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). A 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 16,500 Sales 16,500 Cost of Goods sold 5,500 Inventory S1500 B 2. The company issued 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. Dr Interest Receivable eincble 1,200 Interest Revenue 1,200 (3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017. Bad Debts 1600 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 Debts I Allowance for Doubtful Accounts Dr E 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). c. 6. Record the retirement of the equipment (from #5) including the gain or loss. ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L art 1b: Post the adjusting journal entries to t-accounts: (Specific instructions: Above each T-account, write the account name of each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1)...the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.) TTT TTT ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L art 1c: Prepare the Adjusted Trial Balance (i.e., use ending balances after he previous journal entries are posted) Credit December 31, 2017 Adjusted Trial balance Debit 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