Reversing Entries 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 17,000.00 17,000.00 Accounts Receivable 12,700.00 12,700.00 Merchandise Inventory 67,400.00 (b) 76,400.00 (a) 67,400.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,870.00 (d) 2,880.00 3,870.00 Supplies 7,300.00 (f) 4,220.00 3,080.00 Prepaid Insurance 4,860.00 (g) 1,440.00 3,420.00 Land 118,000.00 118,000.00 Building 226,000.00 226,000.00 Accum. Depr.—Building 90,400.00 (h) 11,300.00 101,700.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds Payable 3,160.00 (c) 1,990.00 5,150.00 Wages Payable (j) 3,150.00 3,150.00 Sales Tax Payable 5,300.00 5,300.00 Unearned Subscriptions Revenue 8,010.00 (k) 3,960.00 4,050.00 J.M. Gimble, Capital 256,553.00 256,553.00 J.M. Gimble, Drawing 23,500.00 23,500.00 Income Summary (a) 67,400.00 (b) 76,400.00 67,400.00 76,400.00 (d) 2,880.00 (e) 3,870.00 2,880.00 3,870.00 Sales 472,627.00 472,627.00 Sales Returns and Allowances 13,050.00 (c) 1,990.00 15,040.00 Rent Revenue (k) 3,960.00 3,960.00 Purchases 112,400.00 112,400.00 Purchases Returns and Allowances 1,270.00 1,270.00 Purchases Discounts 1,610.00 1,610.00 Freight-In 1,880.00 1,880.00 Wages Expense 112,500.00 (j) 3,150.00 115,650.00 Advertising Expense 11,800.00 11,800.00 Supplies Expense (f) 4,220.00 4,220.00 Phone Expense 1,210.00 1,210.00 Utilities Expense 7,100.00 7,100.00 Insurance Expense (g) 1,440.00 1,440.00 Depr. Expense—Building (h) 11,300.00 11,300.00 Depr. Expense—Store Equipment (i) 4,500.00 4,500.00 Rent Expense 54,000.00 54,000.00 883,580.00 883,580.00 181,110.00 181,110.00 984,790.00 984,790.00 410,820.00 559,737.00 Net Income 148,917.00 From the spreadsheet, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies). Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-2 Jan. 1 ___ ___ 1 2 ___ ___ 2 3 3

Reversing Entries 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 17,000.00 17,000.00 Accounts Receivable 12,700.00 12,700.00 Merchandise Inventory 67,400.00 (b) 76,400.00 (a) 67,400.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,870.00 (d) 2,880.00 3,870.00 Supplies 7,300.00 (f) 4,220.00 3,080.00 Prepaid Insurance 4,860.00 (g) 1,440.00 3,420.00 Land 118,000.00 118,000.00 Building 226,000.00 226,000.00 Accum. Depr.—Building 90,400.00 (h) 11,300.00 101,700.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds Payable 3,160.00 (c) 1,990.00 5,150.00 Wages Payable (j) 3,150.00 3,150.00 Sales Tax Payable 5,300.00 5,300.00 Unearned Subscriptions Revenue 8,010.00 (k) 3,960.00 4,050.00 J.M. Gimble, Capital 256,553.00 256,553.00 J.M. Gimble, Drawing 23,500.00 23,500.00 Income Summary (a) 67,400.00 (b) 76,400.00 67,400.00 76,400.00 (d) 2,880.00 (e) 3,870.00 2,880.00 3,870.00 Sales 472,627.00 472,627.00 Sales Returns and Allowances 13,050.00 (c) 1,990.00 15,040.00 Rent Revenue (k) 3,960.00 3,960.00 Purchases 112,400.00 112,400.00 Purchases Returns and Allowances 1,270.00 1,270.00 Purchases Discounts 1,610.00 1,610.00 Freight-In 1,880.00 1,880.00 Wages Expense 112,500.00 (j) 3,150.00 115,650.00 Advertising Expense 11,800.00 11,800.00 Supplies Expense (f) 4,220.00 4,220.00 Phone Expense 1,210.00 1,210.00 Utilities Expense 7,100.00 7,100.00 Insurance Expense (g) 1,440.00 1,440.00 Depr. Expense—Building (h) 11,300.00 11,300.00 Depr. Expense—Store Equipment (i) 4,500.00 4,500.00 Rent Expense 54,000.00 54,000.00 883,580.00 883,580.00 181,110.00 181,110.00 984,790.00 984,790.00 410,820.00 559,737.00 Net Income 148,917.00 From the spreadsheet, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies). Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-2 Jan. 1 _ _ 1 2 _ _ 2 3 3

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.5: Preparing A Post-closing Trial Balance

Problem 1OYO

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Reversing Entries

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	17,000.00						17,000.00
Accounts Receivable	12,700.00						12,700.00
Merchandise Inventory	67,400.00		(b)	76,400.00	(a)	67,400.00	76,400.00
Estimated Returns Inventory	2,880.00		(e)	3,870.00	(d)	2,880.00	3,870.00
Supplies	7,300.00				(f)	4,220.00	3,080.00
Prepaid Insurance	4,860.00				(g)	1,440.00	3,420.00
Land	118,000.00						118,000.00
Building	226,000.00						226,000.00
Accum. Depr.—Building		90,400.00			(h)	11,300.00		101,700.00
Store Equipment	90,000.00						90,000.00
Accum. Depr.—Store Equipment		36,000.00			(i)	4,500.00		40,500.00
Accounts Payable		8,650.00						8,650.00
Customer Refunds Payable		3,160.00			(c)	1,990.00		5,150.00
Wages Payable					(j)	3,150.00		3,150.00
Sales Tax Payable		5,300.00						5,300.00
Unearned Subscriptions Revenue		8,010.00	(k)	3,960.00				4,050.00
J.M. Gimble, Capital		256,553.00						256,553.00
J.M. Gimble, Drawing	23,500.00						23,500.00
Income Summary			(a)	67,400.00	(b)	76,400.00	67,400.00	76,400.00
			(d)	2,880.00	(e)	3,870.00	2,880.00	3,870.00
Sales		472,627.00						472,627.00
Sales Returns and Allowances	13,050.00		(c)	1,990.00			15,040.00
Rent Revenue					(k)	3,960.00		3,960.00
Purchases	112,400.00						112,400.00
Purchases Returns and Allowances		1,270.00						1,270.00
Purchases Discounts		1,610.00						1,610.00
Freight-In	1,880.00						1,880.00
Wages Expense	112,500.00		(j)	3,150.00			115,650.00
Advertising Expense	11,800.00						11,800.00
Supplies Expense			(f)	4,220.00			4,220.00
Phone Expense	1,210.00						1,210.00
Utilities Expense	7,100.00						7,100.00
Insurance Expense			(g)	1,440.00			1,440.00
Depr. Expense—Building			(h)	11,300.00			11,300.00
Depr. Expense—Store Equipment			(i)	4,500.00			4,500.00
Rent Expense	54,000.00						54,000.00
	883,580.00	883,580.00		181,110.00		181,110.00	984,790.00	984,790.00
							410,820.00	559,737.00
Net Income							148,917.00

From the spreadsheet, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).

Page: 1

	DATE	DEBIT	CREDIT
1	20-2 Jan. 1	___	___	1
2		___	___	2
3				3

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