Question

In: Accounting

On November 1, 2019, the account balances of Swifty Corporation were as follows. No. Debits No....

On November 1, 2019, the account balances of Swifty Corporation were as follows.

No.

Debits

No.

Credits
101 Cash $  2,390 154 Accumulated Depreciation—Equipment $  2,170
112 Accounts Receivable 4,230 201 Accounts Payable 2,610
126 Supplies 1,830 209 Unearned Service Revenue 1,200
153 Equipment 13,020 212 Salaries and Wages Payable 734
311 Common Stock 10,806
320 Retained Earnings 3,950
$ 21,470 $ 21,470


During November, the following summary transactions were completed.

Nov. 8 Paid $ 1,650 for salaries due employees, of which $ 734 is for October salaries.
10 Received $ 3,460 cash from customers on account.
12 Received $ 3,150 cash for services performed in November.
15 Purchased equipment on account $ 1,950.
17 Purchased supplies on account $ 730.
20 Paid creditors on account $ 2,670.
22 Paid November rent $ 350.
25 Paid salaries $ 1,650.
27 Performed services on account and billed customers $ 1,950 for these services.
29 Received $ 590 from customers for future service.

Enter the November 1 balances in the ledger accounts.
CASH

date explanation ref debit credit balance

ACCOUNT RECIVABLE

date explanation ref debit credit balance

SUPPLIES

date explanation ref debit credit balance

EQUIPMENT

date explanation ref debit credit balance

ACCUMULATED DEPRECIATION

date explanation ref debit credit balance

ACCOUNT PAYLABLE

date explanation ref debit credit balance

UNEARN REVENUE

date explanation ref debit credit balance

SALARY WAGE PAYLABLE

date explanation ref debit credit balance

COMMON STOCK

date explanation ref debit credit balance

RETAIN EARNING

date explanation ref debit credit balance

2.-) Journalize the November transactions

date /accout tittle / debit / credit

3.- ) Post to the ledger accounts.

cash: date / ref / debit / credit/ balance

account recivable:  date / ref / debit / credit/ balance

supplies :  date / ref / debit / credit/ balance

equipment:  date / ref / debit / credit/ balance

accumulated depreciation equipment:  date / ref / debit / credit/ balance

account paylable:  date / ref / debit / credit/ balance

unearn service revenue:  date / ref / debit / credit/ balance

salary wage paylable:  date / ref / debit / credit/ balance

common stock:  date / ref / debit / credit/ balance

services revenue: date / ref / debit / credit/ balance

salary wage expenses:  date / ref / debit / credit/ balance

rent expenses:  date / ref / debit / credit/ balance

4.- )Prepare a trial balance at November 30.

5.-) Adjustment data consist of:

1. Supplies on hand $ 1,410.
2. Accrued salaries payable $ 367.
3. Depreciation for the month is $ 217.
4. Services related to unearned service revenue of $ 1,290 were performed.

Journalize the adjusting entries:

date/ account tittle / debit / credit

Solutions

Expert Solution

Solution.

Answer 2 is given First, and 1 and 3 togehter in following Parts.

    2 Journalize the Transaction
Date Account Title Debit-$ Credit-$
2019
Nov.   8 Salaries and Wages Expense 916
Salaries and Wages Payable 734
         Cash 1,650
10 Cash 3,460
Account Receivable 3,460
12 Cash 3,150
    Service Revenue 3,150
15 Equipment 1,950
   Acount Payable 1,950
17 Supplies 730
Account Payable 730
20 Account Payable 2,670
Cash 2,670
22 Rent Expense 350
Cash 350
25 Salaries and Wages Expense 1,650
Cash 1,650
27 Account Receivable 1,950
Service Revenue 1,950
29 Cash 590
Unearned Service Revenue 590
Ans 1. Enter the Nov. 1 Bal., in Ledger & Ans 3 Post them in Ledgers
Cash Account

Date

 Explanation Ref. Debit Credit
2019 $ $
Nov.      1 Opening Balance 2,390
8 Salaries and wages expense 916
Salaries and wages Payable 734
10 Account Receivable 3,460
12 Service Revenue 3,150
20 Account Payable 2,670
22 Rent Expense 350
25 Slaries and Wages Expense 1,650
29 Unearned Service Revenue 590
30 Ending Balance 3,270
Account Receivable
Nov. 1 Opening Balance 4,230
10 Cash 3,460
27 Service Revenue 1,950
30 Ending Balance 2,720
Suppleies Account
Nov.1 Opening Balance 1,830
17 Account Payable 730
30 Ending Balance 2,560
Equipment Account
2019 Explanation Debit Credit
Nov. 1 Opening Balance 13,020
15 Account Payable 1,950
30 Ending Balance 14,970
Accumulated Depreciation
Nov. 1 Opening Balance 2,170
30 Balance 2,170
Account Payable
Nov. 1 Opening Balance 2,610
15 Equipment 1,950
17 Supplies 730
20 Cash 2,670
30 Ending Balance 2,620
Unearned Service Revenue
Nov. 1 Opening Balance 1,200
29 Cash 590
30 Ending Balance 1,790
Salaries And Wages Payable
Nov.1 Opening Balance 734
8 Cash 734
30 Ending Balance 0
Common Stock
Nov. 1 Opening Balance 10,806
30 Ending Balance 10,806
Retained Earning
Nov. 1 Opening Balance 3,950
30 Ending Balance 3,950
Service Revenue
Nov. 12 Cash 3,150
27 Account Receivable 1,950
30 Ending Balance 51,00
Salaries and Wages Expense
Nov. 8 Cash 916
25 Cash 1,650
30 Ending Balance 2,566
Rent Expense
Nov. 22 Cash 350
30 Ending Balance 350

4.

Swifty Corporation
Unadjusted Trial Balance
Ended 30 Nov. 2019
S.No Account Title Debit-$ Credit-$
1 Cash 3,270
2 Account Receivable 2,720
3 Supplies 2,560
4 Equipment 14,970
5 Accumulated Depreciation-Equip. 2,170
6 Account Payble 2,620
7 Unearned Revenue 1,790
8 Salries and Wages Payable 0
9 Common Stock 10,806
10 Retained Earning 3,950
11 Service Revenue 5,100
12 Salries and Wages Expense 2,566
13 Rent Expense 350
Total 26,436 26,436
Answer5. Adjusting Entires on Nov.30
Date Account Title Debit Credit
Nov. 30 Suppleis Expense 1,150
Supplies 1,150

To record supplies used in Nov.
Salaries Expense 367
Accrued Salaries Payable 367
To record outstanding salaries of Nov.
Depreciation Expense Account 217
Accumulated Depereciation 217
to record dep. of nov
Unearned Service Revenue 1,290
Service Revenue 1,290
Tp adjust service provided for unearned revenue

ekkarill92 answered 2 years ago
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