Financial Accounting. EN$\mathrm{.}660\mathrm{.}203\mathrm{.}01$

Assignment #$1$

Swift Co entered into the following transactions for the month of January $2022$:

Jan $1^{st}$ R$.$ Smith invested $$30,000$ cash & in return received $10,000$ shares of stock Purchased $$2,000$ of equipment on account

Paid in advance $$600$ of accounting services for the months of Jan$-$March

Jan $7^{th}$ Paid salaries of $$4,000$

Jan ${18}^{th}$ Rendered professional services to clients of $$10,000,$ of which $$3,000$ was received in cash with the balance on account.

Jan ${20}^{th}$ Paid a telephone bill of $$500$

Jan ${27}^{th}$ Received $$5,000$ from clients for amounts owed & previously billed to them $(\frac{1}{18})$

Jan ${31}^{st}$ Recorded the $1^{st}$ month of accounting services received & incurred.

Using the following Chart of Accounts:

Cash

Accounts Receivable

Prepaid Expense

Equipment

Accounts Payable

Professional Fees Income

Salary Expense

Telephone Expense

Accounting Expense

Contributed Capital

Prepare $($a$)$ journal entries for these transactions, $($b$)$show t$-$accounts with ending balances $($c$)$ for January ${31}^{st},$ prepare an adjusted trial balance, income statement, $($no taxes$),$ show EPS calculation at the bottom of the statement, retained earnings, balance sheet all with appropriate headers $($d$)$ prepare the closing entry.