Prepaid Insurance Income taxes payable paid-in capital ANSWER: OURNAL ENTRY CREDIT NO. GENERAL JOURNAL Dr 230 To Supplies 230 Insurance Exps To record insurance expired) Depreciation exs Dr To Prepaid Insurance A Dr 3.900 To Accumulated depreciation A 3,900 a/c Dr 670 To wages payable A/c 670 (To record wages earned ) Income tax Dr Alt 4980 To Income tax Payable To record income tax 4980 2-b. Prepare a classified balance sheet that indlude the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign) Balance Sheet ntry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record closing entry to transfer revenues and expenses to income summary. Note: Enter debits before credits. General Journal 1ebit Credit action Record entry View general journal Clear entry