Discuss the trial balance columns of a work sheet

Reference no: EM13320581

At the end of the fiscal year, Siglo Delivery Service, Inc.'s trial balance appeared as follows.

Trial balance- August 31, 2014

Cash	10,072
Accounts Receivable	29,314
Prepaid Insurance	5,340
Delivery Supplies	14,700
O??ice Supplies	2,460
Land	15,000
Building	196,000
Accumulated Depreciation-Building		53,400
Trucks	103,800
Accumulated Depreciation-Trucks		30,900
O??ice Equipment	15,900
Accumulated Depreciation-O??ice Equipment		10,800
Accounts Payable		9,396
Unearned Lockbox Fees		8,340
Mortgage Payable		72,000
Common Stock		100,000
Retained Earnings		28,730
Dividends	30,000
Delivery Service Revenue		283,470
Lockbox Fees Earned		28,800
Truck Drivers' Wages Expense	120,600
O??ice Salaries Expense	44,400
Gas, Oil, and Truck Repairs Expense	31,050
Interest Expense	7,200
	625,83 6	625, 836

REQUIRED

1. Enter the trial balance amounts in the Trial Balance columns of a work sheet and complete the work sheet using the information that follows.

a. Expired insurance, $3,060

b. Inventory of unused delivery supplies, $1,430

c. Inventory of unused office supplies, $186

d. Estimated depreciation on the building, $14,400

e. Estimated depreciation on the trucks, $15,450

f. Estimated depreciation on the office equipment, $2,700

g. The company credits the lockbox fees of customers who pay in advance to the Unearned Lockbox Fees account. Of the amount credited to this account during the year, $5,630 had been earned by August 31.

h. Lockbox fees earned but unrecorded and uncollected at the end of the accounting period, $816

i. Accrued but unpaid truck drivers' wages at the end of the year, $1,920

2. Prepare an income statement, a statement of retained earnings, and a balance sheet for the company.

3. Prepare adjusting and closing entries from the work sheet.

4. Can the work sheet be used as a substitute for the financial statements? Explain your

Reference no: EM13320581

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