**Dylan Delivery Company Work Sheet***For Year Ended December 31*This work sheet is comprised of a 10-column format, which assists in adjusting and summarizing financial account data.---**1. Unadjusted Trial Balance:**- **Account Title**: - Cash: Dr $15,000 - Accounts Receivable: Dr $14,000 - Office Supplies: Dr $2,800 - Trucks: Dr $340,000 - Accumulated Depreciation—Trucks: Cr $100,000 - Land: Dr $170,000 - Accounts Payable: Cr $23,550 - Interest Payable: Cr $2,000 - Long-term Notes Payable: Cr $130,000 - S. Dylan, Capital: Cr $204,127 - S. Dylan, Withdrawals: Dr $35,000 - Delivery Fees Earned: Cr $274,350 - Depreciation Expense—Trucks: Dr $20,000 - Salaries Expense: Dr $115,227 - Office Supplies Expense: Dr $10,000 - Interest Expense: Dr $2,000 - Repairs Expense—Trucks: Dr $10,000- **Totals**: Dr $734,027, Cr $734,027---**2. Adjustments:**This section provides space for necessary adjustments to the accounts, with columns for debits (Dr) and credits (Cr).---**3. Adjusted Trial Balance:**This section summarizes the adjusted balances for each account after applying necessary adjustments.- Columns for debits (Dr) and credits (Cr) are provided, allowing for the balancing of each account.---**4. Income Statement:**This section helps in calculating net income/loss.- Consists of spaces for debits (Dr) and credits (Cr) to represent revenues and expenses, respectively.---**5. Balance Sheet and Statement of Owner's Equity:**- Provides columns for debits (Dr) and credits (Cr) to reflect updated position after adjustments.- Includes an area to report net income under these headings.---**6. Totals:**The document further includes rows at the bottom for recalculating totals across all segments, ensuring accuracy and balancing of debits and credits.---This standardized work sheet enables The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31.a. Unrecorded depreciation on the trucks at the end of the year is $8,231.b. The total amount of accrued interest expense at year-end is $8,000.c. The cost of unused office supplies still available at year-end is $1,800.1. Use the above information about the company’s adjustments to complete a 10-column worksheet. 2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31. 2b. Determine the capital amount to be reported on the December 31, balance sheet. *Note: S. Dylan, Capital was $204,127 on December 31 of the prior year.*

Trial balance means a statement which include all the debit or credit balances of accounts from…

Answered: The following unadjusted trial balance…

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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