Question

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
Account Titles	Debit	Credit
Cash	17
Accounts receivable	14
Prepaid insurance	9
Machinery	76
Accumulated depreciation
Accounts payable		10
Wages payable
Income taxes payable
Common stock (3,000 shares)		3
Additional paid-in capital		56
Retained earnings	8
Revenues (not detailed)		79
Expenses (not detailed)	24
Totals	148	148

Other data not yet recorded at December 31 include

1. Insurance expired during the current year, $5.
2. Wages payable, $8.
3. Depreciation expense for the current year, $10.
4. Income tax expense, $11.

Required:

2. Using the adjusted balances, prepare the closing entry for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.