Account Title Debit Credit Cash Accounts receivable Office supplies Trucks Accum

Question

Account Title Debit Credit Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals $ 8,000 17,500 3,000 172,000 $36,000 85,000 12,000 4,000 53,000 20,000 155,000 20,0e0 130,000 23,500 61,000 8,000 12,990 $410,000 $410,000 Use the above adjusted trial balance to prepare Wilson Trucking Company's classif 8 Answer is not complete.

Explanation / Answer

Wilson Trucking Company                             Assets                                                              Current Assets Cash 8,000 Accounts receivable 17,500 Office Supplies 3,000 Total current assets 28,500 Plant Assets Trucks 172,000 Accumulated depreciation -Trucks 36,000 136,000 land 85,000 Total plant assets 221,000 Total Assets 249,500                          Liabilities Current liabilities Accounts payable 12,000 Interest payable 4,000 Total current liabilities 16,000 Long-term liabilities Long-term notes payable 53,000 Total liabilities 69,000 Equity Common Stock 20,000 Retained earnings 160,500 Total Equity 180,500 Total liabilities and Equity 249,500 Retained earnings is calculated as follows opening retained earnings 155,000 Add:net income (revenue-expenses) 25500 less:Dividends -20,000 Closing retained earnings 160,500

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