From the work sheet shown below, prepare the following: Prepare closing entries for Gimbel's Gifts and Gadgets
Question:
From the work sheet shown below, prepare the following: Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. If an amount box does not require an entry, leave it blank. Also, Prepare a post-closing trial balance.
Gimbel's Gifts and Gadgets | ||||||||||
| TRIAL BALANCE | ADJUSTMENTS | ADJUSTED TRIAL BALANCE | INCOME STATEMENT | BALANCE SHEET | |||||
ACCOUNT TITLE | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT |
Cash | 8,205 | | | | 8,205 | | | | 8,205 | |
Accounts Receivable | 6,779 | | | | 6,779 | | | | 6,779 | |
Merchandise Inventory | 14,228 | | (b) 16,850 | (a) 14,228 | 16,850 | | | | 16,850 | |
Supplies | 692 | | | (c) 369 | 323 | | | | 323 | |
Prepaid Insurance | 820 | | | (d) 205 | 615 | | | | 615 | |
Building | 78,400 | | | | 78,400 | | | | 78,400 | |
Accum. Depr.—Building | | 13,328 | | (e) 3,920 | | 17,248 | | | | 17,248 |
Accounts Payable | | 5,280 | | | | 5,280 | | | | 5,280 |
Wages Payable | | | | (f) 300 | | 300 | | | | 300 |
Sales Tax Payable | | 327 | | | | 327 | | | | 327 |
J. M. Gimbel, Capital | | 86,345 | | | | 86,345 | | | | 86,345 |
J. M. Gimbel, Drawing | 7,690 | | | | 7,690 | | | | 7,690 | |
Income Summary | | | (a) 14,228 | (b) 16,850 | 14,228 | 16,850 | 14,228 | 16,850 | | |
Sales | | 86,000 | | | | 86,000 | | 86,000 | | |
Sales Returns and Allowances | 1,900 | | | | 1,900 | | 1,900 | | | |
Purchases | 54,210 | | | | 54,210 | | 54,210 | | | |
Purchases Returns and Allowances | | 2,801 | | | | 2,801 | | 2,801 | | |
Purchases Discounts | | 1,084 | | | | 1,084 | | 1,084 | | |
Freight-In | 812 | | | | 812 | | 812 | | | |
Wages Expense | 16,714 | | (f) 300 | | 17,014 | | 17,014 | | | |
Advertising Expense | 763 | | | | 763 | | 763 | | | |
Supplies Expense | | | (c) 369 | | 369 | | 369 | | | |
Telephone Expense | 2,125 | | | | 2,125 | | 2,125 | | | |
Utilities Expense | 1,326 | | | | 1,326 | | 1,326 | | | |
Insurance Expense | | | (d) 205 | | 205 | | 205 | | | |
Depr. Expense—Building | | | (e) 3,920 | | 3,920 | | 3,920 | | | |
Miscellaneous Expense | 370 | | | | 370 | | 370 | | | |
Interest Expense | 131 | | | | 131 | | 131 | | | |
| 195,165 | 195,165 | 35,872 | 35,872 | 216,235 | 216,235 | 97,373 | 106,735 | 118,862 | 109,500 |
Net Income | | | | | | | 9,362 | | | 9,362 |
| | | | | | | 106,735 | 106,735 | 118,862 | 118,862 |
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta