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.)

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

2-a. Post the beginning balances and adjusting entries to the following T-accounts.

2-b. Prepare an adjusted trial balance as of December 3

3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded?

4. Using the adjusted balances, prepare an income statement for the year ended December 31.

5. Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31

6. Using the adjusted balances, prepare a classified balance sheet for the year ended December 31.

7. Using the adjusted balances, prepare the closing journal entry for the year ended December 31.

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.) Credit Debit $ 39 10 7 82 $ 0 10 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 Wages Expense Supplies Expense Income Tax Expense Totals 0 78 6 82 0 11 27 0 $ 176 $ 176 Other data not yet recorded at December 31: a. Insurance expired during the year, $4. b. Depreciation expense for the year, $3. c. Salaries and wages payable, $6. d. Income tax expense, $8. Required: 1. Prepare the adjusting journal entries for the year ended December 31. (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-a. Post the beginning balances and adjusting entries to the follow 2-b. Prepare an adjusted trial balance as of December 31. Required: Using the adjusted balances, prepare an income statement for the year ended December 31. (Enter your answers in thousands of dollars.) MINT CLEANING INCORPORATED Income Statement (in thousands of dollars) 0 0 Required: Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in thousands of dollars.) MINT CLEANING INCORPORATED Statement of Retained Earnings (in thousands of dollars) Beginning Balance Ending Balance Required: Using the adjusted balances, prepare a classified balance sheet for the year ended December 31. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars.) MINT CLEANING INCORPORATED Balance Sheet (in thousands of dollars) $ 0 $ 0 0 $ 0 S 0 Required: Using the adjusted balances, prepare the closing journal entry for the year ended December 31. (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.) View transaction list Journal entry worksheet