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Account Title Debit Credit Cash...... $ 8,000 Accounts receivable. 17,500 Office supplies . 3,000 Trucks.... 172,000 Accumulated depreciation-Trucks. $ 36,000 Land........ 85,000 12,000 Accounts payable . Interest payable .... 4,000 Long-term notes payable . 53,000 K. Wilson, Capital ... K. Wilson, Withdrawals.. 175,000 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense.. Office supplies expense. ..... 61,000 8,000 Repairs expense-Trucks. 12,000 $410,000 Totals..... $410,000

Account Title Debit Credit Cash...... $ 8,000 Accounts receivable. 17,500 Office supplies . 3,000 Trucks.... 172,000 Accumulated depreciation-Trucks. $ 36,000 Land........ 85,000 12,000 Accounts payable . Interest payable .... 4,000 Long-term notes payable . 53,000 K. Wilson, Capital ... K. Wilson, Withdrawals.. 175,000 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense.. Office supplies expense. ..... 61,000 8,000 Repairs expense-Trucks. 12,000 $410,000 Totals..... $410,000

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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Question

Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to prepare
the (1) income statement and (2) statement of owner’s equity for the year ended December 31. The
K. Wilson, Capital account balance was $175,000 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 Land........ 85,000 12,000 Accounts payable . Interest payable .... 4,000 Long-term notes payable . 53,000 K. Wilson, Capital ... K. Wilson, Withdrawals.. 175,000 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense.. Office supplies expense. ..... 61,000 8,000 Repairs expense-Trucks. 12,000 $410,000 Totals..... $410,000
Transcribed Image Text:Account Title Debit Credit Cash...... $ 8,000 Accounts receivable. 17,500 Office supplies . 3,000 Trucks.... 172,000 Accumulated depreciation-Trucks. $ 36,000 Land........ 85,000 12,000 Accounts payable . Interest payable .... 4,000 Long-term notes payable . 53,000 K. Wilson, Capital ... K. Wilson, Withdrawals.. 175,000 20,000 Trucking fees earned 130,000 Depreciation expense-Trucks 23,500 Salaries expense.. Office supplies expense. ..... 61,000 8,000 Repairs expense-Trucks. 12,000 $410,000 Totals..... $410,000
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