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Category > Accounting Posted 23 Jul 2017 My Price 10.00

Dalton Delivery Company

The following unadjusted trial balance contains the accounts and balances of Dalton Delivery Company as of December 31, 2011, its first year of operations.

(1) Use the following information about the company’s adjustments to complete a 10-column work sheet.

a. Unrecorded depreciation on the trucks at the end of the year is $35,000.

b. The total amount of accrued interest expense at year-end is $8,000.

c. The cost of unused office supplies still available at the year-end is $1,000.

(2) Prepare the year-end closing entries for this company, and determine the capital amount to be reported on its year-end balance sheet.

	Unadjusted Trial Balance
Account Title	Debit	Credit
Cash	$14,000	33,000
Accounts receivable	33,000
Office supplies	4,000
Trucks	340,000
Accumulated depreciation—Trucks		$70,000
Land	150,000
Accounts payable		6,000
Interest payable		22,000
Long-term notes payable		104,000
V. Dalton, Capital		322,000
V. Dalton, Withdrawals	38,000
Delivery fees earned		256,000
Depreciation expense—Truck	45,000
Salaries expense	14,000
Office supplies expense	120,000
Interest expense	6,000
Repairs expense—Trucks	16,000
Totals	$780,000	$780,000

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Maurice Tutor

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Status NEW Posted 23 Jul 2017 09:07 PM My Price 10.00

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