Cayuga Ltd. prepared the following trial 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: Account Titles Cash Accounts receivable Prepaid insurance Machinery (20-year life, no residual value) Accumulated depreciation Accounts payable Wages payable Income taxes payable Contributed capital (5,000 shares) Retained earnings (deficit) Revenues (not detailed) Expenses (not detailed) Totals a. Insurance expired during the year, $5. b. Depreciation expense for the year, $5.. c. Wages payable, $9. d. Income tax expense, $10. Unadjusted Debit Credit $ 39 10 7 100 $ 10 10. 85 33 $194 $194 6. Using the adjusted balances, prepare the closing 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.) View transaction list Journal entry worksheet 2 3 Record entry to transfer revenues to income summary. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 6. Using the adjusted balances, prepare the closing 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.) View transaction list Journal entry worksheet < 1 2 3 Record entry to transfer expenses and taxes to income summary. Note: Enter debits before credits. Transaction b. General Journal Debit Credit View general journal Record entry Clear entry 6. Using the adjusted balances, prepare the closing 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.) View transaction list Journal entry worksheet < 1 2 3 Record entry to transfer income or loss to retained earnings. Note: Enter debits before credits. Transaction C. General Journal Debit Credit View general journal Record entry Clear entry