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Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable ock (4.000 shares) UNADJUSTED Debit Credit 20 13 8 85 11

Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable ock (4.000 shares) UNADJUSTED Debit Credit 20 13 8 85 11

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 20 13 8 85 6 32 164 Credit 11 4 67 82 164 Other data not yet recorded at December 31 include 1. Insurance expired during the current year, $6. 2. Wages payable, $4. 3. Depreciation expense for the current year, $9. 4. Income tax expense, $7. Required: 2. Using the adjusted balances, prepare the closing entry for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.
Transcribed Image Text:Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 20 13 8 85 6 32 164 Credit 11 4 67 82 164 Other data not yet recorded at December 31 include 1. Insurance expired during the current year, $6. 2. Wages payable, $4. 3. Depreciation expense for the current year, $9. 4. Income tax expense, $7. Required: 2. Using the adjusted balances, prepare the closing entry for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.
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