Question
METLOCK COMPANY HAS THE FOLLOWING BALANCES IN SELECTED ACCOUNTS ON DECEMBER 31, 2022 ACCOUNTS RECEIVABLE $0 ACCUMULATED DEPRECIATION - EQUIPMENT 0 EQUIPMENT $7840 INTEREST PAYABLE
METLOCK COMPANY HAS THE FOLLOWING BALANCES IN SELECTED ACCOUNTS ON DECEMBER 31, 2022
ACCOUNTS RECEIVABLE $0
ACCUMULATED DEPRECIATION - EQUIPMENT 0
EQUIPMENT $7840
INTEREST PAYABLE 0
NOTES PAYABLE 0
PREPAID INSURANCE $2352
SALARIES AND WAGES PAYABLE 0
SUPPLIES $2744
UNEARNED SERVICE REVENUE $33600
ALL THE ACCOUNTS HAVE NORMAL BALANCES. THE FOLLOWING INFORMATION HAS BEEN GATHERED AT DECEMBER 31, 2022.
1. METLOCK CO. BORROWED $11200 BY SIGNING A 12%, 1-YEAR NOTES ON SEPTEMBER 1, 2022. INTEREST WILL BE PAID WHEN THE NOTE IS REPAID
2. A COUNT OF SUPPLIES ON DECEMBER 31, 2022, INDICATES THAT SUPPLIES OF $1008 ARE ON HAND
3. DEPRECIATION ON THE EQUIPMENT FOR 2022 IS $1120
4. METLOCK PAID $2352 FOR 12 MONTHS OF INSURANCE COVERAGE ON JUNE 1, 2022
5. ON DECEMBER 1, 2022, METLOCK COLLECTED $33,600 FOR CONSULTING SERVICES TO BE PERFORMED EVENLY FROM DECEMBER 1, 2022, THROUGH MARCH 31, 2023
6. METLOCK PERFORMED CONSULTING SERVICES FOR A CLIENT IN DECEMBER 2022. THE CLIENT WILL BE BILLED $4704
7. METLOCK PAYS ITS EMPLOYESS TOTAL SALRIES OF $10080 EVERY MONDAY FOR THE PRECEDING 5-DAY WEEK (MONDAY-FRIDAY). ON MONDAYL, DECEMBER 29, EMPLOYEES WERE PAID FOR THE WEEK ENDING DECEMBER 26. ALL EMPLOYEES WORKED THE LAST 3 DAYS OF 2022.
Journalize adjusting entries for the seven items described above. Metlock prepares adjustments manually.
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