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Closing Entries From the work sheet shown below, prepare the following: 1.  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. 2.  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 8,214       8,214       8,214   Accounts Receivable 6,720       6,720       6,720   Merchandise Inventory 14,210   (b) 16,800 (a) 14,210 16,800       16,800   Supplies 680     (c) 380 300       300   Prepaid Insurance 800     (d) 200 600       600   Building 80,000       80,000       80,000   Accum. Depr.—Building   13,600   (e) 4,000   17,600       17,600 Accounts Payable   5,280       5,280       5,280 Wages Payable       (f) 280   280       280 Sales Tax Payable   326       326       326 J. M. Gimbel, Capital   87,883       87,883       87,883 J. M. Gimbel, Drawing 8,000       8,000       8,000   Income Summary     (a) 14,210 (b) 16,800 14,210 16,800 14,210 16,800     Sales   86,000       86,000   86,000     Sales Returns and Allowances 1,840       1,840   1,840       Purchases 54,200       54,200   54,200       Purchases Returns and Allowances   2,813       2,813   2,813     Purchases Discounts   1,084       1,084   1,084     Freight-In 800       800   800       Wages Expense 16,800   (f) 280   17,080   17,080       Advertising Expense 784       784   784       Supplies Expense     (c) 380   380   380       Phone Expense 2,100       2,100   2,100       Utilities Expense 1,310       1,310   1,310       Insurance Expense     (d) 200   200   200       Depr. Expense—Building     (e) 4,000   4,000   4,000       Miscellaneous Expense 386       386   386       Inerest Expense 142       142   142         196,986 196,986 35,870 35,870 218,066 218,066 97,432 106,697 120,634 111,369 Net Income             9,265     9,265               106,697 106,697 120,634 120,634

Closing Entries From the work sheet shown below, prepare the following: 1.  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. 2.  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 8,214       8,214       8,214   Accounts Receivable 6,720       6,720       6,720   Merchandise Inventory 14,210   (b) 16,800 (a) 14,210 16,800       16,800   Supplies 680     (c) 380 300       300   Prepaid Insurance 800     (d) 200 600       600   Building 80,000       80,000       80,000   Accum. Depr.—Building   13,600   (e) 4,000   17,600       17,600 Accounts Payable   5,280       5,280       5,280 Wages Payable       (f) 280   280       280 Sales Tax Payable   326       326       326 J. M. Gimbel, Capital   87,883       87,883       87,883 J. M. Gimbel, Drawing 8,000       8,000       8,000   Income Summary     (a) 14,210 (b) 16,800 14,210 16,800 14,210 16,800     Sales   86,000       86,000   86,000     Sales Returns and Allowances 1,840       1,840   1,840       Purchases 54,200       54,200   54,200       Purchases Returns and Allowances   2,813       2,813   2,813     Purchases Discounts   1,084       1,084   1,084     Freight-In 800       800   800       Wages Expense 16,800   (f) 280   17,080   17,080       Advertising Expense 784       784   784       Supplies Expense     (c) 380   380   380       Phone Expense 2,100       2,100   2,100       Utilities Expense 1,310       1,310   1,310       Insurance Expense     (d) 200   200   200       Depr. Expense—Building     (e) 4,000   4,000   4,000       Miscellaneous Expense 386       386   386       Inerest Expense 142       142   142         196,986 196,986 35,870 35,870 218,066 218,066 97,432 106,697 120,634 111,369 Net Income             9,265     9,265               106,697 106,697 120,634 120,634

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...
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Closing Entries

From the work sheet shown below, prepare the following:

1.  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.

