Assets

Cash + Inventory+ Equipment =

($286,176) $286,176
$137,590
$68,480
Liabilities StockHolder's Equity
Accounts Payable + Common Stock + Retained Earnings

$137,590
$68,480
Statement Date
1
Paid monthly rent of $1,420.

3
Performed services for $170 on account.

5
Performed services for cash of $90.

8
Purchased equipment for $710. The company paid cash of $95
and the balance was on account.

12
Received cash from customers billed on March 3.

14
Paid wages to employees of $620.

22
Paid utilities of $84.

24
Borrowed $1,770 from Grafton State Bank by signing a note.

27
Paid $260 to repair service for plumbing repairs.

Paid balance amount owed from equipment purchase on

28
March 8.

30
Paid $2,120 for six months of insurance.
Account Titles & Explanation Debit Credit
Rent Expense 1420
Cash 1420

Accounts Receivables 170

Service Revenue 170

Cash 90
Service Revenue 90

Equipment 710
Cash 95
Accounts Payable 615

Cash 170
Accounts Receivables 170

Salaries and Wages Expense 620

Cash 620

Utilities Expense 84
Cash 84

Cash 1770
Notes Payable 1770

Repairs Expense 260

Cash 260

Accounts Payable 615

Cash 615

Prepaid Insurance 2120

Cash 2120
Swifty Corporation Income Statement

Revenues
Service Revenue $72,240

Expenses
Salaries and Wages Expense $41,240
Depreciation Expense $3,370
Insurance Expense $2,430
Utilities Expense $2,180
Maintenance and Repairs Expense $1,620

Total Expenses $50,840

Net Income $21,400