E4-16 Recording Four Adjusting Entries, Completing a Trial Balance, Preparing Financial Statements, and Recording Closing Entries LO4-1, 4-2, 4-4 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 (4,000 shares) Retained earnings (deficit) Revenues (not detailed) Expenses (not detailed) Totals a. Insurance expired during the year, $4. b. Depreciation expense for the year, $4. c. Wages payable, $8. d. Income tax expense, $29. Unadjusted Debit Credit $ 58 29 6 80 $ 8 29 68 124 52 $229 $229