Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e4-22 (algo) recording a closing entry lo4-4 green

E4-22 (Algo) Recording A Closing Entry LO4-4 Green Valley Company prepared the following trial balance...

80.2K

Verified Solution

Question

Accounting

E4-22 (Algo) Recording A Closing Entry LO4-4 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Cash Debit 23 Credit Accounts receivable Prepaid insurance Machinery 20 15 82 Accumulated depreciation Accounts payable 16 Wages payable Income taxes payable Common stock (3,000 shares) 3 Additional paid-in capital 62 Retained earnings 14 Revenues (not detailed) 103 Expenses (not detailed) 30 Totals 184 184 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $14. b. Wages payable, $14. c. Depreciation expense for the current year, $16. d. Income tax expense, $8. Required: 2. Using the adjusted balances, give the closing entry for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet 1 Record the closing entry for current year. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students