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Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31, 2017. To simplify this

Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31, 2017. To simplify this exercise, the amounts given in the unadjusted trial balance are in thousands of dollars.

Account Titles Debit Credit
Cash $ 66
Accounts Receivable 23
Prepaid Insurance 34
Machinery 136
Accumulated Depreciation $ 0
Accounts Payable 23
Contributed Capital 132
Retained Earnings 18
Sales Revenue 164
Administrative Expenses 54
Wages Expense 24
Totals $ 337 $ 337

Other data not yet recorded at December 31, 2017, is as follows:

  1. Insurance expired during 2017, $19.
  2. Depreciation expense for 2017, $18.
  3. Wages payable, $21.
  4. Income tax expense, $23.

Required: 1. Prepare the adjusting journal entries for 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands of dollars.)

2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31, 2017. (Enter your answers in thousands of dollars.)

3. Prepare Adjusted Trial Balance.

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