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 28 25 20 87 19 35 214 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $14. b. Wages payable, $14. c. Depreciation expense for the current year, $16. d. Income tax expense, $13. Credit 21 4 67 122 214 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.

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 28 25 20 87 19 35 214 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $14. b. Wages payable, $14. c. Depreciation expense for the current year, $16. d. Income tax expense, $13. Credit 21 4 67 122 214 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.

Name: gop.7 Green Valley Company prepared the following trial balance at the
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Description: gop.7 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplifythe case, the amounts given are in thousands of dollars.Account TitlesCashAccounts receivable.Prepaid insuranceM

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

gop.7

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
28
25
20
87
19
35
214
Other data not yet recorded at December 31 include
a. Insurance expired during the current year, $14.
b. Wages payable, $14.
c. Depreciation expense for the current year, $16.
d. Income tax expense, $13.
Credit
21
4
67
122
214
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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