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 12,000 Accounts payable . Interest payable .... 4,000 Long-term notes payable . 53,000 K. Wilson, Capital ... K. Wilson, Withdrawals.. 175,000 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense.. Office supplies expense. ..... 61,000 8,000 Repairs expense-Trucks. 12,000 $410,000 Totals..... $410,000
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 12,000 Accounts payable . Interest payable .... 4,000 Long-term notes payable . 53,000 K. Wilson, Capital ... K. Wilson, Withdrawals.. 175,000 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense.. Office supplies expense. ..... 61,000 8,000 Repairs expense-Trucks. 12,000 $410,000 Totals..... $410,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the following adjusted year-end
the (1) income statement and (2) statement of owner’s equity for the year ended December 31. The
K. Wilson, Capital account balance was $175,000 at December 31 of the prior year.
![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
12,000
Accounts payable .
Interest payable ....
4,000
Long-term notes payable .
53,000
K. Wilson, Capital ...
K. Wilson, Withdrawals..
175,000
20,000
Trucking fees earned
130,000
Depreciation expense-Trucks
23,500
Salaries expense..
Office supplies expense.
.....
61,000
8,000
Repairs expense-Trucks.
12,000
$410,000
Totals.....
$410,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb5447b4-2721-403a-bc92-b0c963054633%2F7f55b80c-ff30-42f7-aa44-368f2c3b4cf5%2Fm1sm3hi.jpeg&w=3840&q=75)
Transcribed Image Text: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
12,000
Accounts payable .
Interest payable ....
4,000
Long-term notes payable .
53,000
K. Wilson, Capital ...
K. Wilson, Withdrawals..
175,000
20,000
Trucking fees earned
130,000
Depreciation expense-Trucks
23,500
Salaries expense..
Office supplies expense.
.....
61,000
8,000
Repairs expense-Trucks.
12,000
$410,000
Totals.....
$410,000
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