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Flint Corporation's unadjusted trial balance at December 1, 2022. is presente below. Credit Debit $22,900 34,400 9,000 0 37,500 4.200 18,900 150,000 66,000 9,000 Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patent Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Notes Payable (due April 30, 2023) Income Taxes Payable Interest Payable Notes Payable due in 2028) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets Bad Debt Expense Cost of Goods Sold Depreciation Expense Income Tax Expense Insurance Expense Interest Expense Other Operating Expenses Amortization Expense Salaries and Wages Expense Total $400 50,000 26,400 25,200 0 11,000 0 0 33,900 50,000 45.500 12,300 12 300 864,000 o 0 0 574,000 0 o 0 64,200 0 104.000 $1,106,400 $1,100.400 The following transactions occurred during December Dec2 Purchased equipment for $16.400 plus sales taxes at $900 paid in cash Flint sold for $3.500 equipment which originally cost $5.000. Accumulated depreciation on this egulamentary 1, 2022 was 51200, 2022 depreciation prior to the sale of outent want 5075 Flint sold for $5.500 an account story that cost $3.700 Sataries and wants of 56400 we paid for December 15 1 Adjustment data: Flint estimates that uncollectible accounts recevable at year-end are $4.100. 2. The note receivable is a 1-year, 8% note dated April 1, 2022. No interest has been recorded. 3. The balance in prepaid insurance represents payment of a $4,200.6-month premium on September 1, 2022 The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000, 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. The equipment purchased on December 2, 2022, is being depreciated using the straight-line method over 5 years, with a salvage value of $1,700. 7 The patent was acquired on January 1, 2022, and has a useful life of 9 years from that date. Unpaid salaries at December 31, 2022, total $2,200. Both the short-term and long-term notes payable are dated January 1, 2022, and carry a 10% interest rate. All interest is payable in the next 12 months Income tax expense was $15,000. It was unpaid at December 31. 6. 8. 9. 10 Flint Corporation Journal entries Date Account 2-Dec Equipment Cash Credit Debit $ 17,300 Calculation =16400-900 $ 17,300 $ 875 2-Dec Depreciation Expense Accumulated Depreciation --Equipment $ 875 1900+875 2-Dec Cash $ 3,500 Accumulated Depreciation-Equipments 2,775 Equipment Gain on Disposal of Plant Assets $ 5,000 $ 1,275 $ 5,500 15-Dec Accounts Receivable Sales Revenue $ 5,500 $ 3,700 15-Dec Cost of Goods Sold Inventory $ 3,700 $ 6,400 23-Dec Salaries and Wages Expense Cash $ 6,400 Adjusting entries 31-Dec Bad Debt Expense Allowance for Doubtful Accounts $ 3,700 4100-400 $ 3.700 $ 540 31-Dec Interest Receivable Interest Revenue 90008%9/12 $ 540 $ 2,800 31-Dec Insurance Expense Prepaid insurance 4200/64 months $ 2.500 Sep I to Dec 31 for 4 months $ 4,000 31-Dec Depreciation Expense Accumulated Depreciation-- Buildings (150000-30000/30 years $ 4.000 $ 10,980 31-Dec Depreciation Expense Accumulated Depreciation Equipment (66000-5000)-(1066000-5000|||/5 years $ 10,980 Exclude equipment sold on Dec 2 of 5000 (17300-1700)/5 years *1/12 $ 260 $ 260 31-Dec Depreciation Expense Accumulated Depreciation-Equipment $ 1,000 31-Dec Amortization Expense Patent 9000/9 years $ 1.000 $ 2,200 31-Dec Salaries and Wages Expense Salaries and Wages Payable $ 2.200 $ 4,490 (110004339001 10% 31-Dec Interest Expense Interest Payable $ 4,490 $ 15,000 31-Dec Income Tax Expense Income Taxes Payable $ 15,000 FLINT CORPORATION Adjusted Trial Balance Debit Credit Total

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