E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet L04-1 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 Debit Credit 35 32 27 94 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Incone taxes payable Common stock (7,000 shares) Additional paid-in capital Retained earnings Revenues not detailed) Expenses (not detailed) Totals 28 7 74 26 147 42 256 256 Other data not yet recorded at December 31 include a. Insurance expired during the current year. $13. b. Wages payable, $16. c. Depreciation expense for the current year, $18. d. Income tax expense, $11. Required: 1. Prepare the adjusting entries for the current year. 2. Complete the trial balance Adjustments and Adjusted columns. The "Rel" column is for the reference letter of the adjusting entry effect Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting entries for the current year. (Ir no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet 2 3 4 Record the insurance expired in current year but not recorded, $13. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Complete the trial balance Adjustments and Adjusted columns. The "Ref." column is for the reference letter of the adjusting entry effect. (For revenues and expenses enter the total amount of adjustments in the adjusted column. Enter your answers in thousands.) GREEN VALLEY COMPANY Trial Balance December 31, Current Year Unadjusted Adjustments Adjusted Account Titles Debit Credit Ref. Debit Credit Debit Credit Cash 35 Accounts receivable 32 Prepaid Insurance 27 Machinery 94 Accumulated depreciation Accounts payable 28 Wages payable Income taxes payable Common stock 7 Additional paid-in capital 74 Retained earnings 26 Revenuen (not detailed) 147 Exponses (not detailed) 42 256 Totals 256