1. On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of...

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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 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. 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017. 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. Unadjusted Trial balance Cash 42,000 Accounts Receivable 24,000 Allowance for Doubtful Accounts 1,000 Short Term Note Receivable 50,000 Interest Receivable Supplies Prepaid Insurance Inventory 5,000 48,000 12,000 Vehicle 16,000 75,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue 42,000 12,000 14,000 2,000 Wages Payable Long-Term Notes Payable 45,000 Common Stock 106,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 503,000 Sales Returns & Allowances 7,000 Sales Discounts 3,000 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 46,000 5,000 16,000 98,000 25,000 195,000 16,000 6,500 36,000 727,500 Total 727,500 (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.) 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 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. 3. Uncollectable Accounts Receivables of $1,600 need to be written off for the year ended 2017. 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. Unadjusted Trial balance Cash 42,000 Accounts Receivable 24,000 Allowance for Doubtful Accounts 1,000 Short Term Note Receivable 50,000 Interest Receivable Supplies Prepaid Insurance Inventory 5,000 48,000 12,000 Vehicle 16,000 75,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue 42,000 12,000 14,000 2,000 Wages Payable Long-Term Notes Payable 45,000 Common Stock 106,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 503,000 Sales Returns & Allowances 7,000 Sales Discounts 3,000 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 46,000 5,000 16,000 98,000 25,000 195,000 16,000 6,500 36,000 727,500 Total 727,500 (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.)