College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES Vicki’s Fabric Store shows the trial balance on page 601 as of December 31, 20-1.
At the end of the year, the following adjustments need to be made:
(a, b) Merchandise inventory as of December 31, $31,600.
(c, d, e) Vicki estimates that customers will be granted $2,500 in refunds of this year’s sales next year and the merchandise expected to be returned will have a cost of $1,800.
(f) Unused supplies on hand, $350.
(g) Insurance expired, $2,400.
(h) Depreciation expense for the year on building, $20,000.
(i) Depreciation expense for the year on equipment, $4,000.
(j) Wages earned but not paid (Wages Payable), $520.
(k) Unearned revenue on December 31, 20-1, $1,200.
PROBLEM 15-10A CONT.
REQUIRED
- 1. Prepare an end-of-period spreadsheet.
- 2. Prepare adjusting entries and post adjusting entries to an Income Summary T account.
- 3. Prepare closing entries and post to a Capital T account. There were no additional investments this year.
- 4. Prepare a post-closing trial balance.
- 5. Prepare reversing entry(ies).
1.
Prepare an end of period spreadsheet.
Prepare an end of period spreadsheet.
2.
Prepare adjusting entries and post adjusting entries to an income summary T- Account.
3.
Prepare closing entries and post to a Capital T- account.
4.
Prepare a post-closing trail balance.
5.
Prepare reversing entry.
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