Red boxes mean I got it wrong. Please fix all the wrong answers. Comprehensive P

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Red boxes mean I got it wrong. Please fix all the wrong answers.

Comprehensive Problem 9 Kenseth Corporation's unadjusted trial balance at December 1, 2014, is presented below Debit Credit 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, 2015) Interest Payable Notes Payable (due in 2020) Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Gain on Disposal of Plant Assets $25,070 36,350 8,200 36,320 3,840 20,000 141,000 60,500 10,530 $590 47,000 24,200 27,500 12,000 35,310 57,700 11,110 14,700 939,700

Explanation / Answer

debit items Credit Items

cash 3820 Allowance for doubtful accounts 4140

accounts receivable 41850 accumulated depreciation buildings 50650

notes receivable 8200 equipment 32502

interest receivable 492 accounts payable 27500

inventory 33120 salary payable 2080

prepaid insurance 1280 notes payable 47310

land 20000 interest payable 4731

buildings 141000 income tax payable 12810

equipments 73600 common stock 57700

patents 9360 retained earnings 11110

dividends 14700 sales 945200

cost of goods sold 638200 interst income 492

depreciation 14362 profit on sale of equipment 1040

insuarnce expense 2560

interest expense 4731

other operating expenses 61800

amortization 1170

salaries and wages 110660

income tax expenses 12810

provision for doubtful debts 3550

Working Notes:

accounts recivable

opening 36350+5500(sale of inventory) 41850

sales 939700+extra sales 5500 945200

salaries & wages payable 101800+6780+2080 110660

retained earnings wont change

IN trail balance assets are to be shown at cost value

depreciation on equipment

(60500-4900)*90% /5 cuurent year 10008

newly addedd (18000-1920)/5 3261*30/365 264 cy depreciation of new equipment

accumulated (24200-1970-440+10712)

equipment (60500-4900+18000)

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