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

Insurance expired during the current year, $11.
Wages payable, $15.
Depreciation expense for the current year, $17.
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.

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Expert Solution

ekkarill92 answered 1 year ago

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