Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31. Account Titles Debit Credit Cash $ 38 Accounts Receivable 9 Prepaid Insurance 6 Machinery 80 Accumulated Depreciation $ 0 Accounts Payable 9 Contributed Capital 76 Retained Earnings 4 Sales Revenue 80 Administrative Expenses 26 Wages Expense 10 Totals $ 169 $ 169 Other data not yet recorded at December 31 are as follows: Insurance expired during the year, $5. Depreciation expense for the year, $4. Wages payable, $7. Income tax expense, $9. Required: 1. Prepare the adjusting journal entries for the year ended December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31.
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31. Account Titles Debit Credit Cash $ 38 Accounts Receivable 9 Prepaid Insurance 6 Machinery 80 Accumulated Depreciation $ 0 Accounts Payable 9 Contributed Capital 76 Retained Earnings 4 Sales Revenue 80 Administrative Expenses 26 Wages Expense 10 Totals $ 169 $ 169 Other data not yet recorded at December 31 are as follows: Insurance expired during the year, $5. Depreciation expense for the year, $4. Wages payable, $7. Income tax expense, $9. Required: 1. Prepare the adjusting journal entries for the year ended December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Mint Cleaning Inc. prepared the following unadjusted
| Account Titles | Debit | Credit | ||||
| Cash | $ | 38 | ||||
| Accounts Receivable | 9 | |||||
| Prepaid Insurance | 6 | |||||
| Machinery | 80 | |||||
| |
$ | 0 | ||||
| Accounts Payable | 9 | |||||
| Contributed Capital | 76 | |||||
| |
4 | |||||
| Sales Revenue | 80 | |||||
| Administrative Expenses | 26 | |||||
| Wages Expense | 10 | |||||
| Totals | $ | 169 | $ | 169 | ||
Other data not yet recorded at December 31 are as follows:
- Insurance expired during the year, $5.
- Depreciation expense for the year, $4.
- Wages payable, $7.
- Income tax expense, $9.
Required:
1. Prepare the
2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31.
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