Answer Happy

Ivanhos Company's unadjusted trial balance at December 31, 2022, is presented below Debit Credit Cash $27.000 35.000 Accounts Recalvable Notas Receivable 8,000 Interest Receivable 0 Inventory 36,500 Prepaid Insurance 4.200 Land 20.200 Building 125.900 Equipment 0.100 Patents 10.600 Allowance for Doubtful Accounts $500 Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable 45,300 24,040 27,200 Salaries and Wages Payable 0 Uncarnad Rent Revenue 2.100 Notes Payabia due for 30, 2023 12.000 Interest Payable Notes Payable (dus in 2028 35,000 Owner's Capital 102,960 14,500 Owner's Drawings Sales Revenus 905,000 Interest Revenue 0 Rent Revenue 0 Gain on Disposal of Plant Assets 0 0 635,000 0 0 Bad Debts Expense Cost of Goods Solo Depreciation Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wagas Expense 61,100 0 106,000 Total $1,154,100 $1,154,100
Unrecorded transactions: 1. On May 1 2022, Ivanhoe purchased equipment for $17,800 plus sales taxes of $1,800 all paid in cash. 2 3. 4. 5. 6. On July 1, 2022. Ivanhoe sale for $3,600 equipment which originally cost 35.100. Accumulated depreciation on this equipment at January 1, 2022, was $1.900:2022 depreciation prior to the sale of the equipment was $500 On December 31, 2022, Ivanhoe sale on account $5,000 of inventory that cost $3,300 Ivanhoe estimates that uncollectible accounts receivable atyear-end are 33.800. The not receivable is a 1-year, note dated April 1, 2022. No interest has been recorded. The balance in prepaid insurance represants payment of : 54200 6-month premium on September 1, 2022. The building is being depreciated using the straight-ins method over 30 years. The savage value is $32,000. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value 10of cost. The equipment purchased on May 1, 2022 is being depreciated using the straight-line method over 5 years, with a salvage value of $2.900 7. a. 9. 10. The patent was acquired on January 1, 2022, and has a useful life of 10 years from that date. 11. 12. Unpaid salaries and wages at December 21, 2022, total $2,100. The unearned rent revenue of $2,100 was received on December 1, 2022, for 3 months rent. Both the short-term and long-term nistes payable are dated January 1, 2022 and carry a 99 interest rate All interest is payable in the next 12 months. 13. la Your Answer Correct Answer (Used Prepare journal entries for the transactions listed above and adjusting entries. (List all debit entries before credit 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 title and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. Equipment 19.500 Can 19,500 2. Depreciation Expende SOC Accumuld Deprecion-Euromant SOO (To record depreciation expense.) Cea 3.600 Accmid Deprecio-Ecu mere 2.400 Equipment 5100 Canan Olapeal of Plants SOC (To record sale of equipment.)
1. Accounts Receivable 5.000 Selesers 5.000 (To record sales revenue.) Cast of Goods Sold 3300 Inventory 3.300 (To record cost of goods sold.) 4. Bed Det Expre 3.300 Allowance for Doubtful Accounta 3.300 5. nearest Receivable 480 Interest Revenue 480 6. Insurans Ep 2,800 2.800 7. Deprecation.com 3.430 Accumulated Depreciation-Budine 3430 a. Depreciation Exper 9,900 Accumules Depreciation-soulmart 9.900 9. Depreciation Dens 2.240 Accumuld Depreciation Equipment 2.240 10. Amortization Expono 1.060 Patente 1060 11 Salaries and Wege Exor 2100 Salaries and Wages Payable 2.100 12 Umeered Rent Revenue 700 Ra Raven 700 13. Interest Expense 4230 Interest Payel 4290
(b) Prepare an adjusted trial balance at December 31, 2022. Combine the amounts of current and non-current portion of Notes Payable Do not record separately IVANHOE COMPANY Trial Balance
Debit Credit $ Tota