Recording Four Adjusting Entries and Completing the Trial Balance Worksheet
Red River Company prepared the following trial balance at the end of its first year of operations ending December 31, 2011. To simplify the case, the amounts given are in thousands of dollars.
| UNADJUSTED | ADJUSTMENTS | ADJUSTED | |||
Account Titles | Debit | Credit | Debit | Credit | Debit | Credit |
Cash | 35 |
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Accounts receivable | 9 |
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Prepaid insurance | 6 |
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Machinery | 80 |
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Accumulated depreciation |
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Accounts payable |
| 9 |
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Wages payable |
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| | |
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| |
Income taxes payable |
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Contributed capital (4.000 shares) |
| 73 |
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Retained earnings | 4 |
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Revenues (not detailed) |
| 84 |
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Expenses (not detailed) | 32 |
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Totals | 166 | 166 |
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Other data not yet recorded at December 31. 2011 include:
a. Insurance expired during 2011, $4.
b. Wages payable, $5.
c. Depreciation expense for 2011, $8.
d. Income tax expense, $9.
Required:
1. Prepare the adjusting entries for 2011.
2. Complete the trial balance Adjustments and Adjusted columns.
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