A partial tabular summary for Swifty Corporation on July 31, 2017, includes the

Question

A partial tabular summary for Swifty Corporation on July 31, 2017, includes the accounts below before adjustments have been prepared. Liabilities+ Stockholders' Equity Reatined Earnings -Serv. Rev. +Stock Rev. - Exp. - Div Acc. DeprUnearned Com. Notes Rec. +Supplies Rent Bldgs. - Bldgs. 120,000 Bal. 14,000 22,000 4,000 300,000 11,000 An analysis of the company's accounts shows the following. 1. The investment in the notes receivable earns interest at a rate of 6% per year. 2. Supplies on hand at the end of the month totaled $17,000 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $3,300 related to unpaid salaries and wages. 5. Depreciation on buildings is $5,640 per year 6. During the month, the company satisfied obligations worth $4,800 related to the Unearned Service Revenue. 7. Unpaid maintenance and repairs costs were $2,150. Prepare a tabular summary to record adjustments on July 31 assuming that adjustments are made monthly. (If a transaction results in a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Retained Earnings Prepd. Rent + Bldgs.Bldgs.Accts. Pay Serv. Rev. + Acc. Depr.- Unearned Sal. & Wages Com. Notes Rec. Int. Rec.Supplies+ Rev Exp Div Bal. 14,000 22,000 4,000 300,000 120,000 11,000 Stock 70 2. 3. 5. 6.

Explanation / Answer

Assets                                                                                                                  = Liabilities    + Stockholder's equity Notes Rec   + Int.Rec. + Supplies   + Prep. Rent + Building - Acc.Depre of Build = Accts. Pay + Unearned Ser. Rev. + Sal. And Wages pay. + Common Stock + Retained Earnings Rev. - Exp. - Div. Bal.            14,000                   -              22,000               4,000     300,000       (120,000)                 -         11,000               -                -                   -                    -                -   1                     -                    70                     -                        -                  -                      -                   -                  -                 -                -                  70                  -                -   2                     -                     -               (5,000)                      -                  -                      -                   -                  -                 -                -                   -            (5,000)              -   3                     -                     -                       -                        -                  -                      -                   -                  -                 -                -                   -                    -                -   4                     -                     -                       -                        -                  -                      -                   -                  -           3,300              -                   -            (3,300)              -   5                     -                     -                       -                        -                  -             (5,640)                 -                  -                 -                -                   -            (5,640)              -   6                     -                     -                       -                        -                  -                      -                   -          (4,800)               -                -             4,800                  -                -   7                     -                     -                       -                        -                  -                      -             2,150                -                 -                -                   -            (2,150)              -

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