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 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 $ 46 Credit 8 9 96 $ 0 8 0000229 92 12 99 0 18 34 0 $ 211 $ 211 Other data not yet recorded at December 31: a. Insurance expired during the year, $8. b. Depreciation expense for the year, $7. c. Salaries and wages payable, $10. d. Income tax expense, $12. Req 2A Req 2B Prepare an adjusted trial balance as of December 31. (Enter your answers in thousands of dollars. MINT CLEANING INCORPORATED Adjusted Trial Balance For the Year Ended December 31 (in thousands of dollars) Account Titles Debit Credit $ 46 Cash Accounts Receivable Prepaid Insurance Equipment Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Depreciation Expense Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Totals 1 96 8 18 34 12 8 10 12 $ 92 12 99 $ 229 $ 240 < Req 2A Req 28 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 Required: Using the adjusted balances, prepare an income statement for the year ended December 31. (Enter your answers in thousands of dollars.) Revenues MINT CLEANING INCORPORATED Income Statement For the Year Ended December 31 (in thousands of dollars) 0 0 Required: Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in thousands of dollars.) MINT CLEANING INCORPORATED Statement of Retained Earnings For the Year Ended December 31 (in thousands of dollars) Beginning Balance Add: Net Income Less: Dividends Ending Balance 12 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.) View transaction list Journal entry worksheet < A Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required information Beginning Balance Ending Balance Cash Debit Credit 46 Debit Beginning Balance Ending Balance 46 Prepaid Insurance Debit Beginning Balance Accounts Receivable i 8 Ending Balance 8 Credit Equipment Credit 8 Debit Credit Beginning Balance: 96 Ending Balance 96 Accumulated Depreciation Accounts Payable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance Salaries and Wages Payable Debit Credit Debit Beginning Balance Beginning Balance Ending Balance 10 10 Ending Balance 8 Income Tax Payable 12 12 Credit Common Stock Retained Earnings Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance 0 Beginning Balance Ending Balance Common Stock Debit Credit Retained Earnings Debit Credit Beginning Balance 0 Ending Balance 0 Sales Revenue Supplies Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance 0 Ending Balance Salaries and Wages Expense Depreciation Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Insurance Expense Income Tax Expense Debit Credit Debit Credit Beginning Balance 8 Ending Balance 8 Ending Balance Req2A Req 2B >