5. This part of the question is not part of your Connect assignment. 6. Using the adjusted balances, prepare the closing entrles for the year. (Enter your answers In thousands of dollars. If no entry is requlred for a transaction/event, select "No Journal entry requlred" In the first account fleld.) Journal entry worksheet Record entry to transfer revenues to income summary. Note: Enter debits before credits. 4-c. Using the adjusted balances, prepare a statement of financlal position. (Enter your answers In thousands of clollars. Amounts t be deducted should be Indicated with a minus slgn.) 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.) 4-b. Using the adjusted balances, prepare a statement of changes in equity. (Enter your answers In thousands of dollars. Negatlve answers should be Indlcated by minus sign.) Requlred: 1. Prepare the adjusting entrles for the year. (Enter your answers In thousands of dollars. If no entry is requlr transactlon/event, select "No journal entry requlred" In the first account fleld.) Journal entry worksheet 4 Note: Enter debits before credits. Cayuga Ltd. prepared the following trlal balance at the end of Its first year of operations ended December 31. To simplify the case, the amounts given are In thousands of dollars. Other data not yet recorded at December 31 are as follows: a. Insurance explred during the year, $8. b. Depreclation expense for the year, $8. c. Wages payable, $9. d. Income tax expense, $18. Required: 1. Prepare the adjusting entrles for the year. (Enter your answers In thousands of dollars. If no entry ls requlred for a transaction/event, select "No Journal entry requlred" In the first account fleld.) 2. Show the effects of the adjusting entrles on net earnings and cash. (Enter your answers In thousands of dollars. Select "None" If there is no effect.) 3. Complete the trlal 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-b. Using the adjusted balances, prepare a statement of changes in equlty. (Enter your answers In thousands of dollars. Negatlve answers should be Indlcated by minus sign.) 4-c. Using the adjusted balances, prepare a statement of financlal position. (Enter your answers In thousands of dollars. Amounts to be deducted should be Indlcated with a minus sign.) 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 "Earnlings per share" to 2 decimal places.)