Exercise 4-7 (Algo) Preparing a work sheet and recording closing entries LO P1, P2

The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31.

1. Use the following information about the companys adjustments to complete a 10-column work sheet.

1. Unrecorded depreciation on the trucks at the end of the year is $7,682.
2. Total amount of accrued interest expense at year-end is $8,000.
3. Cost of unused supplies still available at year-end is $800.

2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31.

2b. Determine the capital amount to be reported on its year-end balance sheet. Note: The S. Dylan, Capital account balance was $191,305 on December 31 of the prior year.

Account Title	Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet and Statement of Owners Equity
Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$14,000				$14,000				$14,000
Accounts receivable	14,000				14,000				14,000
Supplies	1,800			$1,000	800				800
Trucks	320,000				320,000				320,000
Accumulated depreciationTrucks		$100,000
Land	150,000				150,000				150,000
Accounts payable		21,980				21,980				21,980
Interest payable		2,000
Long-term notes payable		130,000				130,000				130,000
S. Dylan, Capital		191,305				191,305				191,305
S. Dylan, Withdrawals	35,000
Delivery revenue		256,060				256,060
Depreciation expenseTrucks	30,000
Salaries expense	107,545				107,545
Supplies expense	19,000
Interest expense	2,000
Repairs expense	8,000				8,000
Totals	$701,345	$701,345	$0	$	$	$	0	0
Net Income
Totals							$0	$0	$