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Intermediate Accounting Volume 1
The unadjusted trial balance for Swift Creek Engineering at its

The unadjusted trial balance for Swift Creek Engineering at its year end, December 31, 2024, is as

Question:

The unadjusted trial balance for Swift Creek Engineering at its year end, December 31, 2024, is as follows:

Additional information:
1. Services of $10,440 were provided but unrecorded and uncollected as at December 31, 2024.
2. On June 1, the company purchased a one-year insurance policy.
3. Depreciation on the equipment for 2024 is $2,780.
4. A count on December 31, 2024, showed $1,750 of supplies on hand.
5. The four-month, 4% note receivable was issued on October 1, 2024. Interest and principal are payable on the maturity date.

Instructions
a. Prepare adjusting entries for the year ended December 31, 2024.
b. Post the adjusting entries.
c. Prepare closing entries.

Transcribed Image Text:

Cash Accounts receivable Supplies Prepaid insurance SWIFT CREEK ENGINEERING Trial Balance December 31, 2024 Debit $ 8,450 6,250 5,260 7,440 Credit

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Accounting Principles Volume 1

ISBN: 9781119786818

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jul 01, 2023 05:39 AM

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