From the work sheet used in Exercise 15-5A, identify the adjusting entry(ies) that should be reversed and
Question:
From the work sheet used in Exercise 15-5A, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).
Transcribed Image Text:
Gimbel's Gifts and Gadgets Work Sheet For Year Ended December 31, 20-1 TRIAL BALANCE NCOME STATEMENT BALANCE SHEET ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CREDIT DEBIT CREDIT DEBIT 8 214 00 67 20 00 (b) 16 8 00 00 (a) 14 2 1 0 00 16 800 00 300 00 (d) 2 00 00 600 00 821 4 00 67 20 00 14 2 10 00 6 8 0 00 800 00 1 Cash 8 2 14 00 67 20 00 16 8 0 0 00 300 00 2 Accounts Receivable 3 Merchandise Inventory (c) 3 8 0 00 4 Supplies 5 Prepaid Insurance 6 Building 7 Accum. Depr.- Building 8 Accounts Payable 9 Wages Payable 10 Sales Tax Payable 11 J. M. Gimbel, Capital 12 J. M. Gimbel, Drawing 600 00 80 0 0 0 00 80 0 00 00 80 0 0 0 00 (e) 4 0 00 00 13 6 00 00 17 6|01이 001 17 60 0 00 7 5 2 80 00 8 280 00 9 5 2 80 00 5280 00 (1) 280 00 280 00 326 00 87 8 8 3 00 3 26 00 87 8 8 3 00 3 26 00 10 87 8 8 3 00 11 8000 00 (a) 14 2 10 00 (b) 16 8 0 0 00 14 2 10 00 16 8 00 00 14 2 10 00 16 800 00 800 0 00 8000 00 12 13 Income Summary 13 86 0 0 0 00 86 0 00 00 86 0 00 00 14 Sales 14 15 Sales Returns and Allowances 16 Purchases 18 40 00 54 2 00 00 18 40 00 18 40 00 15 54 2 00 00 54 2 00 00 16 2 8 13 00 108 4 00 2813 00 1084 00 28 13 00 1084 00 17 Purchases Retums and Allowances 17 18 Purchases Discounts 19 Freight-In 20 Wages Expense 21 Advertising Expense 18 800 00 16 8 0 0 00 78 4 00 800 00 17 0 80 00 800 00 |17 0 8 0 00 78 4 00 380 00 19 (0 280 00 20 7 8 4 00 21 3 80 00 22 Supplies Expense (c) 380 00 22 2100 00 23 Telephone Expense 2 100 00 1310 00 200 00 4000 00 38 6 00 14 2 00 2 100 00 23 1310 00 24 Utilities Expense 1310 00 200 00 4000 00 386 00 24 25 Insurance Expense 200 00 (d) 25 26 Depr. ExpenseBuilding (e) 4 0 00 00 26 27 Miscellaneous Expense 3 8 6 00 142 00 196 9 8 6 00 196 9 8 6 00 27 14 2 00 28 Interest Expense 28 35 8 70 00 218 0 6 6 00 218 0 6 6 00 97 4 3 2 00106 6 97 00 120 6 3 4 00 111 3 6 9 00 29 9 26 5 00 30 35 8 70 00 29 9265 00 | 106 6 9 7 00 106 6 9 7 00 120 6 3 4 00 120 6 3 4 00 31 30 Net Income 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (19 reviews)
DATE 202 Jan 1 Wages Pay...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following selected information is taken from the work sheet for Wayman Company as of December 31, 2011. Using this information, determine the amount for K. Wayman, Capital, that should be...
-
The following information is from the work sheet for Pursley Company as of December 31, 2014. Using this information, determine the amount that should be reported for Alice Pursley, Capital on the...
-
The following information is from the work sheet for Hascal Company as of December 31, 2014. Using this information, determine the amount for Sam Hascal, Capital that should be reported on the...
