Question: its 1 question. i got it wrong which is why theres red Green Valley Company prepared the following trial balance at the end of its

its 1 question. i got it wrong which is why theres red  its 1 question. i got it wrong which is why theres
red 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 Debit Credit
Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation ACCUN cateu

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 Debit Credit Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation ACCUN cateu uepreciaLTON Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals 7 142 142 Other data not yet recorded at December 31 include Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $7. c. Depreciation expense for the current year, $9. d. Income tax expense, $10. Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, 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.) No Transaction General Journal a. Insurance exp Prepaid insur the closing entry for the for a transaction/event, the first account field. General Journal Debit Credit Insurance expensex Prepaid insurance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!