Required information [The following information applies to the questions displayed below.) Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment d Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Debit $ 40 Credit 11 8 84 $ 0 11 8 80 8 84 0 12 28 0 $ 183 $ 183 Other data not yet recorded at December 31:1 a. Insurance expired during the year, $7. b. Depreciation expense for the year, $6. c. Salaries and wages payable, $9. d. Income tax expense, $11. Required: Using the adjusted balances, prepare the closing journal entry for the year ended December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) No Transaction General Journal Debit Credit 828 12 28 0 300% 80 8 84 $ 183 $ 183 Homework ed AGUE FOX rayaute Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Other data not yet recorded at December 31: a. Insurance expired during the year, $7. b. Depreciation expense for the year, $6. c. Salaries and wages payable, $9. d. Income tax expense, $11. Submitted 8. Required: Using the adjusted balances, prepare the closing journal entry for the year ended December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars No A Transaction 1 General Journal Insurance Expense Prepaid Insurance Depreciation Expense Accumulated Depreciation Salaries and Wages Expense Salaries and Wages Payable Income Tax Expense Income Tax Payable Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Debit Credit 1 1 6 6 x 21 21 x 11 11 Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Debit $ 40 Credit 11 8 84 $ 0 11 0 0 80 8 84 0 12 28 0 $ 183 Other data not yet recorded at December 31: a. Insurance expired during the year, $7. b. Depreciation expense for the year, $6. c. Salaries and wages payable, $9. d. Income tax expense, $11. $ 183 Required: 3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income overstated by 11 9 < Prev 3 4 5 83 7 of 7 Next >