Question

Swifty Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are shown here. SWIFTY GOLF INC. TRIAL BALANCE SEPTEMBER 30, 2017 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $7,003 $7,003 Accounts Receivable 383 1,031 Prepaid Rent 1,834 1,018 Supplies 1,310 266 Equipment 14,520 14,520 Accumulated Depreciation-Equipment $376 Notes Payable $5,300 5,300 Accounts Payable 1,131 1,131 Salaries and Wages Payable 643 Interest Payable 53 Unearned Rent Revenue 1,050 853 Common Stock 13,225 13,225 Retained Earnings 0 0 Dividends 626 626 Service Revenue 15,086 15,734 Rent Revenue 709 906 Salaries and Wages Expense 9,447 10,090 Rent Expense 930 1,746 Depreciation Expense 376 Supplies Expense 1,044 Utilities Expenses 448 448 Interest Expense 53 Totals $36,501 $36,501 $38,221 $38,221

(a) Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Sep. 30 (To record accrued service revenue) 2. Sep. 30 (To record expired rent) 3. Sep. 30 (To record supplies used) 4. Sep. 30 (To record depreciation on equiment) 5. Sep. 30 (To record interest accrued on the note) 6. Sep. 30 (To record rent revenue earned) 7. Sep. 30 (To record accrued wages) Click if you would like to Show Work for this question: Open Show Work

Answer 1

(a)

Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Sep. 30	Account receivable	648
		Service revenue		648
		(To record accrued service revenue)
2.	Sep. 30	Rent expense	816
		Prepaid rent		816
		(To record expired rent)
3.	Sep. 30	Supplies expense	1044
		Supplies		1044
		(To record supplies used)
4.	Sep. 30	Depreciation expense	376
		Accumulated depreciation-equipment		376
		(To record depreciation on equiment)
5.	Sep. 30	Interest expense	53
		Interest payable		53
		(To record interest accrued on the note)
6.	Sep. 30	Unearned rent revenue	197
		Rent revenue		197
		(To record rent revenue earned)
7.	Sep. 30	Salaries and wages expense	643
		Salaries and wages payable		643
		(To record accrued wages)

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