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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

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 10SPB
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

Chapter 15, Problem 10SPB, END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND REVERSING ENTRIES The trial balance for Danbury

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Chapter 15 Solutions

College Accounting, Chapters 1-27
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