UNADJUSTED Account Titles Debit Credit Cash 33 Accounts receivable 30 Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (6,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) 25 92 26 6. 72 24 140 40 Totals 244 244 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, $9. Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, iournal entrv reauired" in the first account field. Enter vour answers in thousands.)
UNADJUSTED Account Titles Debit Credit Cash 33 Accounts receivable 30 Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (6,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) 25 92 26 6. 72 24 140 40 Totals 244 244 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, $9. Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, iournal entrv reauired" in the first account field. Enter vour answers in thousands.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How do you work it out
Transcribed Image Text:Saved
UNADJUSTED
Account Titles
Debit
Credit
Cash
33
Accounts receivable
Prepaid insurance
Machinery
Accumulated depreciation
Accounts payable
Wages payable
Income taxes payable
Common stock (6,000 shares)
Additional paid-in capital
Retained earnings
Revenues (not detailed)
Expenses (not detailed)
30
25
92
26
72
24
140
40
Totals
244
244
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, $9.
Required:
2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, sel
iournal entrv reauired" in the first account field. Enter Vour answers in thousands.)
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