Financial Accounting

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.
UNADJUSTED
Account Titles Debit Credit

Cash 14

Accounts receivable 11

Prepaid insurance 6

Machinery 73

Accumulated depreciation

Accounts payable 7

Wages payable

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.
Required:
2. Using the adjusted balances, give the closing entry for 2014. (Enter your answers in thousands.)
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