Green Valley Company prepared the following trial balance at the end of its first year of operations
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Question:
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December To simplify the case, the amounts given are in thousands of dollars.
UNADJUSTED
Account Titles Debit Credit
Cash
Accounts receivable
Prepaid insurance
Machinery
Accumulated depreciation
Accounts payable
Wages payable
Income taxes payable
Common stock shares
Additional paidin capital
Retained earnings
Revenues not detailed
Expenses not detailed
Totals
Other data not yet recorded at December include
Insurance expired during the current year, $
Wages payable, $
Depreciation expense for the current year, $
Income tax expense, $
Required:
Using the adjusted balances, prepare the closing entry for the current year.
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date: