Pllease dont provide solution image based thanks Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations endingDecember 31. (Assume amounts are reported in thousands of dollars.)Account TitlesCashAccounts ReceivablePrepaid InsuranceEquipmentAccumulated DepreciationAccounts PayableCommon StockRetained EarningsSales RevenueInsurance ExpenseSalaries and Wages ExpenseSupplies ExpenseTotalsDebit Credit$ 47949801935$212Other data not yet recorded at December 31:a. Insurance expired during the year, $2.b. Depreciation expense for the year, $1.c. Salaries and wages payable, $4.d. Income tax expense, $6.$0C946 a5616941099$212 Record the closing entry for the year ended December 31.Note: Enter debits before credits.Transaction1General JournalDebitCredit

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Description: Pllease dont provide solution image based thanks Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations endingDecember 31. (Assume amounts are reported in thousands of dollars.)Account TitlesCas

Closing entry means the entries passed at the end of specified period where all the balances of…

Answered: Record the closing entry for the year…

Business

Accounting

Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

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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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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Pllease dont provide solution image based thanks

Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending
December 31. (Assume amounts are reported in thousands of dollars.)
Account Titles
Cash
Accounts Receivable
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Common Stock
Retained Earnings
Sales Revenue
Insurance Expense
Salaries and Wages Expense
Supplies Expense
Totals
Debit Credit
$ 47
9
4
98
0
19
35
$212
Other data not yet recorded at December 31:
a. Insurance expired during the year, $2.
b. Depreciation expense for the year, $1.
c. Salaries and wages payable, $4.
d. Income tax expense, $6.
$
0
C946 a
5616
94
10
99
$212

Record the closing entry for the year ended December 31.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit

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