The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period...

 
 
 
 
 

 

 

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The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 16,000.00 16,000.00 Accounts Receivable 11,200.00 11,200.00 Merchandise Inventory 60,000.00 (b) 68,000.00 (a) 60,000.00 68,000.00 Estimated Returns Inventory 2,560.00 (e) 3,440.00 (d) 2,560.00 3,440.00 Supplies 6,400.00 (f) 3,760.00 2,640.00 Prepaid Insurance 4,320.00 () 1,280.00 3,040.00 Land 104,000.00 104,000.00 Building 200,000.00 200,000.00 Accum. Depr.-Building 80,000.00 (h) 10,000.00 90,000.00 Store Equipment 80,000.00 80,000.00 Accum. Depr.-Store Equipment 32,000,00 (1) 4,000.00 36,000.00 Accounts Payable 7,680.00 7,680.00 Accounts Payable 7,680.00 7,680.00 Customer Refunds Payable 2,800.00 (c) 1,760.00 4,560.00 Wages Payable (1) 2,800.00 2,800.00 Sales Tax Payable 4,720.00 4,720.00 Unearned Subscriptions Revenue 7,120.00 (k) 3,520.00 3,600.00 J.M. Gimble, Capital 227,448.00 227,448.00 J.M. Gimble, Drawing 20,800.00 20,800.00 Income Summary (a) 60,000.00 (b) 68,000.00 60,000.00 68,000.00 (d) 2,560.00 (e) 3,440.00 2,560.00 3,440.00 Sales 420,112.00 420,112.00 Sales Returns and Allowances 11,600.00 (c) 1,760.00 13,360.00 Rent Revenue (k) 3,520.00 3,520.00 Purchases 100,000.00 100,000.00 Purchases Returns and Allowances 1,120.00 1,120.00 Purchases Discounts 1,440.00 1,440.00 Freight-In 1,680.00 1,680.00 () 2,800.00 102,800.00 Wages Expense Advertising Expense Supplies Expense 100,000.00 10,400.00 10,400.00 (f) 3,760.00 3,760.00 1,080.00 1,080.00 Phone Expense Phone Expense 1,080.00 1,080.00 Utilities Expense 6,400.00 6,400.00 Insurance Expense (g) 1,280.00 1,280.00 Depr. Expense-Building (h) 10,000.00 10,000.00 Depr. Expense-Store Equipment (1) 4,000.00 4,000.00 Rent Expense 48,000.00 48,000.00 784,440.00 784,440.00 161,120.00 161,120.00 874,440.00 874,440.00 365,320.00 497,632.00 132,312.00 Net Income ACCOUNT NO. 331 ACCOUNT Income Summary BALANCE CREDIT DEBIT CREDIT ITEM POST. REF. DEBIT DATE 20-1 60,000.00 60,000.00 Dec. 31 Adjusting 68,000.00 8,000.00 Dec. 31 Adjusting 5,440.00 2,560.00 Dec. 31 Adjusting 3,440.00 8,880.00 Dec. 31 Adjusting 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-1 1 Dec. 31 2 3 4. 7 Dec. 31 8 8. 6. 10 10 11 12 12 13 13 14 14 15 15 4. J000000 D0000 00000000 1. 2. 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Customer Refunds Payable Wages Payable Sales Tax Payable

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1 Closing Entries Date Account Titles and Explanation Debit Credit Dec 31 Sales 420112 Rent revenue ... View the full answer