Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Swifty Company has the following balances in selected accounts on December 31, 2022. $0 0 5,880 0 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Swifty Company has the following balances in selected accounts on December 31, 2022. $0 0 5,880 0 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 8,400 1,764 0 2,058 25,200 All the accounts have normal balances. The following information has been gathered at December 31, 2022 All the accounts have normal balances. The following information has been gathered at December 31, 2022. 1. 2. 3. 4. Swifty Company borrowed $ 8,400 by signing a 12%, one-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 $ 756 are on hand. Depreciation on the equipment for 2022 is $ 840. Swifty paid $ 1,764 for 12 months of insurance coverage on June 1, 2022. On December 1, 2022, Swifty collected $ 25,200 for consulting services to be performed evenly from December 1, 2022 through March 31, 2023. Swifty performed consulting services for a client in December 2022. The client will be billed $3,528. Swifty pays its employees total salaries of $ 7.560 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2022 5. 6. 7. Prepare adjusting entries for the seven items described above. Swifty prepares adjustments annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 6. 7. Swifty performed consulting services for a client in December 2022. The client will be billed $ 3,528 Swifty pays its employees total salaries of $ 7,560 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2022. Prepare adjusting entries for the seven items described above. Swifty prepares adjustments annually. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2 3. 3. 4. 5. 6. 7

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Cost Accounting For Health Care Organizations

Authors: Steven Finkler, Judith Baker, David Ward

3rd Edition

0810235447, 9780763738136

More Books

Students also viewed these Accounting questions