Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue N 2. $0 5. 0 10,360 0 14,800 3,108 All the accounts have normal balances. The following information has been gathered at December 31, 2022. 1. Cheyenne Company borrowed $14,800 by signing a 12%, one-year note on September 1, 2022. Interest will be paid when th note is repaid. A count of supplies on December 31, 2022, indicates that supplies of $1,332 are on hand. 3. Depreciation on the equipment for 2022 is $1,480. 4. Cheyenne paid $3,108 for 12 months of insurance coverage on June 1, 2022. On December 1, 2022, Cheyenne collected $44,400 for consulting services to be performed evenly from December 1, 2022 0 3,626 44,400
Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue N 2. $0 5. 0 10,360 0 14,800 3,108 All the accounts have normal balances. The following information has been gathered at December 31, 2022. 1. Cheyenne Company borrowed $14,800 by signing a 12%, one-year note on September 1, 2022. Interest will be paid when th note is repaid. A count of supplies on December 31, 2022, indicates that supplies of $1,332 are on hand. 3. Depreciation on the equipment for 2022 is $1,480. 4. Cheyenne paid $3,108 for 12 months of insurance coverage on June 1, 2022. On December 1, 2022, Cheyenne collected $44,400 for consulting services to be performed evenly from December 1, 2022 0 3,626 44,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
7
Transcribed Image Text:Cheyenne Company has the following balances in selected accounts on December 31, 2022.
Accounts Receivable
Accumulated Depreciation-Equipment
Equipment
Interest Payable
Notes Payable
Prepaid Insurance
Salaries and Wages Payable
Supplies
Unearned Service Revenue
1.
2.
3.
4.
5.
6.
$0
7.
0
All the accounts have normal balances. The following information has been gathered at December 31, 2022.
Cheyenne Company borrowed $14,800 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 $1,332 are on hand.
Depreciation on the equipment for 2022 is $1,480.
Cheyenne paid $3.108 for 12 months of insurance coverage on June 1, 2022.
On December 1, 2022, Cheyenne collected $44.400 for consulting services to be performed evenly from December 1, 2022,
through March 31, 2023.
10,360
0
14,800
3,108
0
3,626
44,400
Cheyenne performed consulting services for a client in December 2022. The client will be billed $6.216.
Cheyenne pays its employees total salaries of $13,320 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. Cheyenne prepares adjustments annually. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually.)
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