Hello! Based on the attatched and completed closing entries for swift company, we now have...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Hello! Based on the attatched and completed closing entries for swift company, we now have to prepare the post-closing trial balance (attatched below). 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 Service Revenue Income Summary (To close revenue account) June 30 Income Summary Salaries and Wages Expense Miscellaneous Expense Supplies Expense (To close expense accounts) June 30 Debit Retained Earnings (To close net income / (loss)) June 30 Retained Earnings Dividends Credit Swifty Company Post-Closing Trial Balance June 30, 2022 For the Year Ended June 30, 2022 Credit For the Quarter Ended June 30, 2022 $ $ Totals $ $
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!