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.

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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