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At the end of the current fiscal year, the trial balance of Natchez Delivery Service appeared as shown in the PowerPoint slide (attached).
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- 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, building, $14,400.
E. Estimated depreciation, trucks, $15,450.
F. Estimated depreciation, office equipment, $2,700.
G. The company credits the lock-box fees of customers who pay in advance to the Unearned Lock-box Fees account. Of the amount credited to this account during the year, $5,630 had been earned by August 31.
H. Lock-box fees earned but unrecorded and collected at the end of the accounting period, $816.
I. Accrued but unpaid drivers’ wages at the end of the year, $1,920.
- Build an income statement, a statement of owner’s equity, and a balance sheet. Assume no additional investments Honoree Natchez.
- Prepare adjusting, closing, and, when necessary, reversing entries from the work sheet.
- Can the work sheet be used as a substitute for the financial statements? Please explain why or why not.
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https://brainmass.com/business/business-management/preparation-work-sheet-287650
Attachments Natchez.pptx
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