a

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. UNADJUSTED Debit Credit 11 8 3 70 4 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (3,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totala 3 50 2 55 18 112 112 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $2. b. Wages payable, $2. c. Depreciation expense for the current year, $4. d. Income tax expense. $5. 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 Complete the trial balance Adjustments and Adjusted columns. The "Ref." column is for the reference letter of the adjusting entry effect. (For revenues and expenses enter the total amount of adjustments in the adjusted column. Enter your answers in thousands.) GREEN VALLEY COMPANY Trial Balance December 31, Current Year Unadjusted Adjustments Debit Credit Ref. Debit Adjusted Debit Credit Account Titles Credit Cash 11 8 3 70 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) 3 3 50 2 55 Expenses (not detailed) 18 112 Totals 112