The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks 4 Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense office supplies expense Interest expense Totals View transaction list 1 Prepare the entryo close the revenue account(s). 2 Prepare the entry to close the expense account(s). 3 Prepare the entry to close income summary. Prepare the entry to close the dividends account. Debit $ 9,800 19,300 4,800 190,000 103,000 21,800 25,300 66,400 9,800 13,800 $ 464,000 Credit $ 37,800 17,400 5,800 67,000 39,000 149,000 Exercise 3-23 (Algo) Preparing closing entries LO P6 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $149,000 a the prior year. 148,000 $ 464,000 EX:

The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks 4 Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense office supplies expense Interest expense Totals View transaction list 1 Prepare the entryo close the revenue account(s). 2 Prepare the entry to close the expense account(s). 3 Prepare the entry to close income summary. Prepare the entry to close the dividends account. Debit $ 9,800 19,300 4,800 190,000 103,000 21,800 25,300 66,400 9,800 13,800 $ 464,000 Credit $ 37,800 17,400 5,800 67,000 39,000 149,000 Exercise 3-23 (Algo) Preparing closing entries LO P6 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $149,000 a the prior year. 148,000 $ 464,000 EX:

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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1. Use the adjusted trial balance for Stockton Company to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700 Equipment 18 13,700 Accumulated Depreciation 19 1,100 Accounts Payable 21 1,900 Notes Payable 22 4,300 Bob Steely, Capital 31 12,940 Bob Steely, Drawing 32 790 Fees Earned 41 9,250 Wages Expense 51 2,500 Rent Expense 52 1,960 Utilities Expense 53 775 Depreciation Expense 54 250 Miscellaneous Expense 59 185 Totals 29,490 29,490 Prepare the following statements A) Income Statement, B) Statement of Owners Equity, C) Balance Sheet
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