* The following trial balance of Swifty Corporation does not balance.SWIFTY CORPORATIONTRIAL BALANCEJUNE 30, 2020 Debit CreditCash $7,375 Accounts Receivable 7,830 Supplies 3,787 Equipment 8,800 Accounts Payable $8,220 Common Stock 12,000 Retained Earnings 3,700 Service Revenue 6,682 Office Expense 4,660 $32,452 $30,6021. Cash received from a customer on account was recorded (both debit and credit) as $1,390 instead of $1,930.2. The purchase on account of a computer costing $3,300 was recorded as a debit to Office Expense and a credit to Accounts Payable.3. Services were performed on account for a client, $1,800, for which Accounts Receivable was debited $1,800 and Service Revenue was credited $180.4. A payment of $90 for telephone charges was entered as a debit to Office Expense and a debit to Cash.5. The Service Revenue account was totaled at $5,700 instead of $5,750.

Name: * The following trial balance of Swifty Corporation does not balance.S
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Description: * The following trial balance of Swifty Corporation does not balance.SWIFTY CORPORATIONTRIAL BALANCEJUNE 30, 2020 Debit CreditCash $7,375 Accounts Receivable 7,830 Supplies 3,787 Equipment 8,800 Accounts Payable $8,220 Commo

The trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Answered: SWIFTY CORPORATION TRIAL BALANCE JUNE…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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* The following trial balance of Swifty Corporation does not balance.

SWIFTY CORPORATION TRIAL BALANCE JUNE 30, 2020
	Debit		Credit
Cash		$7,375
Accounts Receivable		7,830
Supplies		3,787
Equipment		8,800
Accounts Payable				$8,220
Common Stock				12,000
Retained Earnings				3,700
Service Revenue				6,682
Office Expense		4,660
		$32,452		$30,602

1.		Cash received from a customer on account was recorded (both debit and credit) as $1,390 instead of $1,930.
2.		The purchase on account of a computer costing $3,300 was recorded as a debit to Office Expense and a credit to Accounts Payable.
3.		Services were performed on account for a client, $1,800, for which Accounts Receivable was debited $1,800 and Service Revenue was credited $180.
4.		A payment of $90 for telephone charges was entered as a debit to Office Expense and a debit to Cash.
5.		The Service Revenue account was totaled at $5,700 instead of $5,750.

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