$\backslash$table$[[$Account Titles,Deb$1$t$,$Credit$],[$Cash$,20,],[$Accounts receivable,$13,],[$Prepaid insurance,$8,],[$Machinery$,85,],[$Accumulated depreciation,,$],[$Accounts payable,,$11],[$Wages payable,,$],[$Income taxes payable,,$],[$Common stock $(4,000$ shares$),,4],[$Additional paid$-$in capital,,$67],[$Retained earnings,$6,],[$Revenues $($not detailed$),,82],[$Expenses $($not detailed$),32,],[$Totals$,164,164]]$

Other data not yet recorded at December $31$ include

a$.$ Insurance expired during the current year, $$6.$

b$.$ Wages payable, $$4.$

c$.$ Depreciation expense for the current year, $$9.$

d$.$ Income tax expense, $$7.$

Required:

$2.$ Using the adjusted balances, prepare one closing entry for the current year $($summarize all expenses into one entry$).$ Note: If no entry is required for a transaction$/$ovent$,$ select $"$No journal entry required" in the first account field. Enter your answers in thousands.

Journal entry worksheet

$1$

Record the closing entry for current year.

Note: Enter deblies belore cradios.

$\backslash$table$[[$S$.$No$/$Dato$,$Account Titio,Debil,Credit$],[$a$.,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$