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[The following information applies to the questions displayed below.] The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account TitleDebitCreditCash$ 8,200
[The following information applies to the questions displayed below.]
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company.
Account TitleDebitCreditCash$ 8,200 Accounts receivable16,500 Office supplies2,000 Trucks194,000 Accumulated depreciationTrucks $ 39,964Land75,000 Accounts payable 12,200Interest payable 3,000Long-term notes payable 52,000Common stock 46,905Retained earnings 138,500Dividends19,000 Trucking revenue 133,500Depreciation expenseTrucks25,777 Salaries expense62,611 Office supplies expense11,500 Repairs expenseTrucks11,481 Totals$ 426,069$ 426,069
Use the above adjusted trial balance to prepare Wilson Trucking Companys classified balance sheet as of December 31. The Retained Earnings account balance was $138,500 at December 31 of the prior year.
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