Bridgeport Corp.’s unadjusted trial balance at December 1, 2017, is presented below. Debit CreditCash$26,900 Accounts Receivable35,500 Notes Receivable9,500 Interest Receivable0 Inventory36,170 Prepaid Insurance3,900 Land21,500 Buildings163,800 Equipment60,000 Patent9,810 Allowance for Doubtful Accounts $600Accumulated Depreciation—Buildings 54,600Accumulated Depreciation—Equipment 24,000Accounts Payable 27,200Salaries and Wages Payable 0Notes Payable (due April 30, 2018) 11,900Income Taxes Payable 0Interest Payable 0Notes Payable (due in 2023) 35,900Common Stock 51,600Retained Earnings 69,080Dividends13,500 Sales Revenue 911,500Interest Revenue 0Gain on Disposal of Plant Assets 0Bad Debt Expense0 Cost of Goods Sold635,000 Depreciation Expense0 Income Tax Expense0 Insurance Expense0 Interest Expense0 Other Operating Expenses61,800 Amortization Expense0 Salaries and Wages Expense109,000 Total$1,186,380 $1,186,380The following transactions occurred during December.Dec. 2 Purchased equipment for $15,600, plus sales taxes of $1,800 (paid in cash).2 Bridgeport sold for $3,550 equipment which originally cost $4,900. Accumulated depreciation on this equipment at January 1, 2017, was $1,950; 2017 depreciation prior to the sale of equipment was $400.15 Bridgeport sold for $5,250 on account inventory that cost $3,470.23 Salaries and wages of $6,420 were paid.Adjustment data:1. Bridgeport estimates that uncollectible accounts receivable at year-end are $4,020.2. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded.3. The balance in prepaid insurance represents payment of a $3,900, 6-month premium on September 1, 2017.4. The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000.5. 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, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,160.7. The patent was acquired on January 1, 2017, and has a useful life of 9 years from that date.8. Unpaid salaries at December 31, 2017, total $2,080.9. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 10% interest rate. All interest is payable in the next 12 months.10 Income tax expense was $14,400. It was unpaid at December 31.Prepare an adjusted trial balance at December 31, 2017.BRIDGEPORT CORP.Adjusted Trial Balance DebitCredit $ $ Totals$ $

Solution: The journal entries are prepared to keep the record of day to day transactions of the…

Answered: Bridgeport Corp.’s unadjusted trial…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

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Bridgeport Corp.’s unadjusted trial balance at December 1, 2017, is presented below.

	Debit	Credit
Cash	$26,900
Accounts Receivable	35,500
Notes Receivable	9,500
Interest Receivable	0
Inventory	36,170
Prepaid Insurance	3,900
Land	21,500
Buildings	163,800
Equipment	60,000
Patent	9,810
Allowance for Doubtful Accounts		$600
Accumulated Depreciation—Buildings		54,600
Accumulated Depreciation—Equipment		24,000
Accounts Payable		27,200
Salaries and Wages Payable		0
Notes Payable (due April 30, 2018)		11,900
Income Taxes Payable		0
Interest Payable		0
Notes Payable (due in 2023)		35,900
Common Stock		51,600
Retained Earnings		69,080
Dividends	13,500
Sales Revenue		911,500
Interest Revenue		0
Gain on Disposal of Plant Assets		0
Bad Debt Expense	0
Cost of Goods Sold	635,000
Depreciation Expense	0
Income Tax Expense	0
Insurance Expense	0
Interest Expense	0
Other Operating Expenses	61,800
Amortization Expense	0
Salaries and Wages Expense	109,000
Total	$1,186,380	$1,186,380

The following transactions occurred during December.

Dec. 2		Purchased equipment for $15,600, plus sales taxes of $1,800 (paid in cash).
2		Bridgeport sold for $3,550 equipment which originally cost $4,900. Accumulated depreciation on this equipment at January 1, 2017, was $1,950; 2017 depreciation prior to the sale of equipment was $400.
15		Bridgeport sold for $5,250 on account inventory that cost $3,470.
23		Salaries and wages of $6,420 were paid.

Adjustment data:

1.		Bridgeport estimates that uncollectible accounts receivable at year-end are $4,020.
2.		The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded.
3.		The balance in prepaid insurance represents payment of a $3,900, 6-month premium on September 1, 2017.
4.		The building is being depreciated using the straight-line method over 30 years. The salvage value is $33,000.
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, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,160.
7.		The patent was acquired on January 1, 2017, and has a useful life of 9 years from that date.
8.		Unpaid salaries at December 31, 2017, total $2,080.
9.		Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 10% interest rate. All interest is payable in the next 12 months.
10		Income tax expense was $14,400. It was unpaid at December 31.

Prepare an adjusted trial balance at December 31, 2017.

BRIDGEPORT CORP. Adjusted Trial Balance
	Debit	Credit
	$	$
































Totals	$	$

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Bridgeport Corp.’s unadjusted trial balance at December 1, 2017, is presented below. Debit Credit Cash $26,900 Accounts Receivable 35,500 Notes Receivable