Account Titles Cash Accounts Receivable Prepaid Insurance Machinery Accumulated Depreciation Accounts Payable Contributed Capital Retained Earnings Sales Revenue Administrative Expenses Wages Expense Totals Debit Credit $76 28 44 156 64 29 $397 $ 0 28 152 23 194 $397 Other data not yet recorded at December 31 are as follows: a. Insurance expired during the year, $24. b. Depreciation expense for the year, $23. c. Wages payable, $26. d. Income tax expense, $28. Required: 1. Prepare the adjusting journal entries for the year ended December 31. (If no entry is required for a transaction/event, se

Account Titles Cash Accounts Receivable Prepaid Insurance Machinery Accumulated Depreciation Accounts Payable Contributed Capital Retained Earnings Sales Revenue Administrative Expenses Wages Expense Totals Debit Credit $76 28 44 156 64 29 $397 $ 0 28 152 23 194 $397 Other data not yet recorded at December 31 are as follows: a. Insurance expired during the year, $24. b. Depreciation expense for the year, $23. c. Wages payable, $26. d. Income tax expense, $28. Required: 1. Prepare the adjusting journal entries for the year ended December 31. (If no entry is required for a transaction/event, se

College Accounting (Book Only): A Career Approach

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ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...

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Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31. To
simplify this exercise, the amounts given in the unadjusted trial balance are in thousands of dollars.
Account Titles
Cash
Accounts Receivable
Prepaid Insurance
Machinery
Accumulated Depreciation
Accounts Payable
Contributed Capital
Retained Earnings
Sales Revenue
Administrative Expenses
Wages Expense
Totals
Debit
$76
28
44
156
64
29
$397
Credit
$
e
28
152
23
194
$397
Other data not yet recorded at December 31 are as follows:
a. Insurance expired during the year, $24.
b. Depreciation expense for the year, $23.
c. Wages payable, $26.
d. Income tax expense, $28.
Required:
1. Prepare the adjusting journal entries for the year ended December 31. (If no entry is required for a transaction/event, select "No
journal entry required" in the first account field. Enter your answers in thousands of dollars.)
2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31.
(Enter your answers in thousands of dollars.)

MINT CLEANING INC.
Adjusted Trial Balance
December 31
(in thousands of dollars)
Debit
Account Titles
Cash
Accounts receivable
Prepaid insurance
Machinery
Accumulated depreciation
Accounts payable
Wages payable
Income tax payable
Contributed capital
Retained earnings
Sales revenue
Administrative expenses
Wages expense
Depreciation expense
Insurance expense
Income tax expense
Totals
Credit
0

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Step 1: Introduction

The adjustment entries are prepared to adjust the revenue and expenses of the current period. The financial statements are prepared using the adjusted trial balance of the business.

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