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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

Other data not yet recorded at December 31 include

  1. Insurance expired during the current year, $12.
  2. Wages payable, $13.
  3. Depreciation expense for the current year, $15.
  4. Income tax expense, $7
  5. 1. Prepare the adjusting entries for the current year.

  6. 2. Complete the trial balance Adjustments and Adjusted columns. The “Ref.” column is for the reference letter of the adjusting entry effect.

  7. Complete the trial balance Adjustments and Adjusted columns. The “Ref.” column is for the reference letter of the adjusting entry effect. (For revenues and expenses enter the total amount of adjustments in the adjusted column. Enter your answers in thousands.)
    GREEN VALLEY COMPANY
    Trial Balance
    December 31, Current Year
    Unadjusted Adjustments Adjusted
    Account Titles Debit Credit Ref. Debit Credit Debit Credit
    Cash 22 22
    Accounts receivable 19 19
    Prepaid insurance 14 13 1
    Machinery 81 81
    Accumulated depreciation 15 15
    Accounts payable 15 15
    Wages payable 13 13
    Income taxes payable 7 7
    Common stock 4 4
    Additional paid-in capital 61 61
    Retained earnings 13 13
    Revenues (not detailed) 98 98
    Expenses (not detailed)
    29 18 47
    Totals 178 178 18 48 183 213

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ekkarill92 answered 1 year ago
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