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CH #3 LECTURE 2 (2).docx - Sheffield Company has the...

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Sheffield Company has the following balances in selected accounts on December31, 2022Accounts Receivable$ 0Accumulated Depreciation—Equipment0Equipment9,800Interest Payable0Notes Payable14,000Prepaid Insurance2,940Salaries and Wages Payable0Supplies3,430Unearned Service Revenue42,000All the accounts have normal balances. The following information has beengathered at December 31, 2022.1.Sheffield Company borrowed $14,000 by signing a 12%, 1-year note onSeptember 1, 2022. Interest will be paid when the note is repaid.2.A count of supplies on December 31, 2022, indicates that supplies of $1,260 areon hand.3.Depreciation on the equipment for 2022 is $1,400.4.Sheffield paid $2,940 for 12 months of insurance coverage on June 1, 2022.
5.On December 1, 2022, Sheffield collected $42,000 for consulting services to beperformed evenly from December 1, 2022, through March 31, 2023.6.Sheffield performed consulting services for a client in December 2022. The client
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1986, 1971, Generally Accepted Accounting Principles, 1970, Sheffield Company

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