Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check I Exercise 4-7 Preparing a work sheet and recording closing entries LO P1, P2 The following unadjusted trial balance contains the accounts and balances

image text in transcribed
image text in transcribed
image text in transcribed
Check I Exercise 4-7 Preparing a work sheet and recording closing entries LO P1, P2 The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. a. Unrecorded depreciation on the trucks at the end of the year is $5,487. b. The total amount of accrued interest expense at year-end is $8,000 c. The cost of unused office supplies still available at year-end is $900. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31 2b. Determine the capital amount to be reported on the December 31, balance sheet. Note: S. Dylan, Capital was $329,118 on December 31 of the prior year, Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Use the above information about the company's adjustments to complete a 10-column work sheet. DYLAN DELIVERY COMPANY Work Sheet For Year Ended December 31 industrial Balance Ahments All Trial Flalance Inenma Statamant For Year Ended December 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Account Title Dr Cr Dr Cr Dr Cr Dr Cr $ Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable S. Dylan, Capital S. Dylan, Withdrawals Delivery fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Repairs expense Trucks Totals Not Income Totals 10,000 25,000 1,900 340,000 $ 50,000 160,000 15,700 2,000 110,000 329,118 34,000 182,900 20,000 76,818 15,000 2,000 5,000 $ 689,718 $ 680,718 Reg 1 Req 2A Req 2B Prepare the year-end closing entries for Dylan Delivery Company as of December 31. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. > Note: Enter debits before credits. Date December 31 General Journal Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Foundations And Evolutions

Authors: Amie Dragoo, Michael Kinney, Cecily Raiborn

10th Edition

1618533533, 9781618533531

More Books

Students also viewed these Accounting questions