Prepare the closing entries for the year ended December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[The following information applies to the questions displayed below.]
The following adjusted trial balance at December 31 of Wilson Trucking Company.
Account Title
Cash
Accounts receivable
Office supplies
Trucks
Accumulated depreciation-Trucks
Accounts payable
Interest payable
Long-term notes payable
K. Wilson, Capital
K. Wilson, Withdrawals
Trucking revenue
Depreciation expense-Trucks
Salaries expense
Office supplies expense
Interest expense
Totals
View transaction list
Debit
$ 9,900
19,400
4,900
191,000
104,000
21,900
25,400
66,700
Prepare the closing entries for the year ended December 31.
Credit
$ 37,900
17,700
5,900
67,500
189,000
149,000
9,900
13,900
$ 467,000 $ 467,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30087330-3f61-40cc-b404-55ea18b96426%2F07a48c76-dce0-4bb7-9543-6309d5f8c410%2Fqxybfu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
The following adjusted trial balance at December 31 of Wilson Trucking Company.
Account Title
Cash
Accounts receivable
Office supplies
Trucks
Accumulated depreciation-Trucks
Accounts payable
Interest payable
Long-term notes payable
K. Wilson, Capital
K. Wilson, Withdrawals
Trucking revenue
Depreciation expense-Trucks
Salaries expense
Office supplies expense
Interest expense
Totals
View transaction list
Debit
$ 9,900
19,400
4,900
191,000
104,000
21,900
25,400
66,700
Prepare the closing entries for the year ended December 31.
Credit
$ 37,900
17,700
5,900
67,500
189,000
149,000
9,900
13,900
$ 467,000 $ 467,000
![Prepare the closing entries for the year ended December 31.
View transaction list
Journal entry worksheet
1
2
3
Date
December
31
Prepare the entry to close the revenue account(s).
Note: Enter debits before credits.
4
General Journal
Debit
Credit
+
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30087330-3f61-40cc-b404-55ea18b96426%2F07a48c76-dce0-4bb7-9543-6309d5f8c410%2F1a8t1od_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare the closing entries for the year ended December 31.
View transaction list
Journal entry worksheet
1
2
3
Date
December
31
Prepare the entry to close the revenue account(s).
Note: Enter debits before credits.
4
General Journal
Debit
Credit
+
>
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