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: Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Credit 46,800 11,400 480 790 16,100 8,700 9,060 2,320 Wages payable Income taxes payable Notes payable, long-term 14,000 Common stock (5,100 shares outstanding) 2,026 Additional paid-in capital 18,234 Retained earnings 4,200 Service revenue 84,590 Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,240 Income tax expense Totals 134,070 134,070 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $210 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $790. c. Depreciation expense for the current year, $3,800. d. Wages earned by employees not yet paid on December 31, $560. e. Income tax expense, $5,780. 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 1 Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal