Yao: Attempt 1 Charlie, Inc. December 31, 2017 Unadjusted Trial balance Cash 50,000 Accounts Receivable 30,000 Allowance for Doubtful Accounts 500 Short Term Note Receivable 60,000 Interest Receivable 0 Supplies 5,000 Prepaid Insurance 48,000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation 42,000 Accounts Payable 18,000 Unearned Revenue 14,000 Wages Payable 2,000 Long-Term Notes Payable 70,000 Common Stock 106,000 Retained Earnings (1/1/2017) Ac 2,500 Dividends 2,000 Go Sales 511,000 en Yao: Attempt 1 Long-Term Notes Payable 70,000 Common Stock 106,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 511,000 Sales Returns & Allowances 7,000 Sales Discounts 3,000 Cost of Goods Sod 46,000 Delivery Expense 5,000 Depreciation Expense 16,000 Bad Debt Expense 0 Rent Expense 98,000 Insurance Expense 40,000 Wages Expense 195,000 Supplies Expense 15,500 Interest Revenue Loss on Disposal Interest Expense Income Tax Expense Total 0 0 6,500 36,000 766,000 766,000 On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of X2 A A A 4 1 2 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. 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. 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017. 4. Management estimates that of the remaining accounte 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! 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). 6. Record the retirement of the equipment (from #5) including the gain or loss. I ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L 2