Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Julia Dumars is a licensed CPA. During the first month of operations of her business, Swifty Corporation , the following events and transactions occurred. May

Julia Dumars is a licensed CPA. During the first month of operations of her business, Swifty Corporation, the following events and transactions occurred.

May 1 Stockholders invested $21,300 cash in exchange for common stock.
2 Hired a secretary-receptionist at a salary of $2,800 per month.
3 Purchased $1,500 of supplies on account from Vincent Supply Company.
7 Paid office rent of $760 cash for the month.
11 Completed a tax assignment and billed client $2,900 for services performed.
12 Received $2,900 advance on a management consulting engagement.
17 Received cash of $1,800 for services performed for Orville Co.
31 Paid secretary-receptionist $2,800 salary for the month.
31 Paid 40% of balance due Vincent Supply Company.

Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.
image text in transcribed
0.67/1 III Question 13 of 13 Prepare a trial balance on May 31, 2022. Swifty Corporation Trial balance May 31, 2022 Debit Credit Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The UCAS Guide To Getting Into Economics Finance And Accountancy At University

Authors: Ucas, Targetjobs.Co.UK

1st Edition

9781908077172

More Books

Students also viewed these Accounting questions