Swifty Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier purchase raw materials at an annual cost of $1,700,000. At December 31, 2022, the raw materials to be purchased in 2023 have a market price of $1,462,000. (a) Prepare any December 31, 2022 entry that is needed. (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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2022 Debit Credit
Swifty Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier purchase raw materials at an annual cost of $1,700,000. At December 31, 2022, the raw materials to be purchased in 2023 have a market price of $1,462,000. (a) Prepare any December 31, 2022 entry that is needed. (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 O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2022 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8,please answer the following question, thanks
Transcribed Image Text:Swifty Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to
purchase raw materials at an annual cost of $1,700,000. At December 31, 2022, the raw materials to be purchased in 2023
have a market price of $1,462,000.
(a)
Prepare any December 31, 2022 entry that is needed. (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 O for the amounts. List
debit entry before credit entry.)
Date Account Titles and Explanation
Dec.
31,
2022
Debit
Credit
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