Ellis Fabric Store shows the trial balance on page 601 as of December 31, 20-1. At the
Question:
Ellis 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 and b) Merchandise inventory as of December 31, $28,900.
(c) Unused supplies on hand, $1,350.
(d) Insurance expired, $300.
(e) Depreciation expense for the year, $500.
(f) Wages earned but not paid (Wages Payable), $480.
(g) Unearned revenue on December 31, 20-1, $1,000.
REQUIRED
1. Prepare a work sheet.
2. Prepare adjusting entries.
3. Prepare closing entries.
4. Prepare a post-closing trial balance.
5. Prepare reversingentry(ies).
Transcribed Image Text:
Ellis Fabric Store Trial Balance For Year Ended December 31, 20-1 ACCOUNT TITLE DEBIT BALANCE GENT BALANCE 28 000| 00 14 2 00 0 33 0 00 00 16 00 00 9 00 00 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment 6 600 00 Accumulated Depreciation-Equipment Accounts Payable 1000 00 15 6 2 0 00 Wages Payable Sales Tax Payable 8 5 0| 00 Unearned Revenue 00 W.P. Elis, Capital W.P. Ellis, Drawing Income Summary 71 2 00 00 21 6 10 00 Sales 74 500 00 18 5 0 00 Sales Returns and Allowances Interest Revenue 1 200 00 41 500 00 Purchases Purchases Returns and Allowances 1800 00 Purchases Discounts 8 30 00 6 6 0 00 Freight-in Wages Expense Advertising Expense Supplies Expense Telephone Expense Utilities Expense 14 8 80 00 00 1210 00 3240 00 Insurance Expense Depreciation Expense Equipment Miscellaneous Expense 9 20 00 Interest Expense 1020 00 172 000 172| 00 0 00 00
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