Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case,
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. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit 24 Credit 21 16 83 17 4 63 15 106 31 190 190 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $15. c. Depreciation expense for the current year, $17. d. Income tax expense, $9. Complete the trial balance Adjustments and Adjusted columns. The "Reference" column is for the reference letter of the adjusting entry effect Note: 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 Reference Debit Credit Debit Credit Cash 24 Accounts receivable 21 Prepaid insurance 16 Machinery 83 Accumulated depreciation Accounts payable 17 Wages payable Income taxes payable Common stock 4 Additional paid-in capital 63 Retained earnings 15 Revenues (not detailed) 106 Expenses (not detailed) Totals 31 190 190 0 0 0 0 Journal entry worksheet < 1 2 3 4 Record the insurance expired in current year but not recorded, $11. Note: Enter debits before credits. Transaction a. General Journal Debit +edit View general journal Record entry Clear entry
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started