At the end of the current fiscal year, the trial balance of Natchez Delivery Service appeared as shown in the PowerPoint slide (attached).
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, 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.
2. Build an income statement, a statement of owner's equity, and a balance sheet. Assume no additional investments Honoree Natchez.
3. Prepare adjusting, closing, and, when necessary, reversing entries from the work sheet.
4. Can the work sheet be used as a substitute for the financial statements? Please explain why or why not.© BrainMass Inc. brainmass.com August 19, 2018, 11:01 pm ad1c9bdddf
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Preparation of a work sheet is examined.