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Hello! I need help with the following accounting problem. First it provides the adjusted trial balance for swift company (attatched below), then it asks to
Hello! I need help with the following accounting problem. First it provides the adjusted trial balance for swift company (attatched below), then it asks to prepare closing entries at June 30, 2022 (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. ) Thank you in advance!
Swifty Company Adjusted Trial Balance For the Year Ended June 30, 2022 Adjusted Trial Balance \begin{tabular}{|c|c|c|} \hline \multirow[b]{2}{*}{ Account Titles } & \multicolumn{2}{|c|}{AdjustedTrialBalance} \\ \hline & Debit & Credit \\ \hline Cash & $3,790 & \\ \hline Accounts Receivable & 3,760 & \\ \hline Supplies & 460 & \\ \hline Accounts Payable & & $1,700 \\ \hline Unearned Service Revenue & & 180 \\ \hline Common Stock & & 1,990 \\ \hline Retained Earnings & & 2,500 \\ \hline Dividends & 800 & \\ \hline Service Revenue & & 5,300 \\ \hline Salaries and Wages Expense & 1,300 & \\ \hline Miscellaneous Expense & 360 & \\ \hline Supplies Expense & 1,900 & \\ \hline Salaries and Wages Payable & & 700 \\ \hline & $12,370 & $12,370 \\ \hline \end{tabular} Date Account Titles and Explanation June 30 June 30 (To close revenue account) June 30 (To close expense accounts) June 30 (To close net income / (loss)) June 30 Debit Credit CreditStep by Step Solution
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