P4-7 Part 3

3. Record the closing entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 [The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $210 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $650. c. Depreciation expense for the current year, $3,800. d. Wages earned by employees not yet paid on December 31, $650. e. Income tax expense, $5,380. 3. Record the closing entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits