Question

The adjusted trial balance columns of the worksheet for Swifty Company are as follows. Swifty Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cash 10,500 Accounts Receivable 7,760 Prepaid Rent 2,080 Equipment 22,950 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,900 Accounts Payable 5,000 Common Stock 21,000 Retained Earnings 7,250 Dividends 3,900 Service Revenue 15,500 Salaries and Wages Expense 10,560 Rent Expense 800 Depreciation Expense 600 Interest Expense Interest Payable Totals 59,180 59,180 30 30 59,180 —59,180

Answer 1

Closing Entries
Particulars			Debit	Credit
Service Revenue			$ 15,500.00
To Income Summary				$ 15,500.00
Income Summary			$ 11,990.00
To Salaries and Wages Expense				$ 10,560.00
To Rent Expense				$      800.00
To Depreciation Expense				$      600.00
To Interest Expense				$        30.00
Income Summary			$   3,510.00
To Retained Earnings				$   3,510.00
Retained Earnings			$   3,900.00
To Dividends				$   3,900.00

Post Closing Trial Balance
Particulars			Debit	Credit
Cash			$ 10,500.00
Accounts Receivable			$    7,760.00
Prepaid Rent			$    2,080.00
Equipment			$ 22,950.00
Accu. Dep - Equip.				$    4,500.00
Notes Payable				$    5,900.00
Interest Payable				$         30.00
Accounts Payable				$    5,000.00
Common Stock				$ 21,000.00
Retained Earnings				$    6,860.00
			$ 43,290.00	$ 43,290.00