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The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 3 1 . Use the following information about

The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as
of December 31.
Use the following information about the company's adjustments to complete a 10-column work sheet.
a. Unrecorded depreciation on the trucks at the end of the year is $40,000.
b. Total amount of accrued interest expense at year-end is $6,000.
c. Cost of unused supplies still available at year-end is $2,000.
(a) Prepare the year-end closing entries for this company. (b) Determine the capital amount to be
reported on its year-end balance sheet. Note: The S. Dylan, Capital account balance was $307,000 on
December 31 of the prior year.
Exercise 4-7
Preparing a work sheet and
recording closing entries
P1 P2
Check Adj. trial balance
totals, $820,000; Net income,
$39,000
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