Using Wilson Trucking Companys adjusted trial balance from E 4-10, prepare its December 31 closing entries. Data
Question:
Using Wilson Trucking Company’s adjusted trial balance from E 4-10, prepare its December 31 closing entries.
Data From Exercise 4-10
Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner’s equity, for the year ended December 31. The K. Wilson, Capital account balance was $170,000 at December 31 of the prior year, and there were no owner investments during the current year.
Account Title Debit Credit Cash $ 8,000 Accounts receivable. Office supplies Trucks .. Accumulated depreciation-Trucks.. 17,500 3,000 172,000 $ 36,000 Land.... 85,000 Accounts payable... Interest payable Long-term notes payable. K. Wilson, Capital.... 12,000 4,000 58,000 170,000 K. Wilson, Withdrawals. Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense. 20,000 130,000 23,500 61,000 8,000 12,000 Interest expense. Totals. $410,000 $410,000
Step by Step Answer:
1 8Income statement for month ended December 31 Trucking fees earned Less Operating expenses Depreci...View the full answer
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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