Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required Information [The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its

image text in transcribed
image text in transcribed
Required Information [The following information applies to the questions displayed below.) Mint Cleaning Inc. 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.) Credit Debit 5 38 9 6 8@ Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and wages Expense Supplies Expense Totals ga 20 26 $162 $16 Other data not yet recorded at December 31 a Insurance expired during the year $5 Depreciation expense for the year. $4 Salaries and wages payable, $7 Incame tax expense, S9 Other data not yet recorded at December 31 a. Insurance expired during the year. $5. b. Depreciation expense for the year, $4. c Salaries and wages payable, $7. d. Income tax expense. $9. Required: Using the adjusted balances, prepare the closing Journal entry as of 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.) % Answer is not complete. No Transaction Debit Credit A x 5 > 5 General Journal Insurance Expense Prepaid Insurance Depreciation Expense Accumulated Depreciation Salaries and Wages Expense Salaries and Wages Payable Income Tax Expense Income Tax Payable 7 * 308 > 03

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Analytics Data Science For The Accounting Profession

Authors: J. Christopher Westland

1st Edition

3030490904, 9783030490904

More Books

Students also viewed these Accounting questions