Applying the knowledge of trial balance preparation for Dylan Delivery Company;
1a - c. See the attached 10-column worksheet labelled figure 1, for year end December 31st.
2a. See the closing entries as prepared on the attached worksheet labelled figure 2.
b. The capital account prepared to determine the adjusted capital of Dylan Delivery Company that should be reported at year end Dec. 31st is shown in figure 3.
The question deals with unadjusted trial balance of Dylan Delivery company.
A trial balance is a list of all balances remaining in the accounts of a company extracted at a particular date to ascertain the arithmetic accuracy of the company's books of accounts.
The trial balance must agree, (that is, a debit must be equal to credit). If it fails to agree, it means the trial balance does not agree.
Such trial balance is called unadjusted trial balance. Hence, the preparation of the following for Dylan Delivery Company:
- the 10-column worksheet
- the adjustment of the trial balance/preparation of the closing entries
- determining the capital that should be reported at the year end, Dec. 31st.
Therefore:
1a - c. See the attached 10-column worksheet labelled figure 1, for year end December 31st.
2a. See the closing entries as prepared on the attached worksheet labelled figure 2.
b. The capital account prepared to determine the adjusted capital of Dylan Delivery Company that should be reported at year end Dec. 31st is shown in figure 3.
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