Whispering Winds Corp. prepares quarterly financial statements.The post-closing trial balance at December 31, 2016, is presentedbelow.

WHISPERING WINDS CORP.
Post-Closing Trial Balance
December 31, 2016

Debit Credit

Cash $22,340

Accounts Receivable 20,610

Allowance for Doubtful Accounts $1,100

Equipment 18,400

Accumulated DepreciationâEquipment 13,800

Buildings 92,000

Accumulated DepreciationâBuildings 13,800

Land 18,400

Accounts Payable 11,380

Common Stock 82,800

Retained Earnings 48,870

$171,750 $171,750

During the first quarter of 2017, the following transactionsoccurred:

1. On February 1, Sheffield collected fees of $11,040 in advance.The company will perform $920 of services each month from February1, 2017, to January 31, 2018.

2. On February 1, Sheffield purchased computer equipment for$8,280 plus sales taxes of $552. $2,760 cash was paid with the reston account. Check #455 was used.

3. On March 1, Sheffield acquired a patent with a 10-year life for$8,832 cash. Check #456 was used.

4. On March 28, Sheffield recorded the quarterâs sales in a singleentry. During this period, Sheffield had total sales of $128,800(not including the sales referred to in item 1 above). All of thesales were on account.

5. On March 29, Sheffield collected $122,360 from customers onaccount.

6. On March 29, Sheffield paid $15,060 on accounts payable. Check#457 was used.

7. On March 29, Sheffield paid other operating expenses of$89,720. Check #458 was used.

8. On March 31, Sheffield wrote off a receivable of $180 for acustomer who declared bankruptcy.

9. On March 31, Sheffield sold for $1,490 equipment thatoriginally cost $10,120. It had an estimated life of 5 years andsalvage of $920. Accumulated depreciation as of December 31, 2016,was $7,360 using the straight line method. (Hint: Recorddepreciation on the equipment sold, then record the sale.)

Record the journal entries for transactions 1-9.

Question

Whispering Winds Corp. prepares quarterly financial statements.The post-closing trial balance at December 31, 2016, is presentedbelow.

WHISPERING WINDS CORP. Post-Closing Trial Balance December 31, 2016
	Debit	Credit
Cash	$22,340
Accounts Receivable	20,610
Allowance for Doubtful Accounts		$1,100
Equipment	18,400
Accumulated DepreciationâEquipment		13,800
Buildings	92,000
Accumulated DepreciationâBuildings		13,800
Land	18,400
Accounts Payable		11,380
Common Stock		82,800
Retained Earnings		48,870
	$171,750	$171,750

During the first quarter of 2017, the following transactionsoccurred:

1.		On February 1, Sheffield collected fees of $11,040 in advance.The company will perform $920 of services each month from February1, 2017, to January 31, 2018.
2.		On February 1, Sheffield purchased computer equipment for$8,280 plus sales taxes of $552. $2,760 cash was paid with the reston account. Check #455 was used.
3.		On March 1, Sheffield acquired a patent with a 10-year life for$8,832 cash. Check #456 was used.
4.		On March 28, Sheffield recorded the quarterâs sales in a singleentry. During this period, Sheffield had total sales of $128,800(not including the sales referred to in item 1 above). All of thesales were on account.
5.		On March 29, Sheffield collected $122,360 from customers onaccount.
6.		On March 29, Sheffield paid $15,060 on accounts payable. Check#457 was used.
7.		On March 29, Sheffield paid other operating expenses of$89,720. Check #458 was used.
8.		On March 31, Sheffield wrote off a receivable of $180 for acustomer who declared bankruptcy.
9.		On March 31, Sheffield sold for $1,490 equipment thatoriginally cost $10,120. It had an estimated life of 5 years andsalvage of $920. Accumulated depreciation as of December 31, 2016,was $7,360 using the straight line method. (Hint: Recorddepreciation on the equipment sold, then record the sale.) Record the journal entries for transactions 1-9.

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