Swifty Corporation uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions occurred during 2022. Purchased equipment from the Nash's Trading Post, LLC for $11,250 plus sales tax of $1,015 and shipping costs of 1 $200. Jan. May 13 Incurred $126 routine maintenance on the equipment. Dec. 31 Recorded 2022 depreciation on the basis of a 3-year life and estimated salvage value of $4,365. Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Swifty Corporation uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions occurred during 2022. Purchased equipment from the Nash's Trading Post, LLC for $11,250 plus sales tax of $1,015 and shipping costs of 1 $200. Jan. May 13 Incurred $126 routine maintenance on the equipment. Dec. 31 Recorded 2022 depreciation on the basis of a 3-year life and estimated salvage value of $4,365. Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Name: Swifty Corporation uses the straight-line method of depreciation. The
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Description: Swifty Corporation uses the straight-line method of depreciation. The company's fiscal year end is December 31. The followingtransactions occurred during 2022.Purchased equipment from the Nash's Trading Post, LLC for $11,250 plus sales tax of $1,015

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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