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	Debit		Credit
Cash	22
Accounts receivable	19
Prepaid insurance	14
Machinery	81
Accumulated depreciation
Accounts payable			15
Wages payable
Income taxes payable
Common stock (4,000 shares)			4
Additional paid-in capital			61
Retained earnings	13
Revenues (not detailed)			98
Expenses (not detailed)	29
Totals	178		178

Other data not yet recorded at December 31 include

1. Insurance expired during the current year, $12.
2. Wages payable, $13.
3. Depreciation expense for the current year, $15.
4. Income tax expense, $7
5. 1. Prepare the adjusting entries for the current year.

6. 2. Complete the trial balance Adjustments and Adjusted columns. The Ref. column is for the reference letter of the adjusting entry effect.

7. 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	22					22
   Accounts receivable	19					19
   Prepaid insurance	14				13	1
   Machinery	81					81
   Accumulated depreciation					15		15
   Accounts payable		15					15
   Wages payable					13		13
   Income taxes payable					7		7
   Common stock		4					4
   Additional paid-in capital		61					61
   Retained earnings	13					13
   Revenues (not detailed)		98					98
   Expenses (not detailed)
   	29			18		47
   Totals	178	178		18	48	183	213