Reference no: EM13903972

Preparation of a Work Sheet, Financial Statements, and Adjusting and Closing Entries.

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

Siglo Delivery Services, Inc

Trial Balance

August 31, 2014

Cash	10,072
Accounts Receivable	29,314
Prepaid Insurance	5,340
Delivery Supplies	14,700
Office Supplies	2,460
Land	15,000
Building	196,600
Accumulated Depreciation-Building		53,400
Truck	103,800
Accumulated Depreciation-truck		30,900
Office Equipment	15,900
Accumulate Depreciation-Office equipment		10,800
Account Payable		9,396
Unearned Lock Box Fees		8,340
Mortgage Payable		72,00
Common Stock		100,000
Retained Earnings		28,730
Dividend	30,000	283,470
Delivery Service Revenue		283,470
Lockbox Fee Earned		28,800
Truck Drivers Wages Express	120,600
Office Salary Expense	44,400
Gas, Oil, and Truck Repairs Expense	31,050
Interest Expense	7,200
	625,836	625,836

Required

1.Enter the trial balance amount in the Trial Balance  columns of a worksheet and complete the worksheet 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 fee of customers who pay in advance to the Unearned Lockbox fees account. Of the amount credit 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 account period, $816.
(i) Accrued but unpaid truck drivers wages at the end of the year, $1,920.

2.Prepare an income  statement, a statement retained earnings, and a balance sheet for the company.
3. The prepareis adjusting and closing entries from the worksheet
4.Can the work sheet be used as a substitute for the financial statement? Explain your answer