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 $9,054.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 $700.1. Use the above information about the company's adjustments to complete a 10-column work sheet.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 $231,260 onDecember 31 of the prior year. Account TitleCashAccounts receivableOffice suppliesTrucksAccumulated depreciation-TrucksLandAccounts payableInterest payableLong-term notes payableS. Dylan, CapitalS. Dylan, WithdrawalsDelivery fees earnedDepreciation expense-TrucksSalaries expenseOffice supplies expenseInterest expenseRepairs expense-TrucksTotalsNet IncomeTotalsUnadjusted Trial BalanceDrCr$16,50028,0001,700280,000$ 50,000150,00025,9054,000100,000231,26038,000301,78550,000126,75012,0004,0006,000$ 712,950 $ 712,950DYLAN DELIVERY COMPANYWork SheetFor Year Ended December 31AdjustmentsDrCrAdjusted Trial BalanceDrCrIncome StatementDrCrBalance Sheet and Statementof Owner's EquityDrCr

The basic recording made in the books of accounts is a journal entry. All the transactions are…

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 $9,054. 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 $700. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 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 $231,260 on December 31 of the prior year.

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 $9,054. 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 $700. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 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 $231,260 on December 31 of the prior year.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter9: Adjusting Entries

Section: Chapter Questions

Problem 1M

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Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,323 Accounts Receivable 12 2,013 Prepaid Expenses 13 636 Equipment 18 13,301 Accumulated Depreciation 19 1,235 Accounts Payable 21 1,477 Notes Payable 22 4,321 Bob Steely, Capital 31 12,784 Bob Steely, Drawing 32 668 Fees Earned 41 7,077 Wages Expense 51 2,515 Rent Expense 52 724 Utilities Expense 53 427 Depreciation Expense 54 220 Miscellaneous Expense 59 67 Totals 26,894 26,894 Use the adjusted trial balance for Stockton Company. Determine the net income (loss) for the period. a.Net loss is $6,066. b.Net income is $3,124. c.Net income is $26,894. d.Net loss is $3,124.
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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,672 Accounts Receivable 12 2,895 Prepaid Expenses 13 787 Equipment 18 15,108 Accumulated Depreciation 19 1,279 Accounts Payable 21 1,406 Notes Payable 22 5,764 Bob Steely, Capital 31 15,329 Bob Steely, Drawing 32 972 Fees Earned 41 6,188 Wages Expense 51 3,033 Rent Expense 52 789 Utilities Expense 53 358 Depreciation Expense 54 265 Miscellaneous Expense 59 87 Totals 29,966 29,966 Determine the total assets. a.$23,675 b.$23,183 c.$25,868 d.$24,462
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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,074 Accounts Receivable 12 2,877 Prepaid Expenses 13 777 Equipment 18 15,351 Accumulated Depreciation 19 1,484 Accounts Payable 21 1,534 Notes Payable 22 4,111 Bob Steely, Capital 31 15,228 Bob Steely, Drawing 32 602 Fees Earned 41 6,592 Wages Expense 51 2,786 Rent Expense 52 790 Utilities Expense 53 359 Depreciation Expense 54 267 Miscellaneous Expense 59 66 Totals 28,949 28,949 Use the adjusted trial balance for Stockton Company. Determine the total assets. a.$25,613 b.$24,079 c.$23,302 d.$22,595
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,044 Accounts Receivable 12 2,136 Prepaid Expenses 13 643 Equipment 18 14,501 Accumulated Depreciation 19 1,337 Accounts Payable 21 1,468 Notes Payable 22 5,923 Bob Steely, Capital 31 13,850 Bob Steely, Drawing 32 949 Fees Earned 41 6,418 Wages Expense 51 3,195 Rent Expense 52 765 Utilities Expense 53 449 Depreciation Expense 54 246 Miscellaneous Expense 59 68 Totals 28,996 28,996 Use the adjusted trial balance for Stockton Company. Determine the owner's equity ending balance for the period. a.$14,596 b.$18,240 c.$17,791 d.$19,005
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