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A company's opening trial balance on January 1 shows Supplies $6,700. On January 16 the company purchased additional supplies for $3,300 on account. On January 31 , there are $2,500 of supplies on hand. Prepare the adjusting entry required on January 31. On June 1, 2019, Sway Inc.purchased a vehicle for $64,000 cash. The company uses straight-line depreciation and estimates that the vehicle will have a eight-year useful life. The company has a December 31 year end and adjusts its accounts annually. (round your answer to the nearest \$). Prepare the adjusting entries required on December 31,2019 , and 2020. On October 1, 2019, Sway Inc. borrowed $80,000 from CIBC bank. The 15 -month Ioan bears interest at 7%. Assuming adjusting entries are recorded annually and interest is collected at maturity, prepare the adjusting entries on December 31 for 2019 and 2020 for Sway Inc. and the repayment of the interest and the loan on January 1, 2021. On August 42020 , Sway Inc. sold $8000 of goods on account to Swivel Ltd., terms 3/10n/30, FOB Shipping point. Freight charges of $300 are paid in cash.The goods originally cost $5000 and Swivel Inc. uses a perpetual inventory system. On August 9, Swivel Inc. returned $2000 of goods (original cost $1250 ). Assuming that Swivel Ltd. pays in full on August 132020 , the journal entries to record the above transactions in Swivel Inc's records would be: On August 42020 , Sway Inc. sold $8000 of goods on account to Swivel Ltd., terms 3/10n/30, FOB Shipping point. Freight charges of $300 are paid in cash.The goods originally cost $5000 and Swivel Inc. uses a periodic inventory system. On August 9 , Swivel Inc. returned $2000 of goods (original cost $1250 ). Assuming that Swivel Ltd. pays in full on August 132020 , the journal entries to record the above transactions in Swivel Inc's records would be: The following information relates to SystM Inc., compute the Cost of goods available for sale and the Cost of goods sold