Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 31, the balance sheet of Swifty Corporation showed Cash $12,000, Accounts Receivable $4,700, Supplies $600, Equipment $6,000, Accounts Payable $6,600, Common Stock $16,100,

On August 31, the balance sheet of Swifty Corporation showed Cash $12,000, Accounts Receivable $4,700, Supplies $600, Equipment $6,000, Accounts Payable $6,600, Common Stock $16,100, and Retained Earnings $600. During September, the following transactions occurred.

1. Paid $2,150 cash for accounts payable due.
2. Collected $1,950 of accounts receivable.
3. Purchased additional equipment for $1,450, paying $700 in cash and the balance on account.
4. Recognized revenue of $7,200, of which $2,050 is collected in cash and the balance is due in October.

Swifty Corporation

Assets Liabilities Stockholders' Equity

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

=

Notes Payable

+

Accounts Payable

+

Common Stock

+

Retained Earnings

+

Revenues

-

Expenses

-

Dividends

Bal. $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
1. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount
2. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount
3. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount
4. Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions