Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please label each part clearly (a-d). For the last part please try and make it match up exactly like the picture shown. Thank you! E4-20

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Please label each part clearly (a-d). For the last part please try and make it match up exactly like the picture shown. Thank you!

E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet 104-1 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Debit Credit 31 28 23 90 24 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (7,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses not detailed) Totals 7 70 22 131 38 232 232 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $12. c. Depreciation expense for the current year, $14. d. Income tax expense, $7. Required: 1. Prepare the adjusting entries for the current year. 2. Complete the trial balance Adjustments and Adjusted columns. The "Ref" column is for the reference letter of the adjusting entry effect. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting entries for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet Record the insurance expired in current year but not recorded, $11. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting entries for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet Record the wages payable not recorded, $12. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting entries for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet Record the depreciation, $14. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the adjusting entries for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

11th Canadian edition Volume 2

1119048540, 978-1119048541

Students also viewed these Accounting questions

Question

=+8. For the decision tree of Exercise 4,

Answered: 1 week ago