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Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit $ 9,500 19,000 4,500 187,000 Cash Accounts receivable Office supplies Trucks $ 37,500 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 100,000 16,50p 5,500 65,500 185,000 21,500 145,000 25,000 65,500 9,500 13,500 $ 455,000 Totals $ 455,000 epare the closing entries for the year ended December 31. View transaction list Journal entry worksheet 3 Prepare the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Income summary 31,500 Record entry Clear entry View genera

Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit $ 9,500 19,000 4,500 187,000 Cash Accounts receivable Office supplies Trucks $ 37,500 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 100,000 16,50p 5,500 65,500 185,000 21,500 145,000 25,000 65,500 9,500 13,500 $ 455,000 Totals $ 455,000 epare the closing entries for the year ended December 31. View transaction list Journal entry worksheet 3 Prepare the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Income summary 31,500 Record entry Clear entry View genera

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Debit $ 9,500 19,000 4,500 187,000 Account Title Credit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks $ 37,500 Land 100,000 16,50p 5,500 65,500 185,000 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 21,500 145,000 25,000 65,500 9,500 13,500 Totals $ 455,000 $ 455,000 Prepare the closing entries for the year ended December 31. View transaction list Journal entry worksheet 3 4 Prepare the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Income summary 31,500 Record entry Clear entry View genera
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Debit $ 9,500 19,000 4,500 187,000 Account Title Credit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks $ 37,500 Land 100,000 16,50p 5,500 65,500 185,000 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 21,500 145,000 25,000 65,500 9,500 13,500 Totals $ 455,000 $ 455,000 Prepare the closing entries for the year ended December 31. View transaction list Journal entry worksheet 3 4 Prepare the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Income summary 31,500 Record entry Clear entry View genera
Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,500 Accounts receivable 19,000 4,500 Office supplies Trucks 187,000 Accumulated depreciation-Trucks $ 37,50p Land 100,000 16,500 5,500 65,50p 185,000 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 21,500 145,000 25,000 65,500 9,500 13,500 $ 455,000 Totals $ 455,000 Prepare the closing entries for the year ended December 31. View transaction list Journal entry worksheet 4 Prepare the entry to close the Withdrawal account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View genera
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,500 Accounts receivable 19,000 4,500 Office supplies Trucks 187,000 Accumulated depreciation-Trucks $ 37,50p Land 100,000 16,500 5,500 65,50p 185,000 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 21,500 145,000 25,000 65,500 9,500 13,500 $ 455,000 Totals $ 455,000 Prepare the closing entries for the year ended December 31. View transaction list Journal entry worksheet 4 Prepare the entry to close the Withdrawal account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View genera
Expert Solution
Step 1

Closing entries:

All revenues are closed by crediting the income summary account and expenses are closed by debiting the income summary account. The balance net income(loss) is closed to the capital account.

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