Using Wilson Trucking Companys adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries. Data

Question:

Using Wilson Trucking Company’s adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries.

Data from Exercise 3-21

Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the 

(1) Income statement 

(2) Statement of retained earnings, for the year ended December 31. 

The Retained Earnings account balance was $140,000 at December 31 of the prior year.

Account Title Cash Accounts receivable... Office supplies .... Trucks... Accumulated depreciation-Trucks....

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