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The following trial balance of Swifty Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance.
The following trial balance of Swifty Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $103. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,850 and $6,690, respectively. (d) A debit posting to Advertising Expense of $279 was omitted. (e) A $1,480 cash drawing by the owner was debited to Owner's Capital and credited to Cash Credit Swifty Company Trial Balance April 30, 2020 Debit Cash $4,645 Accounts Receivable 2,580 Prepaid Insurance 716 Equipment Accounts Payable Property Tax Payable 612 Owner's Capital Service Revenue 6,960 Salaries and Wages Expense 4,519 Advertising Expense 1,079 Property Tax Expense $21,111 $8,630 4,690 11,770 735 $25,825 Prepare a correct trial balance SWIFTY COMPANY Trial Balance Version 4.24.20.1 Trial Balance April 30, 2020 Debit Credit Cash 4645 Accounts Receivable 2580 Prepaid Insurance 716 > Equipment 8630 X Accounts Payable 4690 Property Tax Payable 612 Owner's Capital 11770 III Owner's Drawings Service Revenue 6960 Salaries and Wages Exp 4519 X Advertising Expense 1079 8630 Equipment 4690 Accounts Payable 612 Property Tax Payable 11770 Owner's Capital Owner's Drawings 6960 Service Revenue Salaries and Wages Exp 4519 Advertising Expense 1079 Property Tax Expense 735 Totals 21111 25825 Click if you would like to Show Work for this question: Open Show Work
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