Tunstall, Incorporated, 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, Incorporated
Unadjusted Trial Balance
At December 31
	Debit	Credit
Cash	47,900
Accounts receivable	11,600
Supplies	620
Prepaid insurance	710
Service trucks	16,200
Accumulated depreciation		9,100
Other assets	10,560
Accounts payable		2,380
Wages payable
Income taxes payable
Notes payable (3 years; 10% interest due each September 30)		11,000
Common stock (5,800 shares outstanding)		2,006
Additional paid-in capital		18,054
Retained earnings		5,500
Service revenue		88,960
Wages expense	16,200
Remaining expenses (not detailed; excludes income tax)	33,210
Income tax expense
Totals	137,000	137,000

Data not yet recorded at December 31 included:

The supplies count on December 31 reflected $240 in remaining supplies on hand to be used in the next year.

Insurance expired during the current year, $710.

Depreciation expense for the current year, $4,000.

Wages earned by employees not yet paid on December 31, $550.

Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year.

Income tax expense, $5,680.

 

 Assist with the journal entry worksheet.  

7 Part 3 of 3 18 points eBook Print References Required Information [The following information applies to the questions displayed below.] Tunstall, Incorporated, 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 Wages payable Income taxes payable Notes payable (3 years; 10% interest due each September 30) Common stock (5,800 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Tunstall, Incorporated Unadjusted Trial Balance At December 31 Remaining expenses (not detailed; excludes income tax) Income tax expense Totals View transaction list View journal entry worksheet No 1 Transaction 1 Service revenue Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $240 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $710. c. Depreciation expense for the current year, $4,000. Debit 47,998 11,600 620 710 16, 200 10,560 d. Wages earned by employees not yet paid on December 31, $550. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year. f. Income tax expense, $5,680. Remaining expenses (not detailed) Supplies expense Insurance expense Depreciation expense Wages expense 16,200 33,210 3. Record the closing entry. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. General Journal Income tax expense 137,000 Credit 9,100 2,380 11,000 2,086 18,854 5,500 88,960 137,000 Debit 88,960 550 Credit 33,210 380 710 4,000 5,680