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Cullumber Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries
Cullumber Company has the following balances in selected accounts on December 31, 2022. Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 1. 2. 3. $0 4. 0 5,600 0 8,000 1,680 All the accounts have normal balances. The following information has been gathered at December 31, 2022. 0 1,960 24,000 Cullumber Company borrowed $8,000 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 $720 are on hand. Depreciation on the equipment for 2022 is $800. Cullumber paid $1,680 for 12 months of insurance coverage on June 1, 2022.
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