Other data not yet recorded at december 31 include insurance expired during the current year, $6. wages payable, $4. depreciation expense for the current year, $9. income tax expense, $7. required: 2. using the adjusted balances, give the closing entry for the current year. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. enter your answers in thousands.)

Using the adjusted balances, give the closing entry for the current year.

Explanation:

1  

Db Insurance expense  6000  

Cr Prepaid expenses          6000

2  

Db Wages payable4000  

Cr Cash                                4000

3  

Db Depreciation expense9000  

Cr Accumulate depreciation     9000

4  

Db Income tax expense7000  

Cr Tax payable                      7000

Please refer to the explanation section for journals

Explanation:

DR = DEBIT CR = CREDIT

DR Insurance expense 6000

CR      Prepaid insurance  6000

expired insurance expense.  prepaid asset account decreases on the credit side .The Prepaid insurance asset should be reduced when insurance expires.

DR Wages expense   4000

CR      Wages Payable   4000

wages payable (liability) increases because of wages incurred during the year increase .Wages payable account increases on the credit side  

DR Depreciation expense  9000

CR      Accumulated Depreciation 9000

depreciation expense increase the accumulated depreciation account

accumulated depreciation account increases on the credit side

DR Income Tax expense     7000

CR      Income tax payable (liability) 7000

Income tax expense incurred during the year.

income tax expense incurred during the year increases income tax payable (liability) . Income tax payable increases on the credit side

answer; limited pay life;

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.