On December 1, 2022, Swifty Company had the account balances shown below. Debit Credit Cash $5,200 Accumulated Depreciation—Equipment $1,100 Accounts Receivable 3,700 Accounts Payable 3,200 Inventory...

On December 1, 2022, Swifty Company had the account balances shown below.

	Debit			Credit
Cash	$5,200		Accumulated Depreciation—Equipment	$1,100
Accounts Receivable	3,700		Accounts Payable	3,200
Inventory	2,580	^*	Owner’s Capital	31,180
Supplies	1,000
Equipment	23,000
	$35,480			$35,480

*(4,300 x $0.60)

The following transactions occurred during December:

Dec. 3		Purchased 4,400 units of inventory on account at a cost of $0.74 per unit.
5		Sold 4,900 units of inventory on account for $0.90 per unit. (It sold 4,300 of the $0.60 units and 600 of the $0.74.)
7		Granted the December 5 customer $180 credit for 200 units of inventory returned costing $120. These units were returned to inventory.
17		Purchased 2,100 units of inventory for cash at $0.80 each.
22		Sold 3,300 units of inventory on account for $0.95 per unit. (It sold 3,300 of the $0.74 units.)

Adjustment data:

1.		$400 of supplies are on hand on December 31.
2.		Depreciation is $400 per month.

(a)

Journalize the December transactions and adjusting entries, assuming Swifty uses the perpetual inventory system.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record sales revenue.)
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record cost of goods sold.)
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record sales returns.)
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record cost of sales returns.)
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record sales revenue.)
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record cost of goods sold.)
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record depreciation expense.)
Dec. 1Dec. 3Dec. 5Dec. 7Dec. 17Dec. 22Dec. 23Dec. 31

	(To record supplies expense.)

Jun 03, 2022

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On December 1, 2022, Swifty Company had the account balances shown below. Debit Credit Cash $5,200 Accumulated Depreciation—Equipment $1,100 Accounts Receivable 3,700 Accounts Payable 3,200 Inventory...

(a)

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