 2. The company received a 6 month, 12% interest note short-term note for the amount listed on the unadjusted trial balance on Oct. 1. 2017. All interest and principal will be paid back at the end of the 6 months. Write the adjusting journal entry required for its financial statements as of Dec. 31, 2017 Interest Receivable $2.400 Interest Revenue |$2,400 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017 Allowance for Doubtful Accounts $1.600 Accounts Receivable $1,600 4. Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjustment based on this information. Hint: Use the AFDA balance AFTER the above write off during 2017. Use an AFDA T-account! Bad Debt Expense |$2,400 Allowance for Doubtful Accounts $2.000 5. A piece of equipment was retired on Dec 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1. 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec. 31, 2017. Update the depreciation below (#5). Then record the retirement (#6). nepreciation Expense |$3.000 Accumulated bepreciation $3.000 6. Record the retirement of the equipment (from #5) including the gain or loss. Accumulated Depreciation $27.000 Loss on disposal $7.000 Fabipment $34.000
