Financial Accounting, 8e I System Announcements Question 1 The unadjusted trial

Question

Financial Accounting, 8e I System Announcements Question 1 The unadjusted trial balance for Swifty Corporation is shown below. SWIFTY CORPORATION Trial Balance October 31, 2017 Debit $15,100 2,500 660 4,500 Credit Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense $4,500 2,000 1,200 10,000 500 13,000 4,000 3,440 $30,700$30,700 Assume the following adjustment data

Explanation / Answer

Adjusting entry :

No Date account title and explanation debit Credit 1 Oct 31 Supplies expense (2500-510) 1990 Supplies 1990 2 Oct 31 Insurance expense 110 Prepaid insurance 110 3 Oct 31 Depreciation expense 50 Accumlated depreciation 50 4 Oct 31 Unearned revenue 810 Service revenue 810 5 Oct 31 Account receivable 210 Service revenue 210 6 Oct 31 Interest expense 70 Interest payable 70 7 Oct 31 Salary and wages expense 1410 Salary and wages payable 1410

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