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 c. Wages payable, $13. d. Income tax expense, $15. View transaction list Journal entry worksheet < Other data not yet recorded at December 31 are as follows: a. Insurance expired during the year, $11. b. Depreciation expense for the year, $10. 1 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 3 Insurance expired during the year, $11. Note: Enter debits before credits. Event a. Debit Credit $50 4 Record entry 15 18 104 38 16 General Journal $0 15 100 $ 241 $ 241 Clear entry 10 116 Debit Credit View general Journal > 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. 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 c. Wages payable, $13. d. Income tax expense, $15. View transaction list Journal entry worksheet < Other data not yet recorded at December 31 are as follows: a. Insurance expired during the year, $11. b. Depreciation expense for the year, $10. 1 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 3 Insurance expired during the year, $11. Note: Enter debits before credits. Event a. Debit Credit $50 4 Record entry 15 18 104 38 16 General Journal $0 15 100 $ 241 $ 241 Clear entry 10 116 Debit Credit View general Journal > 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
c. Wages payable, $13.
d. Income tax expense, $15.
View transaction list
Journal entry worksheet
<
Other data not yet recorded at December 31 are as follows:
a. Insurance expired during the year, $11.
b. Depreciation expense for the year, $10.
1
Insurance expired during the year, $11.
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 3 4
Note: Enter debits before credits.
Event
a.
Debit Credit
$ 50
Record entry
15
18
104
$ 241
38
16
General Journal
Clear entry
$
0
15
100
10
116
$ 241
Debit
Credit
View general journal
>
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.)
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