Question

In: Accounting

Green Valley Company prepared the following trial balance at the end of its first year of...

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 Debit Credit
Cash 24
Accounts receivable 21
Prepaid insurance 16
Machinery 83
Accumulated depreciation
Accounts payable 17
Wages payable
Income taxes payable
Common stock (4,000 shares) 4
Additional paid-in capital 63
Retained earnings 15
Revenues (not detailed) 106
Expenses (not detailed) 31
Totals 190 190

Other data not yet recorded at December 31 include

  1. Insurance expired during the current year, $11.
  2. Wages payable, $15.
  3. Depreciation expense for the current year, $17.
  4. 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, select "No journal entry required" in the first account field. Enter your answers in thousands.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Green Valley Company prepared the following trial balance at the end of its first year of...
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 Debit Credit Cash 22 Accounts receivable 19 Prepaid insurance 14 Machinery 81 Accumulated depreciation Accounts payable 15 Wages payable Income taxes payable Common stock (4,000 shares) 4 Additional paid-in capital 61 Retained earnings 13 Revenues (not detailed) 98 Expenses (not detailed) 29 Totals 178 178...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.      NELSON COMPANYUnadjusted Trial BalanceJanuary 31, 2017   Debit Credit Cash $ 1,000     Merchandise inventory   12,500     Store supplies   5,800     Prepaid insurance   2,400     Store equipment   42,900     Accumulated depreciation—Store equipment     $ 15,250 Accounts payable       10,000 J. Nelson, Capital       32,000 J. Nelson, Withdrawals   2,200     Sales...
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year...
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. Account Titles Debit Credit   Cash $ 52   Accounts Receivable 14   Prepaid Insurance 9   Equipment 108   Accumulated Depreciation $ 0   Accounts Payable 14   Common Stock 104   Retained Earnings 17   Sales Revenue 112   Insurance Expense 0   Salaries and Wages Expense 24   Supplies Expense 40       Totals $ 247 $ 247 Other data not yet recorded at December 31: a. Insurance expired during...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 41,400 Other (noninventory) assets 57,370 Total liabilities $ 24,300 Common stock 16,400 Retained earnings 20,500 Dividends 8,700 Sales 225,200 Sales discounts 2,280 Sales returns and allowances 12,000 Cost of goods sold 74,700 Sales...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 41000 Other (noninventory) assets 130400 Total liabilities $ 25,000 Common stock 10,000 Retained earnings 94550 Dividends 8,000 Sales 225600 Sales discounts 2250 Sales returns and allowances 12,000 Cost of goods sold 74500 Sales...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.    Debit Credit Merchandise inventory (ending) $ 41,000 Other (noninventory) assets 130,400 Total liabilities $ 25,000 Common stock 10,000 Retained earnings 94,550 Dividends 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows.
 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative.
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows.
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.     Debit Credit Merchandise inventory (ending)   $ 30,500         Other (noninventory) assets     122,000         Total liabilities         $ 35,228   Common stock        ...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: depreciation expense—store equipment, sales salaries expense, rent expense—selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 1,000 Merchandise inventory 12,500 Store supplies 5,800 Prepaid insurance 2,400 Store equipment 42,900 Accumulated depreciation—Store equipment $ 15,250...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses...
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson company uses a perpetual inventory system. It categorizes the following accounts as selling expenses: Depreciation Expense—Store Equipment, Sales Salaries Expense, Rent Expense—Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. NELSON COMPANY Unadjusted Trial Balance January 31 Debit Credit Cash $ 13,250 Merchandise inventory 14,000 Store supplies 5,900 Prepaid insurance 2,800 Store equipment 42,700 Accumulated depreciation—Store equipment $...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT