Gimbel's Gifts and GadgetsWork SheetFor Year Ended December 31, 20-1TRIAL BALANCEADJUSTMENTSADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEETDEBITACCOUNT TITLEDEBIT CREDITDEBITCREDITDEBITCREDITCREDITDEBIT CREDITCash8,2178,2178,217Accounts Receivable6,7146,7146,714Merchandise Inventory(b) 16,520 (a) 14,22216,52014,22216,520Supplies(c) 376661285285(d) 190Prepaid Insurance760570570Building81,50081,50081,500Accum. Depr.-Buildinge) 4,07513,85517,93017,930Accounts Payable5,2565,2565,256Wages Payable(f) 293293293Sales Tax Payable318318318J. M. Gimbel, Capital90,28390,28390,283J. M. Gimbel, Drawing8,2008,2008,200Income Sum mary(a) 14,222 (b) 16,52016,52014,22214,22216,520Sales85,07085,07085,070Sales Returns and Allowances1,8001,8001,800Purchases54,20054,20054,200Purchases Returns and Allowances2,8452,8452,845Purchases Discounts1,0591,0591,059Freight-In805805805Wages Expense(f) 29316,84117,13417,134Advertising Expense796796796Supplies Expense(c) 376376376Phone Expense2,1402,1402,140Utilities Expense1,3211,3211,321Insurance Expense(d) 190190190Depr. Expense-Building(e) 4,0754,0754,075Miscellaneous Expense366366366Interest Expense143143143198,686 198,68635,67635,676219,574219,57497,568105,494 122,006 114,080Net Income7,9267,926105,494105,494 122,006 122,006

Question
Asked Dec 3, 2019
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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
DEBIT
ACCOUNT TITLE
DEBIT CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
CREDIT
DEBIT CREDIT
Cash
8,217
8,217
8,217
Accounts Receivable
6,714
6,714
6,714
Merchandise Inventory
(b) 16,520 (a) 14,222
16,520
14,222
16,520
Supplies
(c) 376
661
285
285
(d) 190
Prepaid Insurance
760
570
570
Building
81,500
81,500
81,500
Accum. Depr.-Building
e) 4,075
13,855
17,930
17,930
Accounts Payable
5,256
5,256
5,256
Wages Payable
(f) 293
293
293
Sales Tax Payable
318
318
318
J. M. Gimbel, Capital
90,283
90,283
90,283
J. M. Gimbel, Drawing
8,200
8,200
8,200
Income Sum mary
(a) 14,222 (b) 16,520
16,520
14,222
14,222
16,520
Sales
85,070
85,070
85,070
Sales Returns and Allowances
1,800
1,800
1,800
Purchases
54,200
54,200
54,200
Purchases Returns and Allowances
2,845
2,845
2,845
Purchases Discounts
1,059
1,059
1,059
Freight-In
805
805
805
Wages Expense
(f) 293
16,841
17,134
17,134
Advertising Expense
796
796
796
Supplies Expense
(c) 376
376
376
Phone Expense
2,140
2,140
2,140
Utilities Expense
1,321
1,321
1,321
Insurance Expense
(d) 190
190
190
Depr. Expense-Building
(e) 4,075
4,075
4,075
Miscellaneous Expense
366
366
366
Interest Expense
143
143
143
198,686 198,686
35,676
35,676
219,574
219,574
97,568
105,494 122,006 114,080
Net Income
7,926
7,926
105,494
105,494 122,006 122,006
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Gimbel's Gifts and Gadgets Work Sheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET DEBIT ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CREDIT DEBIT CREDIT Cash 8,217 8,217 8,217 Accounts Receivable 6,714 6,714 6,714 Merchandise Inventory (b) 16,520 (a) 14,222 16,520 14,222 16,520 Supplies (c) 376 661 285 285 (d) 190 Prepaid Insurance 760 570 570 Building 81,500 81,500 81,500 Accum. Depr.-Building e) 4,075 13,855 17,930 17,930 Accounts Payable 5,256 5,256 5,256 Wages Payable (f) 293 293 293 Sales Tax Payable 318 318 318 J. M. Gimbel, Capital 90,283 90,283 90,283 J. M. Gimbel, Drawing 8,200 8,200 8,200 Income Sum mary (a) 14,222 (b) 16,520 16,520 14,222 14,222 16,520 Sales 85,070 85,070 85,070 Sales Returns and Allowances 1,800 1,800 1,800 Purchases 54,200 54,200 54,200 Purchases Returns and Allowances 2,845 2,845 2,845 Purchases Discounts 1,059 1,059 1,059 Freight-In 805 805 805 Wages Expense (f) 293 16,841 17,134 17,134 Advertising Expense 796 796 796 Supplies Expense (c) 376 376 376 Phone Expense 2,140 2,140 2,140 Utilities Expense 1,321 1,321 1,321 Insurance Expense (d) 190 190 190 Depr. Expense-Building (e) 4,075 4,075 4,075 Miscellaneous Expense 366 366 366 Interest Expense 143 143 143 198,686 198,686 35,676 35,676 219,574 219,574 97,568 105,494 122,006 114,080 Net Income 7,926 7,926 105,494 105,494 122,006 122,006

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Expert Answer

Step 1

1.

Prepare closing entries for Gimbel's Gifts...

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Account Title and explanation Debit (S) Date Post Credit Ref. (S) December Sales 85,070 31 Purchase returns and allowance Purchase discount 2,845 1,059 88,974 Income summary (To record closing entry of revenue accounts) Income summary December 33,346 31 Sales retums and allowances 1,800 4,200 805 Purchases Freight-in Wages expensc Advertising expense Supplies expense Phone expense Utilities expense Insurance expense Depreciation expense Miscellaneous expense Interest expense (To record closing entry of expenses accounts) 17,134 796 376 2,140 1,321 190 4.075 366 143 Income summary December 31 7,926 G, Capital (To record closing entry of capital ассоunts) 7.926 December G, Capital 8,200 31 G. Drawing (To record closing entry of drawings ассоunt) 8,200

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