2. Show the effects of the adjusting entries on net earnings and cash. (Enter your answers in thousands of dollars. Select "None" if there is no effect.) 6. Using the adjusted balances, prepare the closing entries for the year. (Enter your answers in thousands of dollars. If no entry is equired for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record entry to transfer revenues to income summary. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record adjusting entry for wages. Note: Enter debits before credits. 3. Complete the trial balance Adjustments and Adjusted columns. (For revenues and expenses enter the total amount of adjustments in the adjustment column. Enter your answers in thousands of dollars.) 4-a. Using the adjusted balances, prepare a statement of earnings. (Enter your answers in thousands of dollars. Round "Earnings per share" to 2 decimal places.) E4-17 (Algo) Recording Four Adjusting Entries, Completing a Trial Balance, Preparing Financial Statements and Recording Closing Entries L04-1, 4-2, 4-4 Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ended December 31 . To simplify the case, th amounts given are in thousands of dollars. Other data not yet recorded at December 31 are as follows: a. Insurance expired during the year, $8. b. Depreciation expense for the year, $8. c. Wages payable, $9. d. Income tax expense, $18. Required: 1. Prepare the adjusting entries for the year. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) H-c. Using the adjusted balances, prepare a statement of financial position. (Enter your answers in thousands of dollars. Amounts to se deducted should be indicated with a minus sign.) Journal entry worksheet Note: Enter debits before credits. 4-b. Using the adjusted balances, prepare a statement of changes in equity. (Enter your answers in thousands of dollars. Negative answers should be indicated by minus sign.) Journal entry worksheet Record entry to transfer income or loss to retained earnings. Note: Enter debits before credits. Journal entry worksheet Record entry to transfer expenses and taxes to income summary. Note: Enter debits before credits. Required: 1. Prepare the adjusting entries for the year. (Enter your answers in thousands of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 4 Note: Enter debits before credits