Swifty Corporation's balance sheet at December $31,2021,$ is presented as follows.During $2022,$ the following transactions occurred.

On January $1,2022,$ Swifty issued $1,200$ shares of $$40$ par, $8\%$ preferred stock for $$49,200.$

On January $1,2022,$ Swifty also issued $1,000$ shares of the $$10$ par value common stock for $$19,600.$ Swifty Corporation's balance sheet at December $31,2021,$ is presented as follows. During $2022,$ the following transactions occurred.

On January $1,2022,$ Swifty issued $1,200$ shares of $$40$ par, $8\%$ preferred stock for $$49,200.$

On January $1,2022,$ Swifty also issued $1,000$ shares of the $$10$ par value common stock for $$19,600.$

Swifty performed services for $$319,000$ on account.

On April $1,2022,$ Swifty collected fees of $$38,400$ in advance for services to be performed from April $1,2022,$ to March $31,$

Swifty collected $$260,800$ from customers on account.

Swifty bought $$31,600$ of supplies on account.

Swifty paid $$34,800$ on accounts payable.

Swifty reacquired $400$ shares of its common stock on June $1,2022,$ for $$27$ per share.

Paid other operating expenses of $$187,200.$

On December $31,2022,$ Swifty declared the annual preferred stock dividend and a $$1\mathrm{.}20$ per share dividend on the

outstanding common stock, all payable on January $15,2023.$

An account receivable of $$1,700$ which originated in $2021$ is written off as uncollectible. Adjustment data:

A count of supplies indicates that $$6,000$ of supplies remain unused at year$-$end.

Recorded revenue from item $4$ above.

The allowance for doubtful accounts should have a balance of $$3,300$ at year end.

Depreciation is recorded on the building on a straight$-$line basis based on a $30-$year life and a salvage value of $$9,900.$

The income tax rate is $30\%.($Hint: Prepare the income statement up to income before income taxes and multiply by $30\%$ to

compute the amount.$)$Prepare journal entries for the transactions listed above. $($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. Record journal entries in

the order presented in the problem.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$1$

$1$

$.$

$1$

$$

$|$

$1$

$1$

l

$1$

$71$

$1$

$\backslash$rfloor

$7$

$]$

Swifty bought $$31,600$ of supplies on account.

Swifty paid $$34,800$ on accounts payable.

Swifty reacquired $400$ shares of its common stock on June $1,2022,$ for $$27$ per share.

Paid other operating expenses of $$187,200.$

On December $31,2022,$ Swifty declared the annual preferred stock dividend and a $$1\mathrm{.}20$ per share dividend on the

outstanding common stock, all payable on January $15,2023.$

An account receivable of $$1,700$ which originated in $2021$ is written off as uncollectible.Prepare journal entries for the transactions listed above. $($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. Record journal entries in

the order presented in the problem.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$1$

$1$

$.$

$1$

$$

$|$

$1$

$1$

l

$1$

$71$

$1$

$\backslash$rfloor

$7$

$]$

$$

$1$

$1$

$1$