Thi at December 31 of the current year P4-7 LO4-1, 4-2, 4-4 Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income State ment Including Earnings per Share (AP4-7) Tunstall, Inc a small service company, keeps its records without the help of an accountant. Afher mach effort, an outside accountant prepared the following unadjusted trial belance as of the end of the an accounting period on December 31 fiscal Acu Ac A Account Titles A Debi Credit Cash 42,000 Accounts receivable 11,600 Supplies Prepaid insurance 900 800 Service trucks 19.000 Accumulated depreciation Other assets 9.200 8,300 Accounts payable Wages payable Income taxes payable 3,000 Note payable (3 years; 10 % interest due each December 31) Common stock (5,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue 17,000 400 19,000 6,000 61,360 Remaining expenses (not detailed; excludes income tax) Income tax expense 33,360 Totals 115,960 115,960 Data not yet recorded at December 31 included: a The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year b. Insurance expired during the current year, $800 c Depreciation expense for the current year, $3,700. d Wages earned by employees not yet paid on December 3, $640. e Income tax expense, $5,540. Required 1. Record the adjusting entries 2 Prepare an income statement and a classified balance sheet that include the effects of the preceding five transactions 3. Record the closing entry