E4-16 through E4-18 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]

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Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)

Account Titles	Debit				Credit
Cash	$	45
Accounts Receivable		16
Prepaid Insurance		8
Equipment		94
Accumulated Depreciation					$	0
Accounts Payable						16
Common Stock						90
Retained Earnings						12
Sales Revenue						95
Insurance Expense		0
Salaries and Wages Expense		17
Supplies Expense		33
Totals	$	213			$	213

Other data not yet recorded at December 31:

1. Insurance expired during the year, $7.
2. Depreciation expense for the year, $6.
3. Salaries and wages payable, $9.
4. Income tax expense, $11.

Required information E4-16 through E4-18 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. (Assume amounts are reported in thousands of dollars.) Debit Credit $ 45 16 8 $ Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Total 0 16 90 12 95 0 17 33 $213 $213 Other data not yet recorded at December 31: a. Insurance expired during the year, $7. b. Depreciation expense for the year. $6. c. Salaries and wages payable, $9. d. Income tax expense. $11. E4-16 Part 2 2-a. Using T-accounts, determine the adjusted balances in each account. 2-b. Prepare an adjusted trial balance as of December 31. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Using T-accounts, determine the adjusted balances in each account. (Enter your answers in thousands of dollars.) Cash Accounts Receivable 16 Beg Bal 45 Beg. Bal. End. Bal. 45 End. Bal 16 Prepaid Insurance 8 Equipment 94 Beg Bal Beg. Bal. End. Bal. End. Bal. 94 Accumulated Depreciation Accounts Payable 16 Beg. Bal. 0 Beg. Bal 6b. End. Bal. 6 End. Bal 16 Salaries and Wages Payable Income Tax Payable Beg Bal Beg. Bal 9 11ld End. Bal 9 9 End. Bal. 11 Common Stock Retained Earnings 12 Beg Bal 90 Beg. Ball End. Bal. 90 End. Bal. 12 Sales Revenue Supplies Expense 33 Beg Bal 95 Beg. Bal End. Bal. 95 End. Bal 33 Depreciation Expense Beg Bal c. Salaries and Wages Expense 17 9 Beg Bal. b. End. Bal. 26 End. Bal. 6 Insurance Expense Income Tax Expense Beg. Bal. a. Beg. Bal. d. 7 11 End. Bal. 7 7 End. Bal. 11 Reg 2 Reg 2B > E4-16 Part 2 2-a. Using T-accounts, determine the adjusted balances in each account. 2-b. Prepare an adjusted trial balance as of December 31. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Prepare an adjusted trial balance as of December 31. (Enter your answers in thousands of dollars.) MINT CLEANING INC. Adjusted Trial Balance At December 31 (in thousands of dollars) Account Titles Debit Credit Cash $ 45 Accounts Receivable 16 Prepaid Insurance 1 Equipment 94 Accumulated Depreciation 2x Accounts Payable 16 Common Stock 90 Retained Eamings 12 Sales Revenue 95 Insurance Expense 0 x Salaries and Wages Expense 17 X Supplies Expense 33 Depreciation Expense Salaries and Wages Payable Is Income Tax Expense 11 Income Tax Payable 11 Insurance Expense 7 Totals 223 S ooOOOOOOOOOOOOOOO 235