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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.   UNADJUSTED Account Titles Debit Credit Cash 19   Accounts receivable 16   Prepaid insurance 11   Machinery 78   Accumulated depreciation     Accounts payable   12 Wages payable     Income taxes payable     Common stock (7,000 shares)   7 Additional paid-in capital   58 Retained earnings 10   Revenues (not detailed)   83 Expenses (not detailed) 26   Totals 160 160 Other data not yet recorded at December 31 include Insurance expired during the current year, $9. Wages payable, $10. Depreciation expense for the current year, $12. Income tax expense, $13. Required: Prepare the adjusting entries for the current year. Complete the trial balance Adjustments and Adjusted columns. The “Reference” column is for the reference letter of the adjusting entry effect.

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.   UNADJUSTED Account Titles Debit Credit Cash 19   Accounts receivable 16   Prepaid insurance 11   Machinery 78   Accumulated depreciation     Accounts payable   12 Wages payable     Income taxes payable     Common stock (7,000 shares)   7 Additional paid-in capital   58 Retained earnings 10   Revenues (not detailed)   83 Expenses (not detailed) 26   Totals 160 160 Other data not yet recorded at December 31 include Insurance expired during the current year, $9. Wages payable, $10. Depreciation expense for the current year, $12. Income tax expense, $13. Required: Prepare the adjusting entries for the current year. Complete the trial balance Adjustments and Adjusted columns. The “Reference” column is for the reference letter of the adjusting entry effect.

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.

  UNADJUSTED
Account Titles Debit Credit
Cash 19  
Accounts receivable 16  
Prepaid insurance 11  
Machinery 78  
Accumulated depreciation    
Accounts payable   12
Wages payable    
Income taxes payable    
Common stock (7,000 shares)   7
Additional paid-in capital   58
Retained earnings 10  
Revenues (not detailed)   83
Expenses (not detailed) 26  
Totals 160 160

Other data not yet recorded at December 31 include

  1. Insurance expired during the current year, $9.
  2. Wages payable, $10.
  3. Depreciation expense for the current year, $12.
  4. Income tax expense, $13.

Required:

  1. Prepare the adjusting entries for the current year.
  2. Complete the trial balance Adjustments and Adjusted columns. The “Reference” column is for the reference letter of the adjusting entry effect.
 
Complete this question by entering your answers in the tabs below. Required 1 Prepare the adjusting entries 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. · · View transaction list View journal entry worksheet · Required 2 No Transaction 1 2 3 4 a. b. C. d. Insurance expense Prepaid insurance Wages expense Wages payable Depreciation expense Income tax expense Income tax payable General Journal < Required 1 Required 2 > Debit 9 10 12 13 Credit 9 10 13 Ⓒ
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Prepare the adjusting entries 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. · · View transaction list View journal entry worksheet · Required 2 No Transaction 1 2 3 4 a. b. C. d. Insurance expense Prepaid insurance Wages expense Wages payable Depreciation expense Income tax expense Income tax payable General Journal < Required 1 Required 2 > Debit 9 10 12 13 Credit 9 10 13 Ⓒ
Note: For revenues and expenses enter the total amount of adjustments in the adjusted column. Enter your answers in thousands. Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals Unadjusted Debit 19 16 11 78 10 26 160 GREEN VALLEY COMPANY Trial Balance December 31, Current Year Credit 12 7 58 83 160 a [b a b с d Reference < Required 1 Adjustments Debit 9 10 12 13 44 Credit Required 2 > 10 19 Adjusted Debit 70 72 Credit 10 10
Transcribed Image Text:Note: For revenues and expenses enter the total amount of adjustments in the adjusted column. Enter your answers in thousands. Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals Unadjusted Debit 19 16 11 78 10 26 160 GREEN VALLEY COMPANY Trial Balance December 31, Current Year Credit 12 7 58 83 160 a [b a b с d Reference < Required 1 Adjustments Debit 9 10 12 13 44 Credit Required 2 > 10 19 Adjusted Debit 70 72 Credit 10 10
Expert Solution
Step 1
  • A journal entry is a form of accounting entry that is used to report a business transaction in a company's accounting records.
  • A trial balance's main function is to confirm that the entries in a firm's accounting system are mathematically valid.

 

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