Required Information

P$4-7($Algo$)$ Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income

Statement Including Earnings per Share LO$4-1,4-2,4-4$

$[$The following information applies to the questions displayed below.$]$

Tunstall, Incorporated, 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 $$230$ 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. $$4,100.$

d$.$ Wages earned by employees not yet paid on December $31,$$$630.$

e$.$ Three months of interest expense $($for the note payable borrowed on October $1$ of the current year$)$ was incurred in

the current year.

f$.$ Income tax expense, $$5,780.$

P$4-7$ Part $3$

Record the closing entry.

Note: If no entry ls required for a transactlon$/$event$,$ select $"$No journal entry required" In the first account fleld.

$$