The unadjusted trial balance of Swifty Inc, at the company's year end of December 31, follows. Credit $22.400 Swifty INC. Trial Balance December 31, 2021 Debit Cash $27.900 Accounts receivable 31,600 Inventory 29,000 Supplies 3,100 Prepaid insurance 3,300 Land 31,000 Buildings 140.000 Accumulated depreciation-buildings Equipment 47.000 Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings Dividends declared 2.000 Sales Cost of goods sold 172.400 Salaries expense 29.800 Utilities expense 4.600 Interest expense 8.700 Income tax expense 5.100 $585.000 18.800 32,600 4.400 148.600 16.700 31,400 263.100 $585.000 Additional information and adjustment data: 1. 2. . 5. 6. A 12-month insurance policy was purchased and was effective February 1, 2021. There was $691 of supplies on hand on December 31 Depreciation expense for the year is $5,600 for the buildings and $4,700 for the equipment. Salaries of $691 are accrued and unpaid at December 31 Accrued interest expense at December 31 is $691 There was deferred revenue of $970 that still needed to be deferred as at December 31. The balance had been earned, of the deferred revenue that had been earned, the cost of goods sold was $2,000. Of the bank loan payable, $9,051 is payable next year. Income tax of $490 is due and unpaid. A physical count of inventory indicates $23,551 on hand at December 31 Common shares of $3,020 were issued during the year. 7 8. 9 10. (a) Record the required adjusting entries, assuming the company adjusts its accounts annually. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts Debit Credit Date Account Titles and Explanation Dec. 31 (Insurance expense recorded) 31 (Suppllies expenses recorded) 31 (Depreciation expense for the year recorded) 31 (Salaries expense recorded) 31 (Interest expense recorded) 31 (Deferred revenue recorded) (Cost of goods sold recorded) 31 (Income tax expense recorded) 31 (Adjust inventory balance)