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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 i Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 20 13 8 85 32 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Credit 11 67 82 164 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 i Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 20 13 8 85 32 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Credit 11 67 82 164 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.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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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. UNADJUSTED 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 Debit 20 13 8 85 32 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Credit 11 67 82 164 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.
Transcribed Image Text: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. UNADJUSTED 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 Debit 20 13 8 85 32 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Credit 11 67 82 164 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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