?Required information

P$4-7($Algo$)$ ?Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO$4-1,4-2,4-4$

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$[$The following information applies to the questions displayed below.$]$

Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December $31$:

?

Tunstall, Incorporated

Unadjusted Trial Balance

At December $31$

? Debit Credit

Cash $47,200$ ?

Accounts receivable $12,300$ ?

Supplies $610$ ?

Prepaid insurance $660$ ?

Service trucks $16,700$ ?

Accumulated depreciation $7,900$

Other assets $10,360$ ?

Accounts payable $2,330$

Wages payable

Income taxes payable

Notes payable $(3$ ?years; $10\%$ ?interest due each September $30)12,000$

Common stock $(6,000$ ?shares outstanding$)1,866$

Additional paid$-$in capital $16,794$

Retained earnings $5,400$

Service revenue $91,040$

Wages expense $16,200$ ?

Remaining expenses $($not detailed; excludes income tax$)33,300$ ?

Income tax expense

Totals $137,330137,330$

Data not yet recorded at December $31$ ?included:

?The supplies count on December $31$ ?reflected $$220$ ?in remaining supplies on hand to be used in the next year.

?Insurance expired during the current year, $$660.$

?Depreciation expense for the current year, $$4,000.$

?Wages earned by employees not yet paid on December $31,$ ?$$680.$

Three months of interest expense $($for the note payable borrowed on October $1$ ?of the current year$)$ ?was incurred in the current year.

?Income tax expense, $$4,980.$

P$4-7$ ?Part $1$

Transaction list: $1$Record the cost of supplies used during the year. Prepare the adjusting entry needed at December $31.$ ?

$2$Record the insurance expired during the current year, $$660.$ ?Prepare the adjusting entry needed at December $31.$ ?

$3$Record depreciation expense, $$4,000.$ ?Prepare the adjusting entry needed at December $31.$ ?

$4$Record the wages earned but not yet paid, $$680.$ ?Prepare the adjusting entry needed at December $31.$ ?

$5$Record the interest on note payable borrowed on October $1.$ ?Prepare the adjusting entry needed at December $31.$ ?

$6$Record income tax expense, $$4,980.$ ?Prepare the adjusting entry needed at December $31.$ ?Data not yet recorded at December $31$ ?included:

a$.$ ?The supplies count on December $31$ ?reflected $$220$ ?in remaining supplies on hand to be used in the next year.

b$.$ ?Insurance expired during the current year, $$660.$

c$.$ ?Depreciation expense for the current year, $$4,000.$

d$.$ ?Wages earned by employees not yet paid on December $31,$$$680.$

e$.$ ?Three months of interest expense $($for the note payable borrowed on October $1$ ?of the current year$)$ ?was incurred in

the current year.

f$.$ ?Income tax expense, $$4,980.$

P$4-7$ ?Part $1$

Required:

Prepare the adjusting entry needed at December $31.$

Note: If no entry is required for a transaction$/$event$,$ ?select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the cost of supplies used during the year. Prepare the adjusting entry

needed at December $31.$ ?Required information

P$4-7($Algo$)$ ?Recording Adjusting and Closing Entries and Preparing a Balance Sheet and I Statement Including Earnings per Share LO$4-1,4-2,4-4$

$[$The following information applies to the questions displayed below.$]$

Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. Afte outside accountant prepared the following unadjusted trial balance as of the end of the annual accountin December $31$:

$\backslash$table$[[\backslash$table$[[$Tunstall$,$ ?Incorporated$],[$Unadjusted Trial Balance$],[$At December $31]],$Dohit,redit$],[$Cash$,47,200,$hedil$],[$Accounts receivable,$12,300,],[$Supplies$,610,],[$Prepaid insurance,$660,],[$Service trucks,$16,700,],[$Accumulated depreciation,,$7,900],[$Other assets,$10,360,],[$Accounts payable,,$2,330],[$Wages payable$],[$Income taxes payable$],[$Notes payable $(3$ ?years; $10\%$ ?interest due each September $30),,12,000],[$Common stock $(6,000$ ?shares outstanding$),,1,866],[$Additional paid$-$in capital,,$16,794],[$Retained earnings,,$5,400],[$Service revenue,,$91,040],[$Wages expense,$16,200,],[$Remaining expenses $($not detailed; excludes income tax$),33,300,],[$Income tax expense,,$],[$Totals$,137,330,137,330]]$

Data not yet recorded at December $31$ ?included: Journal entry worksheet

Record the cost of supplies used during the year. Prepare the adjusting entry

needed at December $31.$

Note: Enter debits before credits.