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Required information

Using the adjusted balances, prepare the closing journal entry for the year ended December $31.($If no entry is required for a

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answers in thousands, not in dollars

$($i$.$e$.,10,000$ should be entered as $10).)$

Journal entry worksheet

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Record the closing entry for the year ended December $31.$

Note: Enter debits before credits. Other data not yet recorded at December $31$:

a$.$ Insurance expired during the year, $$5.$

b$.$ Depreciation expense for the year, $$4.$

c$.$ Salaries and wages payable, $$7.$

d$.$ Income tax expense, $$9.$

By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded?

$($Enter your answers in thousands, not in dollars $($i$.$e$.,10,000$ should be entered as $10).)$

Answer is complete but not entirely correct.Required information

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

Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations

ending December $31.($Assume amounts are reported in thousands of dollars.$)$

Other data not yet recorded at December $31$:

a$.$ Insurance expired during the year, $$5.$

b$.$ Depreciation expense for the year, $$4.$

c$.$ Salaries and wages payable, $$7.$

d$.$ Income tax expense, $$9.$