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Blossom Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable Accumulated Depreciation-Equipment $0 0 Equipment 11,480 Interest Payable 0 Notes
Blossom Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable Accumulated Depreciation-Equipment $0 0 Equipment 11,480 Interest Payable 0 Notes Payable 16,400 Prepaid Insurance 3,444 Salaries and Wages Payable 0 Supplies 4,018 Unearned Service Revenue 49,200 All the accounts have normal balances. The following information has been gathered at December 31, 2022. 1. 2. 3. 4. 5. Blossom Company borrowed $16,400 by signing a 12%, 1-year note on September 1, 2022. Interest will be paid when the note is repaid. A count of supplies on December 31, 2022, indicates that supplies of $1,476 are on hand. Depreciation on the equipment for 2022 is $1,640. Blossom paid $3,444 for 12 months of insurance coverage on June 1, 2022. On December 1, 2022, Blossom collected $49,200 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023. 6. Blossom performed consulting services for a client in December 2022. The client will be billed $6,888. 7. Blossom pays its employees total salaries of $14,760 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2022. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 7
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