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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
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.

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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).

1.

To determine

Prepare an end of period spreadsheet.

Explanation

Prepare an end of period spreadsheet.

2.

To determine

Prepare adjusting entries and post adjusting entries to an income summary T- Account.

3.

To determine

Prepare closing entries and post to a Capital T- account.

4.

To determine

Prepare a post-closing trail balance.

5.

To determine

Prepare reversing entry.

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