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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).

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 15, Problem 10SPA
Textbook Problem

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.

Chapter 15, Problem 10SPA, END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES Vickis Fabric Store shows the

REQUIRED

  1. 1. Prepare an end-of-period spreadsheet.
  2. 2. Prepare adjusting entries and post adjusting entries to an Income Summary T account.
  3. 3. Prepare closing entries and post to a Capital T account. There were no additional investments this year.
  4. 4. Prepare a post-closing trial balance.
  5. 5. Prepare reversing entry(ies).

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Chapter 15 Solutions

College Accounting, Chapters 1-27
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Ch. 15 - Use the following spreadsheet for Yoders Cool...Ch. 15 - Use the following spreadsheet for Yoders Cool...Ch. 15 - Use the following spreadsheet for Yoders Cool...Ch. 15 - Using the financial statements for Hermans Parts...Ch. 15 - Using the spreadsheet provided on page 594 for...Ch. 15 - LO6 Pinto Company made the following adjusting...Ch. 15 - Describe the nature of the two forms of an income...Ch. 15 - Name and describe the calculation of two measures...Ch. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet used in...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the spreadsheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet in Exercise...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - A friend of yours has the opportunity to invest in...Ch. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - John Byers owns and operates Byers Building...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...

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