Closing Entries

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 Work Sheet For Year Ended December 31, 20-1
	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. ExpenseBuilding			(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