Exercise 4-5 - For Year Ended December 31, 2005 K. Webb,...

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QS 4-2 Identifying the accounting cycle List the following steps of the accounting cycle in their proper order: 1 (f) Analyzing transactions. 2 (i) Journalizing transactions. 3 (b) Posting the journal entries. 4 (h) Preparing the unadjusted trial balance. 5 (c) Journalizing and posting adjusting entries. 6 (d) Preparing the adjusted trial balance. 7 (g) Preparing the financial statements. 8 (e) Journalizing and posting closing entries. 9 (a) Preparing the post-closing trial balance.
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Name Maria B Vazquez Income Statement Webb Trucking Company Income Statement For Year Ended December 31, 2005 Trucking fees earned 128,000 Expenses Depreciation expense-Trucks 22,500 Salaries Expense 60,000 Office Supplies expense 7,000 Repairs expense-Trucks 11,000 Total Expenses 100,500 Net Income $27,500
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Name Maria B Vazquez Balance Sheet Webb Trucking Company Statement of Changes in Owner's Equity
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Unformatted text preview: For Year Ended December 31, 2005 K. Webb, Capital,December 31, 2004 161,000 Plus: Net Income 27,500 188,500 Less: Owner Withdrawals-19,000 K. Webb, Capital, December 31, 2005 169,500 Webb Trucking Company Balance Sheet December 31, 2005 Assets Current Assets Cash 7,000 Accounts Receivable 16,500 Office Supplies 2,000 Total current assets 25,500 Plant assets Trucks 170,000 Accumulated depreciation- Trucks-35000 135,000 Land 75,000 Total plant assets 210,000 Total assets 235,500 Liabilities Current Liabilities Accounts Payable 11,000 Interest Payable 3,000 Total current liabilities 14,000 Long-term notes payable 52,000 Total liabilities 66,000 Equity K. Webb, Capital 169,500 Total liabilities and equity 235,500...
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Exercise 4-5 - For Year Ended December 31, 2005 K. Webb,...

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