Question

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

Answer 1

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