Required:

2. Using the adjusted balances, give the closing entry 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.)

UNADJUSTED Debit Credit 26 23 18 85 19 Account Titles Cash Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (5,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals 5 65 17 113 33 202 202 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, $11. Transaction General Journal Debit Credit a. Revenues 113 Expenses Retained earnings