WOLLE JUUMISSION Sheffield Company's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described following the tria Debit Credit Cash $27,000 Accounts Receivable 36,500 Notes Receivable 8,200 Interest Receivable Inventory 36,300 Prepaid Insurance 3,900 Land 20,200 Buildings 156,000 Equipment 66,000 Patents 9,800 Allowance for Doubtful Accounts $600 Accumulated Depreciation-Buildings 52.000 Accumulated Depreciation Equipment 26,400 Accounts Payable 27,200 Salaries and Wages Payable Unearned Rent Revenue 6,300 Notes Payable (due in 2020) 12,000 Interest Payable Notes Payable (due after 2020) 35,000 Common Stock 38,000 Retained Earnings 70,000 Dividends 13,000 70,600 Retained Earnings Dividends Sales Revenue Interest Revenue 13,000 904,000 -0- -0- -0- -0- 634,000 Rent Revenue Gain on Disposal of Plant Assets Bad Debts Expense Cost of Goods Sold Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Rudy. Total -0- 61,200 -0- 100,000 $1,172,100 $1,172,100 Unrecorded transactions: 1. On May 1, 2020, Sheffield purchased equipment for $17,400 plus sales taxes of $800 (all paid in cash). 2. On July 1, 2020, Sheffield sold for $3,500 equipment which originally cost $5,200. Accumulated depreciation or sale of the equipment was $500. 3. On December 31, 2020, Sheffield sold on account $5,300 of inventory that cost $3,300. 4. Sheffield estimates that uncollectible accounts receivable at year-end is $3,800. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid insurance represents payment of a $3,900 6-month premium on September 1, 2020, 7. The buildings are being depreciated using the straight-line method over 30 years. The salvage value is $27,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvac CALCULATOR PRINTER VERSION U Uperang Expenses mortization Expense -alaries and Wages Expense Cotal 61,200 -0- 100,000 $1,172,100 $1,172,100 Jnrecorded transactions: 1. On May 1, 2020, Sheffield purchased equipment for $17,400 plus sales taxes of $800 (all paid in cash). 2. On July 1, 2020, Sheffield sold for $3,500 equipment which originally cost $5,200. Accumulated depreciation on this equipment at January 1, 2020, was $1,800; 2020 depreciation prior to the sale of the equipment was $500. 3. On December 31, 2020, Sheffield sold on account $5,300 of inventory that cost $3,300. 4. Sheffield estimates that uncollectible accounts receivable at year-end is $3,800. 5. The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. 6. The balance in prepaid Insurance represents payment of a $3,900 6-month premium on September 1, 2020 7. The buildings are being depreciated using the straight-line method over 30 years. The salvage value is $27,000. 8. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 9. The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,600 10. The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. 11. Unpaid salaries and wages at December 31, 2020, total $2,100. 12. The unearned rent revenue of $6,300 was received on December 1, 2020, for 3 months' rent 13. Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% interest rate. All interest is payable in the next 12 months entry (a) for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually - Account Titles and Explanation Debit Credit (To record depreciation expense.) (To record sale of equipment.) (To record sales revenue.) (To record cost of goods sold.) (To record cost of goods sold.) 10. Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS