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.
Account Titles Debit Credit
Cash 13
Accounts receivable 10
Prepaid insurance 5
Machinery 72
Accumulated depreciation
Accounts payable 6
Wages payable
Income taxes payable
Common stock (4,000 shares) 7
Additional paid-in capital 52
Retained earnings 4
Revenues (not detailed) 59
Expenses (not detailed) 20
Totals 124 124
Other data not yet recorded at December 31 include:
Insurance expired during current year, $2.
Wages payable, $4.
Depreciation expense for the current year, $6.
Income tax expense, $7.
Required:
Using the adjusted balances, give the closing entry for the current year.
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Home » Business » 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.