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The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 8,000 Accounts receivable 17,500 Office supplies 3,000
The following adjusted trial balance at December 31 of Wilson Trucking Company.
Account Title | Debit | Credit |
---|---|---|
Cash | $ 8,000 | |
Accounts receivable | 17,500 | |
Office supplies | 3,000 | |
Trucks | 172,000 | |
Accumulated depreciationTrucks | $ 36,000 | |
Land | 85,000 | |
Accounts payable | 12,000 | |
Interest payable | 4,000 | |
Long-term notes payable | 58,000 | |
K. Wilson, Capital | 170,000 | |
K. Wilson, Withdrawals | 20,000 | |
Trucking revenue | 130,000 | |
Depreciation expenseTrucks | 23,500 | |
Salaries expense | 61,000 | |
Office supplies expense | 8,000 | |
Interest expense | 12,000 | |
Totals | $ 410,000 | $ 410,000 |
The K. Wilson, Capital account balance was $170,000 at December 31 of the prior year, and there were no owner investments during the year.
(1) COMPLTE the income statement for the year ended December 31.
(2) complete the statement of owner's equity for the year ended December 31.
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