Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation Trucks Land



image

The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation Trucks Land Accounts payable Debit $ 8,000 17,500 Credit 3,000 172,000 $ 36,000 85,000 12,000 Interest payable 4,000 Long-term notes payable 58,000 Common stock 30,000 Retained earnings 140,000 Dividends 20,000 Trucking revenue 130,000. Depreciation expense-Trucks 23,500 Salaries expense 61,000 office supplies expense.. 8,000 Interest expense Totals 12,000 $410,000 $410,000 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $140,000 at December 31 of the prior year. No Date 1 December 31 Trucks Trucking revenue 2 December 31 Accounts payable Income summary Answer is not complet. General Journal 3 December 31 Income summary Retained earnings 4 December 311 Retained earnings Dividends 0 0 00 Debit 130,000 Credit 130,000 103,500 103,500 26,500 C 26,500 ( 20,000 20,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The closing entries are as follows No Date General Journal Deb... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: John J. Wild

9th Edition

1260728773, 9781260728774

More Books

Students also viewed these Accounting questions