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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

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 20
Accounts receivable 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:

Insurance expired during the current year, $7.

Wages payable, $4.

Depreciation expense for the current year, $9.

Income tax expense, $11.

Required:

1. Prepare the adjusting entries for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

2. Complete the trial balance Adjustments and Adjusted columns. (For revenues and expenses enter the total amount of adjustments in the adjustment column. Enter your answers in thousands.)

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