Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 4, Problem 7E
1.
To determine
Complete a 10-column worksheet.
2.
To determine
Prepare the closing entries for the company and determine the capital amount to be reported on its year-end
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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 $8,231.
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 $1,800.
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 $204,127 on
December 31 of the prior year.
a. Unrecorded depreclation 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 avallable at year-end is $1,500.
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 $129,560 on
December 31 of the prior year.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2A
Req 28
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
Adjusted Trial Balance
Balance Sheet and Statement
of Owner's Equity
Unadjusted Trial Balance
Adjustments
Income Statement
Account Title
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
Cash
16,500
S 17,500
17,500…
Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $36,288. The carpet is estimated to have a 16-year useful life and no residual value.
A.
Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles.
B.
Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Willow Creek Company
General Ledger
ASSETS
110
Cash
111
Petty Cash
112
Accounts Receivable
114
Interest Receivable
115
Notes Receivable
116
Merchandise Inventory
117
Supplies
119
Prepaid Insurance
120
Land
123
Carpet
124
Accumulated Depreciation-Carpet
125
Equipment
126
Accumulated Depreciation-Equipment
130
Mineral Rights
131…
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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