Question

Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5) [The following information applies to the questions displayed below.] Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Credit Debit $ 45 16 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Totals Other data not yet recorded at December 31: a. Insurance expired during the year, $7. b. Depreciation expense for the year, $6. c. Salaries and wages payable, $9. d. Income tax expense, $11.

Answer 1

	Adjusting Entries
	Particulars			Debit	Credit
a)	Insurance Expense			$      7.00
	To Prepaid Insurance				$      7.00
b)	Depreciation Expense			$      6.00
	To Accumulated Depreciation				$      6.00
c)	Salaries and Wages Expense			$      9.00
	To Salaries and Wages Payable				$      9.00
d)	Income Tax Expense			$   11.00
	To Income Tax Payable				$   11.00

Cash

Accounts Receivable

Prepaid Insurance

Beg. Bal.

$   45.00

End. Bal.

$   45.00

Beg. Bal.

$   16.00

End. Bal.

$   16.00

Beg. Bal.

$      8.00

a)

$      7.00

End. Bal

$      1.00

Equipment

Accumulated Depreciation

Accounts Payable

Beg. Bal.

$   94.00

End. Bal.

$   94.00

End. Bal

$      6.00

Beg. Bal.

End. Bal

$   16.00

Beg. Bal.

$   16.00

b)

$      6.00

Salaries and Wages Payable

Income Tax Payable

Common Stock

End. Bal.

$      9.00

Beg. Bal.

End. Bal.

$   11.00

Beg. Bal.

End. Bal.

$   90.00

Beg. Bal.

$   90.00

c)

$      9.00

d)

$   11.00

Retained Earnings

End. Bal.

$   12.00

Beg. Bal.

$   12.00

Adjusted Trial Balance
Particulars			Debit	Credit
Cash			$   45.00
Accounts Receivable			$   16.00
Prepaid Insurance			$      1.00
Equipment			$   94.00
Accumulated Depreciation				$      6.00
Accounts Payable				$   16.00
Salaries and Wages Payable				$      9.00
Income Tax Payable				$   11.00
Common Stock				$   90.00
Retained Earnings				$   12.00
Sales Revenue				$   95.00
Insurance Expense			$      7.00
Depreciation Expense			$      6.00
Salaries and Wages Expense			$   26.00
Supplies Expense			$   33.00
Income Tax Expense			$   11.00
			$ 239.00	$ 239.00

	Income Statement
	Sales Revenue				$   95.00
Less:	Expenses
	Insurance Expense			$      7.00
	Depreciation Expense			$      6.00
	Salaries and Wages Expense			$   26.00
	Supplies Expense			$   33.00
	Income Tax Expense			$   11.00
	Total Expense				$   83.00
	Net Income				$   12.00

As HOMEWORKLIB RULES's policy, I've completed first four parts of the question