Question

Exercise 4-7 Swifty Company had the following adjusted trial balance. Swifty Company Adjusted Trial Balance For the Month Ended June 30, 2019 Adjusted Trial Balance Account Titles Debit Credit Cash $3,790 Accounts Receivable 3,760 Supplies 460 Accounts Payable $1,700 Unearned Service 180 Revenue Common Stock 1,990 Retained Earnings 2,500 Dividends Service Revenue 5,300 Salaries and Wages 1,300 Expense Miscellaneous Expense 360 Supplies Expense 1,900 Salaries and Wages 700 Payable 800 $12,370 $12,370

Answer 1

Closing entry

date	account and explanation	Debit	Credit
June 30	Service revenue	5300
	Income summary		5300
	(To close revenue)
June 30	Income summary	3560
	Salaries and wages expense		1300
	Miscellaneous expense		360
	Supplies expense		1900
	(To close expense)
June 30	Income summary	1740
	Retained earnings		1740
	(To close net income)
June 30	Retained earnings	800
	Dividend		800
	(To close dividend)

Post closing trial balance

	debit	Credit
Cash	3790
Account receivable	3760
Supplies	460
Account payable		1700
Unearned service revenue		180
Salaries and wages payable		700
Common Stock		1990
Retained earnings		3440
Total	8010	8010