rom 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 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 3
rom 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 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 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 |
||||||||
---|---|---|---|---|---|---|---|---|
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 | (g) | 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 | (i) | 4,000.00 | 36,000.00 | ||||
Accounts Payable | 7,680.00 | 7,680.00 | ||||||
Customer Refunds Payable | 2,800.00 | (c) | 1,760.00 | 4,560.00 | ||||
Wages Payable | (j) | 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 | ||||||
Wages Expense | 100,000.00 | (j) | 2,800.00 | 102,800.00 | ||||
Advertising Expense | 10,400.00 | 10,400.00 | ||||||
Supplies Expense | (f) | 3,760.00 | 3,760.00 | |||||
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 | (f) | 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 | |||||||
Net Income | 132,312.00 |
From the spreadsheet, identify the
Page: 1
DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT | ||
---|---|---|---|---|---|---|---|
1 | 20-2 Jan. 1 |
fill in the blank 2 | fill in the blank 3 | 1 | |||
2 | fill in the blank 5 | fill in the blank 6 | 2 | ||||
3 | 3 |
Expert Solution
Step 1
Adjusting entries:
Adjusting entries can be defined as those journal entries that are being made at the end of the accounting year for the purpose adjusting the balance of the revenue and expenses account that has effect over more than one year. Adjusting journal entries are used for preparation of the adjusted trial balance.
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