BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Solutions

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 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. 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).

PROBLEM 15-10B

images

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.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Why do economists oppose policies that restrict trade among nations?

Principles of Microeconomics (MindTap Course List)

Discuss the following statement: A bonds yield to maturity is the bonds promised rate of return, which equals i...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)