Reference no: EM133062708
Question - Swifty Company's balance sheet at December 31, 2021, is presented as follows.
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SWIFTY COMPANY Balance Sheet December 31, 2021
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Cash
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$13,000
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Accounts payable
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$9,600
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Accounts receivable
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19,400
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Common stock
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21,000
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Allowance for doubtful accounts
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(800)
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Retained earnings
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10,000
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Inventory
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9,000
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$40,600
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$40,600
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During January 2022, the following transactions occurred. Swifty uses the perpetual inventory method.
Jan. 1 Swifty accepted a 4-month, 8% note from Merando Company in payment of Merando's $1,200 account.
Jan. 3 Swifty wrote off as uncollectible the accounts of Inwood Corporation ($400) and Goza Company ($300).
Jan. 8 Swifty purchased $17,000 of inventory on account.
Jan. 11 Swifty sold for $26,900 on account inventory that cost $19,400.
Jan. 15 Swifty sold inventory that cost $800 to Mark Lauber for $1,000. Lauber charged this amount on his Visa First Bank card. The service fee charged Swifty by First Bank is 3%.
Jan. 17 Swifty collected $23,400 from customers on account.
Jan. 21 Swifty paid $13,800 on accounts payable.
Jan. 24 Swifty received payment in full ($300) from Goza Company on the account written off on January 3.
Jan. 27 Swifty purchased supplies for $1,500 cash.
Jan. 31 Swifty paid other operating expenses, $3,600.
Adjustment data:
1. Interest is recorded for the month on the note from January 1.
2. Bad debts are expected to be 6% of the January 31, 2022, accounts receivable.
3. A count of supplies on January 31, 2022, reveals that $500 remains unused.
Required - Prepare journal entries for the transactions listed above. (Include entries for cost of goods sold using the perpetual system.)
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