Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.

Account Titles Debit Credit Cash $ 49

Accounts Receivable 11

Prepaid Insurance 6

Equipment 102

Accumulated Depreciation $ 0

Accounts Payable 11

Common Stock 98

Retained Earnings 12

Sales Revenue 105

Insurance Expense 0

Salaries and Wages Expense 21

Supplies Expense 37

Totals $ 226 $ 226

Other data not yet recorded at December 31:

a. Insurance expired during the year, $2.

b. Depreciation expense for the year, $1.

c. Wages payable, $4.

d. Income tax expense, $6.

Required information Required: 1. Prepare the adjusting journal entries for the year ended December 31.

Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31

By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded Required: Using the above adjusted balances, prepare an income statement Using the above adjusted balances, prepare a statement of retained earnings. Using the above adjusted balances, prepare a classified balance sheet for 2015. (Amounts to be deducted should be indicated by a minus sign.) Using the above adjusted balances, prepare the closing journal entry as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field