Green Valley Company prepared the following trial balance at the end of its first year of operations ending
December 31, 2014. To simplify the ease, the amounts given are in thousands of dollars.
Account Titles Debit Credit
Accounts receivable 11
Prepaid insurance 6
Accounts payable 7
Income taxes payable
Common stock (5,000 shares) 5
Additional paid-in capital 53
Retained earnings 5
Revenues (not detailed) 65
Expenses (not detailed) 21
Totals 1 30 1 30
Other data not yet recorded at December 31, 2014 include:
a. Insurance expired during 2014, $4.
b. Wages payable, 55.
c. Depreciation expense for 2014, $7.
d. Income tax expense, 88.
2. Using the adjusted balances, give the closing entry for 2014. (Enter your answers in thousands.)
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