Question
Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity,
Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of owner's equity, for the year ended December 3l. The
K. Wilson, Capital account balance was $170.000 at December 31 of the prior rear, and there were no owner investments during the current car.
Account Title | Debit | Credit |
Cash | $ 8,000 |
|
Accounts receivable. | 17,500 |
|
Office supplies | 3,000 |
|
Trucks | 172,000 |
|
Accumulated depreciation -Trucks. |
| $ 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 |
Depreclation expense-Trucks | 23,500 |
|
Salaries expense | 61,000 |
|
Office supplies expense... | 8,000 |
|
Interest expense. | 12.000 |
|
Totals. | $410.000 | $410,000 |
Using Wilson Trucking Company's adjusted trial balance from E 4-10, prepare its December 31 closing entries.
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