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, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 47,500 11,200 490 720 17,800 7,800 10,860 2,250 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 (5,300 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 1,896 17,064 5,300 89,660 16,200 33,200 137,970 137,970 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $220 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $720. C. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $540. e. Income tax expense, $5,380. 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 Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal