Trial Balance, December 31 of the Current Year Before Adjusting Entries Adjustments Items Debit Credit Debit Credit a. Cash $ 13,900 b. Accounts receivable c. Prepaid insurance 480 d. Equipment 169,280 e. Accumulated depreciation, equipment $ 40,600 1. Income taxes payable g. Common stock and additional paid-in capital 107,000 h. Retained earnings, January 1 18,440 1. Service revenue 72,700 3. Salary expense 55,000 k. Depreciation expense 1. Insurance expense m. Income tax expense $ 238,740 $ 238,740 After adjusting Entries Debit Credit $ 13,900 480 320 169,280 $ 46,000 1.140 107.000 18,440 73,180 55,080 5,400 160 1,140 $ 245, 760 $ 245, 760 P4-6 Part 5 5. Record the closing entry at December 31 of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction flot Journal entry worksheet