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Question The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31,2017. Unadjusted Trial Balance Account Title Debit Credit Cash $16,000 Accounts receivable 34,000 Office supplies 5,000 Trucks 350,000 Accumulated depreciation – Trucks $80,000 Land 160,000 Accounts Payable 24,000 Interest payable 5,000 Long-term notes payable 100,000 S. Dylan, Capital 307,000 S. Dylan, Withdrawals 34,000 Delivery fees earned 263,000 Depreciation expense – Truck 40,000 Salaries expense 110,000 Office supplies expense 15,000 Interest expense 5,000 Repairs expense – Trucks 10,000 Totals $779,000 $779,000 Use the following information about the company’s adjustments to complete a 10-column work sheet.( I find it easier to write the adjusting journal entries first.) a:  Unrecorded depreciation on the trucks at the end of the year is $40,000. (Don’t forget the description for each entry.) b:  The total amount of accrued interest expense at year-end is $6,000. c:  The cost of unused office supplies still available at year-end is $2,000. Debit Credit a: Depreciation Expense-Truck………………………       Accumulated Depreciation -Truck……….. b: Interest Expense………………………………………..       Interest Payable…………………………………… c: Office supplies expense…………………………….       Office supplies…………………………………….. DYLAN DELIVERY COMPANY Work Sheet For Year Ended December 31, 2017 Balance Sheet & Statement of Owner’s Equity Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $16,000 16,000 16000 16,000 Accounts receivable 34,000 34,000 34000 34,000 Office supplies 5,000 3000 2000 3,000 2000 3000 2000 3,000 2000 Trucks 350,000 350,000 350000 350,000 Accumulated depreciation – Trucks $80,000 80000 40000 40000 40,000 40000 40000 40000 40,000 Land 160,000 160,000 160000 160,000 Accounts Payable 24,000 24,000 24000 24,000 Interest payable 5,000 1000 6,000 6000 6,000 Long-term notes payable 100,000 100,000 100000 100,000 S. Dylan, Capital 307,000 307,000 307000 370,000 S. Dylan, Withdrawals 34,000 34,000 34000 34,000 Delivery fees earned 263,000 263,000 263,000 263000 Depreciation expense – Truck 40,000 40000 Salaries expense 110,000 110,000 110,000 110000 Office supplies expense 15,000 15,000 15,000 15000 Interest expense 5,000 5,000 5,000 5000 Repairs expense – Trucks 10,000 10,000 10,000 10000 Totals $779,000 $779,000 11,000 11,000 Net Income Totals Prepare the year-end closing entries for this company and determine the capital amount to be reported on its year-end balance sheet. Debit Credit Delivery Fees Earned………………………………..       Income Summary……………………………….. Income Summary……………………………………..       Depreciation Expense-Trucks………………       Salaries Expense…………………………………       Office Supplies Expense………………………       Interest Expense…………………………………       Repairs Expense – Trucks……………………. Income Summary……………………………………..       S. Dylan, Capital…………………………………. S. Dylan, Capital……………………………………….       S. Dylan, Withdrawals………………………… S. Dylan, Capital on the balance sheet Beginning Balance……………………………………… Add:     Net income……………………………………. Less:     Withdrawals………………………………….. Ending balance………………………………………….. Please go to next page in this workbook for the next problem!   “PLACE THIS ORDER OR A SIMILAR ORDER WITH BRAINY TERM PAPERS AND GET AN AMAZING DISCOUNT”

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