Mint Cleaning Incorporated 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 Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Debit Credit $ 46 8 9 Other data not yet recorded at December 31: a. Insurance expired during the year, $8. b. Depreciation expense for the year, $7. c. Salaries and wages payable, $10. d. Income tax expense, $12. 96 0 18 34 0 $ 211 8 6NNOOS 76 0 92 12 99 $ 211 Required: 2-a. Post the beginning balances and adjusting entries to the following T-accounts. 2-b. Prepare an adjusted trial balance as of December 31.
Mint Cleaning Incorporated 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 Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Debit Credit $ 46 8 9 Other data not yet recorded at December 31: a. Insurance expired during the year, $8. b. Depreciation expense for the year, $7. c. Salaries and wages payable, $10. d. Income tax expense, $12. 96 0 18 34 0 $ 211 8 6NNOOS 76 0 92 12 99 $ 211 Required: 2-a. Post the beginning balances and adjusting entries to the following T-accounts. 2-b. Prepare an adjusted trial balance as of December 31.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter3: The Adjusting Process
Section: Chapter Questions
Problem 5PB: Reece Financial Services Co., which specializes in appliance repair services, is owned and operated...
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