P2. At the end of the fiscal year, Siglo Delivery Service, Inc.’s

P2. At the end of the fiscal year, Siglo Delivery Service, Inc.’s trial balance appeared as follows.
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REQUIRED
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 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 fees
of customers who pay in advance to the Unearned Lockbox Fees account. Of the
amount credited 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 accounting period, $816
i. Accrued but unpaid truck drivers’
wages at the end of the year, $1,920
2. Prepare an income statement, a
statement of retained earnings, and a balance sheet for the company.
3. Prepare adjusting and closing entries
from the work sheet.
4. Can the work sheet be used as a
substitute for the financial statements? Explain your answer.