2.  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 8,214       8,214       8,214  
Accounts Receivable 6,720       6,720       6,720  
Merchandise Inventory 14,210   (b) 16,800 (a) 14,210 16,800       16,800  
Supplies 680     (c) 380 300       300  
Prepaid Insurance 800     (d) 200 600       600  
Building 80,000       80,000       80,000  
Accum. Depr.—Building   13,600   (e) 4,000   17,600       17,600
Accounts Payable   5,280       5,280       5,280
Wages Payable       (f) 280   280       280
Sales Tax Payable   326       326       326
J. M. Gimbel, Capital   87,883       87,883       87,883
J. M. Gimbel, Drawing 8,000       8,000       8,000  
Income Summary     (a) 14,210 (b) 16,800 14,210 16,800 14,210 16,800    
Sales   86,000       86,000   86,000    
Sales Returns and Allowances 1,840       1,840   1,840      
Purchases 54,200       54,200   54,200      
Purchases Returns and Allowances   2,813       2,813   2,813    
Purchases Discounts   1,084       1,084   1,084    
Freight-In 800       800   800      
Wages Expense 16,800   (f) 280   17,080   17,080      
Advertising Expense 784       784   784      
Supplies Expense     (c) 380   380   380      
Phone Expense 2,100       2,100   2,100      
Utilities Expense 1,310       1,310   1,310      
Insurance Expense     (d) 200   200   200      
Depr. Expense—Building     (e) 4,000   4,000   4,000      
Miscellaneous Expense 386       386   386      
Inerest Expense 142       142   142      
  196,986 196,986 35,870 35,870 218,066 218,066 97,432 106,697 120,634 111,369
Net Income             9,265     9,265
              106,697 106,697 120,634 120,634
CengageNOWv2 | Online teachi X (67 unread) - starlght1287@yah X Gimbel's Gift: 2OGifts%202.pdf 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit balance Credit balance Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Building Accumulated Depreciation-Building Accounts Payable Wages Payable Sales Tax Payable J. M. Gimbel, Capital Total 0000
Transcribed Image Text:CengageNOWv2 | Online teachi X (67 unread) - starlght1287@yah X Gimbel's Gift: 2OGifts%202.pdf 2. Prepare a post-closing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit balance Credit balance Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Building Accumulated Depreciation-Building Accounts Payable Wages Payable Sales Tax Payable J. M. Gimbel, Capital Total 0000
CengageNOWv2 | Online teachir X (67 unread) - starlght1287@yah X Gimbel's Gifts Z ts%202.pdf 1 / 2 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. It an amount box does not require an entry, leave it blar Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 20-1 Dec, 31 Sales Purchases Returns and Allowances 2. Purchases Discounts Income Summary 4 Dec. 31 Income Summary Sales Returns and Allowances 8 Purchases 8. 9. Freight-In 10 Wages Expense 10 11 Advertising Expense 11 12 Supplies Expense 12 13 Phone Expense 13 14 Utilities Expense 14 15 Insurance Expense 15 16 Depreciation Expense-Building 16 17 Miscellaneous Expense 17 18 Interest Expense 18 19 19 20 Dec. 31 Income Summary 20 21 J. M. Gimbel, Capital 21 22 22 23 Dec. 31 J. M. Gimbel, Capital 23 24 J. M. Gimbel, Drawing 24 W 000000 11 0000011 11 11 1011 1111111 0000 111111| 2 3 4 56
Transcribed Image Text:CengageNOWv2 | Online teachir X (67 unread) - starlght1287@yah X Gimbel's Gifts Z ts%202.pdf 1 / 2 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. It an amount box does not require an entry, leave it blar Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 20-1 Dec, 31 Sales Purchases Returns and Allowances 2. Purchases Discounts Income Summary 4 Dec. 31 Income Summary Sales Returns and Allowances 8 Purchases 8. 9. Freight-In 10 Wages Expense 10 11 Advertising Expense 11 12 Supplies Expense 12 13 Phone Expense 13 14 Utilities Expense 14 15 Insurance Expense 15 16 Depreciation Expense-Building 16 17 Miscellaneous Expense 17 18 Interest Expense 18 19 19 20 Dec. 31 Income Summary 20 21 J. M. Gimbel, Capital 21 22 22 23 Dec. 31 J. M. Gimbel, Capital 23 24 J. M. Gimbel, Drawing 24 W 000000 11 0000011 11 11 1011 1111111 0000 111111| 2 3 4 56
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