DYLAN DELIVERY COMPANY | ||||||||||
.WORK SHEET | ||||||||||
FOR THE YEAR ENDED DECEMBER 31 | ||||||||||
Balance sheet and statement | ||||||||||
Unadjusted trial balance | Adjustments | Adjusted trial balance | income statement | of owner's equity | ||||||
Account Title | Dr | Cr | Dr | Cr | Dr | Cr | Dr | Cr | Dr | Cr |
Cash | $ 17,500 | $ 17,500 | $ 17,500 | |||||||
Accounts receivable | $ 28,000 | $ 28,000 | $ 28,000 | |||||||
Office supplies | $ 2,500 | (C) $ 1000 {2500-1500} | $ 1,500 | $ 1,500 | ||||||
Trucks | $ 220,000 | $ 220,000 | $ 220,000 | |||||||
Accumulated depreciation-Trucks | $ 90,000 | (A)$ 9,602 | $ 99,602 | $ 99,602 | ||||||
Land | $ 140,000 | $ 140,000 | $ 140,000 | |||||||
Accounts payable | $ 27,475 | $ 27,475 | $ 27,475 | |||||||
Interest payable | $ 5,000 | B)$3,000 {8,000-5000} | $ 8,000 | $ 8,000 | ||||||
long term notes payable | $ 130,000 | $ 130,000 | $ 130,000 | |||||||
S.Dylan capital | $ 72,882 | $ 72,882 | $ 72,882 | |||||||
S.Dylan Withdrawals | $ 38,000 | $ 38,000 | $ 38,000 | |||||||
Delivery fees earned | $ 320,075 | $ 320,075 | $ 320,075 | |||||||
Depreciation expenses- Trucks | $ 40,000 | (A)$ 9,602 | $49,602 {40,000+9602} | $49,602 | ||||||
Salaries expense | $ 134,432 | $ 134,432 | $ 134,432 | |||||||
Office supplies expense | $ 11,000 | (C) $ 1000 {2500-1500} | $ 12,000 {11000+1000} | $ 12,000 | ||||||
Interest expense | $5,000 | B)$3,000 {8,000-5000} | $ 8,000 {5000+3000} | $ 8,000 | ||||||
Rent expense-trucks | $ 9,000 | $ 9,000 | $ 9,000 | |||||||
Totals | $645,432 | $645,432 | $ 13,602 | $ 13,602 | $ 658,034 | $ 658,034 | $ 213,034 | $ 320,075 | $ 445,000 | $ 337,959 |
Net income | $ 107,041 {320075-213034} | $ 107,041 | ||||||||
Totals | $ 320,075 | $ 445,000 | $ 445,000 |
Required 2 A :
No | Date | General Journal | Debit | Credit |
1) | Dec-31 | Delivery fees earned | $ 320,075 | |
Income Summary | $ 320,075 | |||
(To record close revenues to income summary ) | ||||
2) | Dec-31 | Income Summary | $ 213,034 | |
Depreciation expenses- Trucks | $49,602 | |||
Salaries expense | $ 134,432 | |||
Office supplies expense | $ 12,000 | |||
Interest expense | $ 8,000 | |||
Rent expense-trucks | $ 9,000 | |||
(To record close expenses to income summary ) | ||||
3) | Dec-31 | Income Summary | $ 107,041 | |
S.Dylan capital | $ 107,041 | |||
(To record income summary to capital ) | ||||
4) | Dec-31 | S.Dylan capital | ||
S.Dylan Withdrawals | $ 38,000 | |||
(To record close withdrawals to capital ) |
Required 2 B :
S.Dylan capital | $ 141,923 |
EXPLANATION IS GIVEN BELOW :
DYLAN DELIVERY COMPANY | |
STATEMENT OF OWNER'S EQUITY | |
FOR THE YEAR ENDED DECEMBER 31 | |
Beginning Balance | $ 72,882 |
Add: Net income | $ 107,041 |
$ 179,923 | |
Less: Owner's Withdrawals | ($38,000) |
Ending Balance | $ 141,923 |
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of...
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LISE 4-12 Saved Help 1 The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. es a. Unrecorded depreciation on the trucks at the end of the year is $7,682. b. The total amount of accrued interest expense at year-end is $8,000. c. The cost of unused office supplies still available at year-end is $1,100. kipped 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 2a....
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Sori The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 126 Supplies 13,400 128 Prepaid insurance 2,000 162 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 11,960 318 Retained earnings 35,600 319 Dividends 6,000 404 revenue 37,600 612 Depreciation expense-Equipment 2,000 622 Salaries expense 637 Insurance expense 640 Rent expense 2,519 652 Supplies expense 1,241 Totals $ 91,660 $91,660 21,921...
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part1 part 2 part 3 Exercise 4-7 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 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...