College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES The trial balance for Danbury Kite Shop as of December 31, 20-1, is shown on page 608.
At the end of the year, the following adjustments need to be made:
(a, b) Merchandise inventory as of December 31, $37,920.
(c, d, e) Bill Danbury estimates that customers will be granted $3,000 in refunds of this year’s sales next year and the merchandise expected to be returned will have a cost of $2,160.
(f) Unused supplies on hand, $420.
(g) Insurance expired, $2,880.
(h) Depreciation expense for the year on building, $24,000.
(i) Depreciation expense for the year on equipment, $4,800.
(j) Wages earned but not paid (Wages Payable), $624.
(k) Unearned repair revenue on December 31, 20-1, $1,440.
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).
PROBLEM 15-10B
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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