Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following adjusted trial

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Debit $ 8,400 Credit Accounts receivable 17,900 office supplies 3,400 Trucks 176,000 Accumulated depreciation- $ Trucks 36,400 Land 89,000 Accounts payable 13,200 Interest payable 4,400 Long-term notes payable 60,000 Common stock 32,000 Retained earnings 142,000 Dividends 20,400 Trucking revenue 134,000 Depreciation expense-Trucks 23,900 Salaries expense 62,200 office supplies expense 8,400 Interest expense 12,400 $ $ Totals 422,000 422,000 Exercise 3-23 (Algo) Preparing closing entries LO P6 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $142,000 at December 31 of the prior year. View transaction list Journal entry worksheet 1 2 3 4 Prepare the entry to close the revenue account(s). >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077400163

Students also viewed these Accounting questions