Green Valley Company prepared the following trial balance at the end of its first year of...

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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 Account Titles Cash Accounts receivable Debit 20 Credit 13 Prepaid insurance 8 Machinery 85 Accumulated depreciation Accounts payable 11 Wages payable Income taxes payable Common stock (4,000 shares) 4 Additional paid-in capital 67 Retained earnings 6 Revenues (not detailed) 82 Expenses (not detailed) 32 Totals 164 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Required: 1. Prepare the adjusting entries for the current year. 2. Complete the trial balance Adjustments and Adjusted columns. The "Ref." column is for the reference letter of the adjusting entry effect. 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 Account Titles Cash Accounts receivable Debit 20 Credit 13 Prepaid insurance 8 Machinery 85 Accumulated depreciation Accounts payable 11 Wages payable Income taxes payable Common stock (4,000 shares) 4 Additional paid-in capital 67 Retained earnings 6 Revenues (not detailed) 82 Expenses (not detailed) 32 Totals 164 164 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $6. b. Wages payable, $4. c. Depreciation expense for the current year, $9. d. Income tax expense, $7. Required: 1. Prepare the adjusting entries for the current year. 2. Complete the trial balance Adjustments and Adjusted columns. The "Ref." column is for the reference letter of the adjusting entry effect.