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This is all the info I was given for the problem. Concord Corporation prepares quarterly financial statements. The post-closing trial balance at...

This is all the info I was given for the problem...

Concord Corporation prepares quarterly financial statements. The post-closing trial balance at December 31, 2016, is presented below.


Post-Closing Trial Balance

December 31, 2016

Debt Credit

Cash $26,250

Accounts Receivable 24,190

Allowance for Doubtful Accounts $1,300

Equipment 21,600

Accumulated Depreciation - Equipment 16,200

Buildings 108,000

Accumulated Depreciation - Buildings 16,200

Land 21,600

Accounts Payable 13,360

Common Stock 97,200

Retained Earnings 57,380


$201,640 $201,640

During the first quarter of 2017, the following transactions occurred:

1.On February 1, Concord collected fees of $12,960 in advance. The company will perform $1,080 of services each month from February 1, 2017, to January 31, 2018.

2.On February 1, Concord purchased computer equipment for $9,720 plus sales taxes of $648. $3,240 cash was paid with the rest on account. Check #455 was used.

3.On March 1, Concord acquired a patent with a 10-year life for $10,368 cash. Check #456 was used.

4.On March 28, Concord recorded the quarter's sales in a single entry. During this period, Concord had total sales of $151,200 (not including the sales referred to in item 1 above). All of the sales were on account.

5.On March 29, Concord collected $143,640 from customers on account.

6.On March 29, Concord paid $17,680 on accounts payable. Check #457 was used.

7.On March 29, Concord paid other operating expenses of $105,330. Check #458 was used.

8.On March 31, Concord wrote off a receivable of $220 for a customer who declared bankruptcy.

9.On March 31, Concord sold for $1,750 equipment that originally cost $11,880. It had an estimated life of 5 years and salvage of $1,080. Accumulated depreciation as of December 31, 2016, was $8,640 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.)

Bank reconciliation data and adjustment data:

1.The company reconciles its bank statement every quarter. Information from the December 31, 2016, bank reconciliation is:

Deposits in transit: 12/30/16 $5,400

Outstanding checks #440 3,720

#452 360

#453 930

#454 6,310

The bank statement received for the quarter ended March 31, 2017, is as follows:

Beginning balance per bank $32,170

Deposits: 1/2/2017, $5,400; 2/2/2017, $12,960; 3/30/2017, $143,640 162,000

Checks: #452, $360; #453, $930; #457, $17,680; #458, $105,330 (124,300)

Debit memo: Bank service charge (record as operating expense) (100)


Ending bank balance $69,770

2.Record revenue earned from item 1 above.

3.$28,080 of accounts receivable at March 31, 2017, are not past due yet. The bad debt percentage for these is 4%. The balance of accounts receivable are past due. The bad debt percentage for these is 23.75%. Record bad debt expense. (Hint: You will need to compute the balance in accounts receivable before calculating this.)

4.Depreciation is recorded on the equipment still owned at March 31, 2017. The new equipment purchased in February is being depreciated on a straight-line basis over 5 years and salvage value was estimated at $1,300. The old equipment still owned is being depreciated over a 10-year life using straight-line with no salvage value.

5.Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $10,800.

6.Amortization is recorded on the patent.

7.The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)


GIVEN ALL THIS INFO (sorry it's a lot), I have to "record journal entries for transactions 1-9" and then for 1-7. Any help would be so great. Thank you!!

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