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December 31. d t Exercise 3-23 Preparing closing entries P6 Using Wilson Trucking Company's adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries. Exercise 3-24 目 Otes & nlights 目 cards pied tent Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of retained earnings, for the year ended December 31. The Retained Earnings account balance was $140,000 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 85,000 Land...... Accounts payable... 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.. 12,000 Totals....... $410,000 $410,000 Page 1

December 31. d t Exercise 3-23 Preparing closing entries P6 Using Wilson Trucking Company's adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries. Exercise 3-24 目 Otes & nlights 目 cards pied tent Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of retained earnings, for the year ended December 31. The Retained Earnings account balance was $140,000 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 85,000 Land...... Accounts payable... 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.. 12,000 Totals....... $410,000 $410,000 Page 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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December 31. d t Exercise 3-23 Preparing closing entries P6 Using Wilson Trucking Company's adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries. Exercise 3-24
Transcribed Image Text:December 31. d t Exercise 3-23 Preparing closing entries P6 Using Wilson Trucking Company's adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries. Exercise 3-24
目 Otes & nlights 目 cards pied tent Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of retained earnings, for the year ended December 31. The Retained Earnings account balance was $140,000 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 85,000 Land...... Accounts payable... 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.. 12,000 Totals....... $410,000 $410,000 Page 1
Transcribed Image Text:目 Otes & nlights 目 cards pied tent Use the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement of retained earnings, for the year ended December 31. The Retained Earnings account balance was $140,000 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 85,000 Land...... Accounts payable... 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.. 12,000 Totals....... $410,000 $410,000 Page 1
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