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, $$6.$

b$.$ Depreciation expense for the year, $$5.$

c$.$ Salaries and wages payable, $$8.$

d$.$ Income tax expense, $$10.$

E$4-18($Algo$)$

Required:

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

A

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

Note: Enter debits before credits.