Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31, 2017. To simplify this exercise, the amounts given in the unadjusted trial balance are in thousands of dollars.
Other data not yet recorded at December 31, 2017, is as follows: a. Insurance expired during 2017, $5
b. Depreciation expense for 2017, $4
c. Wages payable, $7
d. Income tax expense, $9
Required:
1. Prepare the adjusting journal entries for 2017.
2. Using T-accounts, determine the adjusted balances in each account and prepare an adjusted trial balance as of December 31, 2017.
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