View Policies Current Attempt in Progress Flint Corporation's unadjusted trial balance at December 1, 2022, is presented below. Debit Credit Cash $39,600 Accounts Receivable 66,240 Notes Receivable 18,000 Interest Receivable 0 Inventory 65,160 Prepaid Insurance 6,480 Land 36,000 Buildings 270,000 Equipment 108,000 Patent 16,200 Allowance for Doubtful Accounts O $900 amazon DE 82 0 Allowance for Doubtful Accounts $900 Accumulated Depreciation- Buildings 90.000 Accumulated Depreciation- Equipment 43.200 Accounts Payable 49.140 Salaries and Wages Payable 0 Notes Payable (due April 30, 2023) 19.800 Income Taxes Payable O Interest Payable O Notes Payable (due in 2028) 63,000 Common Stock 90,000 Retained Earnings 114,480 Dividends 21,600 amazon 82 Retained Earnings 114.480 Dividends 21.600 Sales Revenue 1,620,000 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense o Cost of Goods Sold 1,134,000 Depreciation Expense Income Tax Expense O 0 0 0 0 Insurance Expense O Interest Expense Other Operating Expenses 111,240 Amortization Expense Salaries and Wages Expense 198,000 Total $2090 520 $2090.520 @ amazon 82 $2,090,520 $2,090,520 The following transactions occurred during December. Dec. 2 Purchased equipment for $28,800, plus sales taxes of $1,440 (paid in cash). 2 Flint sold for $6,300 equipment which originally cost $9.000. Accumulated depreciation on this equipment at January 1, 2022, was $3,240; 2022 depreciation prior to the sale of equipment was $1,485. 15 Flint sold for $9,000 on account inventory that cost $6,300. 23 Salaries and wages of $11,880 were paid. Adjustment data: 1. Flint estimates that uncollectible accounts receivable at year-end are $7,200. 2. The note receivable is a one-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $6,480, 6-month premium on September 1, 2022 FA amazon w 5507 -Year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $6,480, 6-month premium on September 1, 2022. 4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $54,000. 5. 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. 6. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $3,240. 7. The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2022, total $3,960. 9. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. Alhinterest is payable in the next 12 months. 10 Income tax expense was $27,000. It was unpaid at December 31. (a) (a) ) Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation w (To record depreciation expense on equipment.) w 55F Bro0 P GO HE FLINT CORPORATION Adjusted Trial Balance Debit Credit $ Type here to search O i 82 $ M Income Statement $ Plepaled 2022 elde edings Sdlement. (LIST items that increase retained earnings first.) FLINT CORPORATION Retained Earnings Statement V $