The unadjusted trial balance for Swift Creek Engineering at its year end, December 31, 2024, is as
Question:
The unadjusted trial balance for Swift Creek Engineering at its year end, December 31, 2024, is as follows:
Additional information:
1. Services of $10,440 were provided but unrecorded and uncollected as at December 31, 2024.
2. On June 1, the company purchased a one-year insurance policy.
3. Depreciation on the equipment for 2024 is $2,780.
4. A count on December 31, 2024, showed $1,750 of supplies on hand.
5. The four-month, 4% note receivable was issued on October 1, 2024. Interest and principal are payable on the maturity date.
Instructions
a. Prepare adjusting entries for the year ended December 31, 2024.
b. Post the adjusting entries.
c. Prepare closing entries.
Step by Step Answer:
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak