Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Required information [The following information applies to the questions displayed below) Tunstall, Inc., a small service company, keeps its records without the help of an
Required information [The following information applies to the questions displayed below) Tunstall, Inc., 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: Tunstall, Ine. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 46,600 11,700 520 700 16,600 8,100 9,460 2,330 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,100 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed excludes income tax) Income tax expense Totals 14.000 2,016 10,144 4.800 85,720 16,200 33,330 135,110 135.110 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $160 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $700. c. Depreciation expense for the current year, $3,300. d. Wages earned by employees not yet paid on December 31, $540, e. Income tax expense, $5,480. 3. Record the closing entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668e36e7d7564_199668e36e736599.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668e36e8ca50e_200668e36e82619d.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started