Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year...
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Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31 (Assume amounts are reported in thousands of dollars) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Mages Expense Supplies Expense Income Tax Expense Totals Dobit Credit 5.50 12 7 104. Other data not yet recorded at December 31 a insurance expired during the year, $6 b Depreciation expense for the year. $5 e Salaries and wages payable $8 d Income tax expense, $10 22 38 $ 201 3201 Required: Using the adjusted balances, prepare the closing journal entry for the year ended December 21 (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) Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction 1 General Journal Insurance Expense Prepaid Insurance Record entry Clear entry Debit Credit 6 View general journal Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31 (Assume amounts are reported in thousands of dollars) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Mages Expense Supplies Expense Income Tax Expense Totals Dobit Credit 5.50 12 7 104. Other data not yet recorded at December 31 a insurance expired during the year, $6 b Depreciation expense for the year. $5 e Salaries and wages payable $8 d Income tax expense, $10 22 38 $ 201 3201 Required: Using the adjusted balances, prepare the closing journal entry for the year ended December 21 (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) Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction 1 General Journal Insurance Expense Prepaid Insurance Record entry Clear entry Debit Credit 6 View general journal
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Account Title Cash Accounts Receivable Prepaid Insurance Equipment Accumula... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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