E$4-22($Algo$)$ Recording A Closing Entry LO$4-4$

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

Account Titles Debit Credit

Cash $18$

Accounts receivable $15$

Prepaid insurance $10$

Machinery $77$

Accumulated depreciation

Accounts payable $11$

Wages payable

Income taxes payable

Common stock $(8,000$ shares$)8$

Additional paid$-$in capital $57$

Retained earnings $9$

Revenues $($not detailed$)78$

Expenses $($not detailed$)25$

Totals $154154$

Other data not yet recorded at December $31$ include

Insurance expired during the current year, $$6.$

Wages payable, $$9.$

Depreciation expense for the current year, $$11.$

Income tax expense, $$12.$

Required:

$2.$ Using the adjusted balances, prepare the closing entry for the current year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in thousands. Journal entry worksheet

Record the closing entry for current year.