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View Policies Show Attempt History Current Attempt in Progress On August 1, 2022, the following were the account balances of Swifty Repair Services. Debit
View Policies Show Attempt History Current Attempt in Progress On August 1, 2022, the following were the account balances of Swifty Repair Services. Debit Credit Cash $7,130 Accumulated Depreciation-Equipment 710 Accounts Receivable 3,430 Accounts Payable 2,710 Notes Receivable 4,800 Unearned Service Revenue 1,490 Supplies 1,220 Salaries and Wages Payable 1,680 Equipment 11,800 Common stock 14,200 Retained Earnings 7,590 28,380 28,380 Aug. 1 During August, the following summary transactions were completed. Paid $470 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. 3 Paid August rent $450. 5 Received $1,420 cash from customers in payment of account. 10 Paid $3,680 for salaries due employees, of which $2,000 is for August and $1,680 is for July salaries payable. 12 Received $3,300 cash for services performed in August. 15 Purchased store equipment on account $2,360. 20 Paid creditors $2,360 of accounts payable due. 22 Purchased supplies on account $940. 25 Paid $3,420 cash for employees' salaries. 27 Billed customers $4,440 for services performed. 29 Received $920 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $1,130. 2. Accrued but unpaid employees' salaries are $1,820. 3. Depreciation on equipment for the month is $380. 4. Services were performed to satisfy $940 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,800 note receivable has accrued. The 4-month note has a 6% annual interest rate. Swifty's chart of accounts includes Prepaid Advertising, Interest Receivable, Service Revenue, Interest Revenue, Advertising Expense. Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense. Enter the August 1 balances in the ledger accounts. Cash 8/1 Bal. Accounts Receivable 8/1 Bal. Notes Receivable 8/1 Bal. Supplies 8/1 Bal. Equipment $7130 $3430 $4800 $1220 8/1 Bal. $11800 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue 8/1 Bal. $710 8/1 Bal. $2710 8/1 Bal. $1490 Salaries and Wages Payable 8/1 Bal. $1680 Common Stock 8/1 Bal. $14200 Retained Earnings 8/1 Bal. $7590 Your answer is correct. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Aug. 1 Prepaid Advertising Cash Aug. 3 Rent Expense Cash Aug. 5 Cash Accounts Receivable Debit Credit $470 $450 $1420 4 Aug. 10- Salaries and Wages Expense $2000 $470 $450 $1420 Salaries and Wages Payable Cash Aug. 12 Cash Service Revenue Aug 15 v Equipment Accounts Payable Aug 20 Accounts Payable Cash $1680 $3300 $2360 $2360 Aug 22- Supplies $940 Accounts Payable Aug. 25 3 Salaries and Wages Expense $3420 Cash $3680 $3300 $2360 $2360 $940 $3420 Question 1 of 4 < > Cash Aug, 22 Supplies Accounts Payable $940 Aug. 25 Salaries and Wages Expense $3420 Cash Aug. 27 Accounts Receivable Service Revenue Aug. 29 Cash Unearned Service Revenue $4440 $920 0.27/1.5 E $2360 $940 $3420 $4440 $920 Post to the ledger accounts. Cash 8/1 Bal. Accounts Receivable 7,130 Question 1 of 4 Accounts Receivable 8/1 Bal. Notes Receivable 8/1 Bal. 4,800 8/31 Bal. 4,800 3,430 Supplies 8/1 Bal. 1.220 Pronaid Adunatici 0.27 Prepaid Advertising Equipment 8/1 Bal. 11,800 Accumulated Depreciation-Equipment 8/1 Bal. 710 Accounts Payable 8/1 Bal. 2,710 Unearned Service Revenue 8/1 Bal. 1,490 Salaries and Wages Payable 8/1 Bal. 1,680 Common Stock Retained Earnings Service Revenue 8/1 Bal. 14,200 8/31 Bal. 14,200 8/1 Bal. 7,590 Salaries and Wages Expense Rent Expense > >
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