Question

Question 6 of 12 < > -/1 C Current Attempemrogress Sheridan Company has the following balances in selected accounts on December 31, 2022. $0 oo A Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries and Wages Payable Supplies Unearned Service Revenue 0 12,600 0 18,000 3.780 0 4,410 54,000 QL Ace Qu Acce I All the accounts have normal balances. The following information has been gathered at December 31, 2022. Qu Acco 1. Vie ACCO 2. Que 3. Accou 4. Sheridan Company borrowed $18,000 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 $1,620 are on hand. Depreciation on the equipment for 2022 is $1,800. Sheridan paid $3,780 for 12 months of insurance coverage on June 1, 2022. On December 1, 2022, Sheridan collected $54,000 for consulting services to be performed evenly from December 1, 2022, through March 31, 2023. Sheridan performed consulting services for a client in December 2022. The client will be billed $7,560. Sheridan pays its employees total salaries of $16,200 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 5. Que: ACCOUL 6. 7. Ques Accoun 3 days of 2022

Answer 1

S.No.	DATE	Accounts Name and Explanation	Debit	Credit
1	31-Dec-22	Interest Expense	720		(18000*12%)/12*4
		Interest Payable		720	(18000*12%)/12*4
		(To record interest expense)
2	31-Dec-22	Supplies Expense	2,790		(4410-1620)
		Supplies		2,790	(4410-1620)
		(To record supplies expense)
3	31-Dec-22	Depreciation Expense	1,800
		Accumulated Depreciation-Office Equipment		1,800
		(To record depreciation expense)
4	31-Dec-22	Insurance Expense	2,205		3780/12*7
		Prepaid Insurance		2,205	3780/12*7
		(To record insurance expense)
5	31-Dec-22	Unearned Service Revenue	13,500		(54000/4)
		Service Revenue		13,500	(54000/4)
		(To record service revenue )
6	31-Dec-22	Accounts Recievable	7,560
		Service Revenue		7,560
		(To record service revenue )
7	31-Dec-22	Salaries Expense	9,720		(16200/5*3)
		Saalries payable		9,720	(16200/5*3)
		(To record salary expense)