E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balanc Reporting an...

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E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balanc 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 $ 38 9 6 80 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 $ 0 9 76 4 80 10 26 $169 $169 Other data not yet recorded at December 31 a Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. E4-16 Part 2 2-a. Using T-accounts, determine the adjusted balances in each account. 2-b. Prepare an adjusted trial balance as of December 31. Complete this question by entering your answers in the tabs below. Reg 2 Reg 28 Using T-accounts, determine the adjusted balances in each account. (Enter your answers in thousands of dollars.) Cash Accounts Receivable Beg Bal Beg Bal E4-16 Part 2 2-a. Using T-accounts, determine the adjusted balances in each account. 2b. Prepare an adjusted trial balance as of December 31, Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Using T-accounts, determine the adjusted balances in each account. (Enter your answers in thousands of dollars.) Cash Accounts Receivable Beg Bal Beg Bal End Bal 0 End Bal Prepaid Insurance Beg Bal Equipment Beg Bal End. Bal 0 End Bal 0 Accumulated Depreciation Beg Bal Accounts Payable Beg Bal End Bal 0 End Bal 0 Salaries and Wages Payable Beg Bal Income Tax Payable Beg Bal End Bal End. Bal 0 Common Stock Bey Ball Retained Langs E4-16 Part 2 2-a. Using T-accounts, determine the adjusted balances in each account. 2-b. Prepare an adjusted trial balance as of December 31. Complete this question by entering your answers in the tabs below. Reg 2A Req 2B Prepare an adjusted trial balance as of December 31. (Enter your answers in thousands of dollars.) MINT CLEANING INC. Adjusted Trial Balance (in thousands of dollars) Debit Account Titles Credit Totals 05 0 Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balanc 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.) Account Titles Debit Credit Cash $ 38 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue 80 Insurance Expense Salaries and Wages Expense Supplies Expense 26 Totals $169 $169 9 6 80 $ 9 76 4 0 10 Other data not yet recorded at December 31: a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7 d. Income tax expense. $9. E4-16 Part 3 3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net Income by

 · Answer

1) Adjusting Journal Entry: Particulars   Debit($)   Credit($) (a) Insureance ac.....Debit 5 To Prepaid Insureance 5 (Being Prepaid insureance expired) (b) Depriciation account......Debit 4 To Accumulated Depriciation 4 (Being Depriciation Charged on assets) (c) Salaries and Wages account..Debit    7 To Salaries and Wages Payble account 7 (Being Salaries and Wages outstanding)     (d) Income Tax...............Debit 9 To Income Tax Payble 9 (Being Provision for Income Tax made) E4-16 Part 2(a)     Cash  Amount   Unadjusted balance 38   Add/Less: no transaction Nil   Adjusted balance 38        Accounts Receivable  Amount   Unadjusted Balance 9   Add/Less: no transaction Nil   Adjusted balance 9        Prepaid Insureance  Amount   Unadjusted Balance 6   Less: expired 5   Adjusted Balance 1        Equipment  Amount   Unadjusted Balance 80   Add/Less : no Ttransaction Nil   Adsjusted Balance 80        Acumulated Depricition  Amount   unadjuted balance 0   Add: provision made 4   Adjusted balance 4        Accounts Payble  Amount   Unadjusted Balance 9   Add/Less: no transaction 0   Adjusted balance 9       Common Stock  Amount   Unadjusted Balance 76   Add/less: no transaction Nil   Adjusted Balance 76        Retained Earnings  Amount   Unadjusted Balance 4   Add/less : no transaction nil   Adjusted Balance 4        Sales  Amount   Unadjusted Balance 80   Add/Less: No Transaction Nil   Adjuted Balance 80        Insureance  Amount   Unadjusted Balance 0   Add: Expired INsureance 5   Adjusted Balance 5        Salaries and Wages  Amount   Unadjusted balance 10   Add: Outstanding 7   Adjusted Balance 17        Supplies Amount   Unadjusted Balance 26   Add/Less: No Transaction Nil   Adjusted Balance 26        Depriciation Amount   Unadjusted Balance 0   Add:Provision 4   Adjusted Balance 4        Salaries and Wages Payble  Amount   Unadjusted balance 0   Add: Payble 7   Adjusted Balance 7       Income tax Payble  Amount   Unadjusted balance 0   Add: proviosion 9   Adjusted balance 9       Income Tax  Amount   Unadjusted Balance 0   Add/Less: Provision made 9   Adjusted Balance 9    E4-16 Part 2(b) Adjusted Trial Balance     Particulars  Debit  Credit   Cash 38    Accounts Receivable 9    Prepaid Insureance 1    Equipment 80    Accumulated Depreciation  4   Accounts Payble  9   Common Stock  76   Retained Earnings  4   Sales  80   Insureane 5    Salaries 17    Supplies 26    Depriciation 4    Salaries payble  7   Income tax Payble  9       Income Tax 9       Total 189 189   .

E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balanc Reporting an...

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Cash	Amount
Unadjusted balance	38
Add/Less: no transaction	Nil
Adjusted balance	38

Accounts Receivable	Amount
Unadjusted Balance	9
Add/Less: no transaction	Nil
Adjusted balance	9

Prepaid Insureance	Amount
Unadjusted Balance	6
Less: expired	5
Adjusted Balance	1

Equipment	Amount
Unadjusted Balance	80
Add/Less : no Ttransaction	Nil
Adsjusted Balance	80

Acumulated Depricition	Amount
unadjuted balance	0
Add: provision made	4
Adjusted balance	4

Accounts Payble	Amount
Unadjusted Balance	9
Add/Less: no transaction	0
Adjusted balance	9

Common Stock	Amount
Unadjusted Balance	76
Add/less: no transaction	Nil
Adjusted Balance	76

Retained Earnings	Amount
Unadjusted Balance	4
Add/less : no transaction	nil
Adjusted Balance	4

Sales	Amount
Unadjusted Balance	80
Add/Less: No Transaction	Nil
Adjuted Balance	80

Insureance	Amount
Unadjusted Balance	0
Add: Expired INsureance	5
Adjusted Balance	5

Salaries and Wages	Amount
Unadjusted balance	10
Add: Outstanding	7
Adjusted Balance	17

Supplies	Amount
Unadjusted Balance	26
Add/Less: No Transaction	Nil
Adjusted Balance	26

Depriciation	Amount
Unadjusted Balance	0
Add:Provision	4
Adjusted Balance	4

Salaries and Wages Payble	Amount
Unadjusted balance	0
Add: Payble	7
Adjusted Balance	7

Income tax Payble	Amount
Unadjusted balance	0
Add: proviosion	9
Adjusted balance	9

Income Tax	Amount
Unadjusted Balance	0
Add/Less: Provision made	9
Adjusted Balance	9

Particulars	Debit	Credit
Cash	38
Accounts Receivable	9
Prepaid Insureance	1
Equipment	80
Accumulated Depreciation		4
Accounts Payble		9
Common Stock		76
Retained Earnings		4
Sales		80
Insureane	5
Salaries	17
Supplies	26
Depriciation	4
Salaries payble		7
Income tax Payble		9