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E4-16 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording
E4-16 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5]
[The following information applies to the questions displayed below.] |
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. |
Account Titles | Debit | Credit | ||||
Cash | $ | 38 | ||||
Accounts Receivable | 9 | |||||
Prepaid Insurance | 6 | |||||
Equipment | 80 | |||||
Accumulated Depreciation | $ | 0 | ||||
Accounts Payable | 9 | |||||
Common Stock | 76 | |||||
Retained Earnings | 4 | |||||
Sales Revenue | 80 | |||||
Insurance Expense | 0 | |||||
Salaries and Wages Expense | 10 | |||||
Supplies Expense | 26 | |||||
Totals | $ | 169 | $ | 169 | ||
Other data not yet recorded at December 31: | ||
a. | Insurance expired during the year, $5. | |
b. | Depreciation expense for the year, $4. | |
c. | Wages payable, $7. | |
d. Income tax expense, $9.
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