The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land 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 Debit $ 8,300 17,800 3,300 175,000 88,000 20,300 23,800 61,900 8,300 12,300 $ 419,000 pare the closing entries for the year ended December 31. Credit $36,300 12,900 4,300 59,500 173,000 133,000 $ 419,000

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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Prepare the entry to close the revenue accounts, the expenses accounts, income summary and withdrawal account 4 different charts
The following adjusted trial balance at December 31 of Wilson Trucking Company.
Account Title
Cash
Accounts receivable
Office supplies
Trucks
Accumulated depreciation-Trucks
Land
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
Debit
$ 8,300
17,800
3,300
175,000
88,000
20,300
23,800
61,900
8,300
12,300
$ 419,000
Prepare the closing entries for the year ended December 31.
Credit
$ 36,300
12,900
4,300
59,500
173,000
133,000
$ 419,000
F
Transcribed Image Text:The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land 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 Debit $ 8,300 17,800 3,300 175,000 88,000 20,300 23,800 61,900 8,300 12,300 $ 419,000 Prepare the closing entries for the year ended December 31. Credit $ 36,300 12,900 4,300 59,500 173,000 133,000 $ 419,000 F
Prepare the entry to close the revenue account(s).
Note: Enter debits before credits.
Date
December
31
General Journal
Debit
Credit
Transcribed Image Text:Prepare the entry to close the revenue account(s). Note: Enter debits before credits. Date December 31 General Journal Debit Credit
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