Question

The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of...

The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31, 2017.

  1. Unrecorded depreciation on the trucks at the end of the year is $7,407.
  2. The total amount of accrued interest expense at year-end is $8,000.
  3. The cost of unused office supplies still available at year-end is $600.

  
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, 2017.
2b. Determine the capital amount to be reported on the December 31, 2017 balance sheet.

Complete this question by entering your answers in the tabs below.

  • Req 1
  • Req 2A
  • Req 2B

Use the above information about the company’s adjustments to complete a 10-column work sheet.
DYLAN DELIVERY COMPANY
Work Sheet
For Year Ended December 31, 2017
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner’s Equity
Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr
Cash $13,500
Accounts receivable 20,500
Office supplies 1,600
Trucks 340,000
Accumulated depreciation—Trucks $60,000
Land 130,000
Accounts payable 21,195
Interest payable 2,000
Long-term notes payable 140,000
S. Dylan, Capital 220,194
S. Dylan, Withdrawals 34,000
Delivery fees earned 246,915
Depreciation expense—Trucks 20,000
Salaries expense 103,704
Office supplies expense 18,000
Interest expense 2,000
Repairs expense—Trucks 7,000
Totals $690,304 $690,304 $0 $0 $0 $0 0 0 0 0
Net Income
Totals $0 $0 $0 0
Business   Accounting   
0 0
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Homework Answers

Answer #1

The year-end balances, Balance sheet as well as income statement at year end are all disclosed in the table given as follows:

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