Swifty Advertising was founded in January $2013.$ Presented below are adjusted and unadjusted trial balances as of December $31,2020.$

SWIFTY ADVERTISING

TRIAL BALANCE

DECEMBER $31,2020$

Unadjusted

Adjusted

Dr$.$

Cr$.$

Dr$.$

Cr$.$

Cash $ $13,660$ $ $13,660$

Accounts Receivable $24,90028,790$

Supplies $9,6504,496$

Prepaid Insurance $3,8803,042$

Equipment $67,52067,520$

Accumulated Depreciation$-$Equipment $ $28,450$ $ $33,150$

Accounts Payable $24,07824,078$

Interest Payable $0162$

Notes Payable $5,4005,400$

Unearned Service Revenue $6,5305,196$

Salaries and Wages Payable $01,198$

Common Stock $10,87010,870$

Retained Earnings $3,2203,220$

Service Revenue $59,39264,616$

Salaries and Wages Expense $11,84013,038$

Insurance Expense $838$

Interest Expense $510672$

Depreciation Expense $4,700$

Supplies Expense $5,154$

Rent Expense $5,9805,980$

$ $137,940$

$ $137,940$

$ $147,890$

$ $147,890$

$($a$)$

Journalize the annual adjusting entries that were made. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts.

No$.$

Date

Account Titles and Explanation

Debit

Credit

$1.$ Dec. $31$

$($To record accrued service revenue$)$

$2.$ Dec. $31$

$($To record earned service revenue$)$

$3.$ Dec. $31$

$($To record supplies used$)$

$4.$ Dec. $31$

$($To record depreciation on equiment$)$

$5.$ Dec. $31$

$($To record interest accrued on the note$)$

$6.$ Dec. $31$

$($To record expired insurance$)$

$7.$ Dec. $31$

$($To record accrued wages$)$

Here's the best solution from Chegg's library

Solution

$100\%(3$ ratings$)$

No$.$ Date Account Titles and Explanation Debit Credit

$1$ Dec. $31$ Accounts Receivable $3890=28790-24900$

Service Revenue $3890$

$($To record accrued service revenue$)$

$2$ Dec. $31$ Unearned Service Revenue $1334=6530-5196$

Service Revenue $1334$

$($To record earned service revenue$)$

$3$ Dec. $31$ Supplies expense $5154=9650-4496$

Supplies $5154$

$($To record supplies used$)$

$4$ Dec. $31$ Depreciation Expense $4700$

Accumulated Depreciation$-$Equipment $4700$

$($To record depreciation on equiment$)$

$5$ Dec. $31$ Interest Expense $162$

Interest Payable $162$

$($To record interest accrued on the note$)$

$6$ Dec. $31$ Insurance Expense $838$

Prepaid Insurance $838$

$($To record expired insurance$)$

$7$ Dec. $31$ Salaries and Wages Expense $1198$

Salaries and Wages Payable $1198$

$($To record accrued wages$)$

$1)$prepare income statement

$2)$ prepare statement of retained earnings for the year ending of december $31\mathrm{.}2025$

$3)$prepare balance sheet

$4)$ close de ledger

$5)$prepare post$-$closing trial balance

$6)$prepare any ajusting journal entries