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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 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 $40,000. b. The total amount of accrued interest expense at year-end is $6,000. c. The cost of unused office supplies still available at year-end is $2,000. 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 $307,000 on December 31 of the prior year. 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 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash Accounts receivable Office supplies Trucks Accum. depreciationTrucks 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 Net Income Totals $ 16,000 34,000 5,000 350,000 $ 80,000 160,000 24,000 5,000 100,000 307,000 34,000 263,000 40,000 110,000 15,000 5,000 10,000 $ 779.000 $ 779.000 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close income summary account. 4 Record the entry to close the withdrawals account. Determine the capital amount to be reported on the December 31 balance sheet. Note: S. Dylan, Capital was $307,000 on December 31 of the prior year. S. Dylan, Capital
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