-
Ebbers Corporation overstated its ending inventory balance by $15,000 in the current year. What impact will this error have on cost of goods sold and gross profit in the current year and following...
-
Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance...
-
A work crew for a building project is to be made up of 2 craftsmen and 4 laborers selected from a total of 5 craftsmen and 6 laborers. a. How many different combinations are possible? b. The brother...
-
(a) Describe the current requirements for the disclosure of segmental information in the annual report. (b) Discuss the advantages and disadvantages to the users and preparers of annual reports of...
-
Refer to the worksheets in Exhibits 10.12 and 10.13 in which the financial statements of Arcot Company have been restated to U.S. GAAP . Required: a. Calculate each of the ratios listed below using...
-
You are considering the purchase of XYZ Company's common stock which will pay a$1.00 per share dividend one year from the date of purchase. The dividend is expected to grow at the rate of 4% per...
-
Recall that the HyTex Company is a direct marketer of technical products and that the file Catalog Marketing.xlsx contains recent data on 1000 HyTex customers. a. Identify all customers who are...
-
From the work sheet, prepare the following: 1. Closing entries for Gimbel's Gifts and Gadgets in a general journal. 2. A post-closing trialbalance. Gimbel's Gifts and Gadgets Work Sheet For Year...
-
Prepare entries for (a), (b), and (c) listed below using two methods. First, prepare the entries without making a reversing entry. Second, prepare the entries with the use of a reversing entry. Use...
-
A CIO said that while he would not use a public network such as the Internet with an ASP for some types of ISs, he would allow employees to use the web for other types, such as an accounting...
-
A patient weighing 143 lb is to receive a bolus dose of 70units/kg, rounded to the nearest 100 units. The infusion shouldbegin at 17 units/kg. How many units will be needed for the heparinbolus?
-
The budgeted sales for the four months of operation are provided below : The budgeted sales and sales in units are 1.September-470000and 570 2.October-500000and 600 3.November-650000and 750...
-
After being on the market for three months, the price of a house for sale was decreased by 6.25% to $300,000.What was the original listing price of the house? Round your answer to the nearest dollar.
-
NOTE : - THIS ALL QUESTIONS ARE RELATED TO NETWORK SECURITY II - PACKET TRACER CISCO IOS DEVICES ! NO SPINNING , NEED NO PLAGAIRSM 1) Please explain in your own words, what Security Associations are...
-
1. Many criminal justice professionals (judges,prosecutors,police officers, etc...)have thecommon the ability to use discretion in the administration of the law. Why is the duty to enforce the law is...
-
How much am I worth? There is no need to disclose actual figures or personal information. The objective is to determine and for members of the group to agree the way in which the question would be...
-
Find the work done in pumping all the oil (density S = 50 pounds per cubic foot) over the edge of a cylindrical tank that stands on one of its bases. Assume that the radius of the base is 4 feet, the...
-
Show that for |x| + gx - x + x + x = x + x + x7 - x + 1 = 1 + x + x 1 + 2x
-
Indicate in which of the following four categories each of the 10 accounts listed below belongs: a. Current assets b. Capital assets c. Current liabilities d. Long-term liabilities _____ 1....
-
a. On January 1, 2013, prepare a reversing entry. On January 8, 2013, journalize the entry to record the payment of salary expense, $900. b. What will be the balance in Salary Expense on January 8...
-
From the following, calculate net sales: Purchases $ 90 Gross Sales. 280 Sales Returns and Allowances 15 Sales Discounts 5 Operating Expenses 25
-
The following information relates to Ivanhoe Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $ 2 0 , 5 9 0 . During the month of July, Ivanhoe recorded cash...
-
e take the time you need to complete this test, and read each question careminy 2 pts Question 4 0 The county collects taxes on behalf of the county, city, and a special purpose district. For 2 0 2 4...
-
Houghton Limited is trying to determine the value of its ending inventory as of February 2 8 , 2 0 2 7 , the company's year - end. The following transactions occurred, and the accountant asked your...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App