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. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation UNADJUSTED Debit Credit 35 32 27 94 28 Accounts payable Wages payable Income taxes payable Common stock (7,000 shares) 7 Additional paid-in capital 74 Retained earnings 26 Revenues (not detailed) 147 Expenses (not detailed) 42 Totals 256 256 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $11. 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. 1 No Transaction a. Cash Accounts receivable Insurance expense No journal entry required × Answer is not complete. General Journal Debit Credit 35 X 32 X 27 ×

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. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation UNADJUSTED Debit Credit 35 32 27 94 28 Accounts payable Wages payable Income taxes payable Common stock (7,000 shares) 7 Additional paid-in capital 74 Retained earnings 26 Revenues (not detailed) 147 Expenses (not detailed) 42 Totals 256 256 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $11. 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. 1 No Transaction a. Cash Accounts receivable Insurance expense No journal entry required × Answer is not complete. General Journal Debit Credit 35 X 32 X 27 ×

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1MP

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Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000
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