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5 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case,

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5 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. 1 nts UNADJUSTED Debit Credit 14 11 6 73 . 7 Book Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals 5 53 5 65 21 130 130 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $4. b. Wages payable, $5. c. Depreciation expense for the current year, $7 d. Income tax expense, $8. a. Insurance expired during the current year. $4. b. Wages payable, $5. c. Depreciation expense for the current year. $7. d. Income tax expense, $8. Required: 1. Prepare the adjusting entries for the current year. 2. Complete the trial balance Adjustments and Adjusted columns. The "Ref" column is for the reference letter of the adjusting entry effect Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting entries 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.) View transaction list Journal entry worksheet View transaction list Journal entry worksheet ok Record the wages payable not recorded, $5. Note: Enter debits before credits Transaction General Journal Debit Credit b. Record entry Clear entry View general journal 5 View transaction list Journal entry worksheet 5 > 4 N 3 -Book Record the depreciation, $7. Note: Enter debits before credits. Debit General Journal Transaction Credit c. Record entry Clear entry View general Journal 5 View transaction list Journal entry worksheet 5 Trial Balance December 31, Current Year Unadjusted Adjustments Debit Credit Ref. Debit 14 Adjusted Debit Credit Credit 11 6 73 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock Additional paid-in capital Retained earnings Revenues (not detailed) 5 53 + 5 65 Expenses (not detalled) 21 130 Totals 130

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