12,000.00 (i) 4,000.00 16,000.00 Accum. Depr.-Equipment Accounts Payable 11,420.00 11,420.00 Customer Refunds Payable 4,200.00 (c) 1,700.00 2,500.00 Wages Payable 6) 520.00 520.00 Sales Tax Payable 2,000.00 2,000.00 Unearned Costume Design Revenue 5,000.00 (k) 3,800.00 1,200.00 Note Payable 80,000.00 80,000.00 Vicki Roberts, Capital 387,620.00 387,620.00 Vicki Roberts, Drawing 21,610.00 21,610.00 Income Summary (a) 30,000.00 (b) 31,600.00 30,000.00 31,600.00 (d) 3,000.00 (e) 1,800.00 3,000.00 1,800.00 Sales 374,500.00 374,500.00 Sales Returns and Allowances 12,800.00 (c) 1,700.00 11,100.00 Costume Design Revenue 1,200.00 (k) 3,800.00 5,000.00 Purchases 141,500.00 141,500.00 Purchases Returns and Allow. 1,800.00 1,800.00 Purchases Discounts 830.00 830.00 Freight-In 800.00 800.00 65,000.00 6) 520.00 65,520.00 Wages Expense Advertising Expense 810.00 810.00 LU. Costume Design Revenue 1,200.00 (k) 3,800.00 5,000.00 Purchases 141,500.00 141,500.00 Purchases Returns and Allow. 1,800.00 1,800.00 Purchases Discounts 830.00 830.00 Freight-in 800.00 800.00 Wages Expense 65,000.00 520.00 65,520.00 Advertising Expense 810.00 810.00 Supplies Expense 1,250.00 1,250.00 Phone Expense 1,210.00 1,210.00 Utilities Expense 3,240.00 3,240.00 Insurance Expense (9) 2,400.00 2,400.00 Depr. Expense-Building (h) 20,000.00 20,000.00 Depr. Expense-Equipment (i) 4,000.00 4,000.00 Interest Expense 3,200.00 3,200.00 940,570.00 940,570.00 100,070.00 100,070.00 996,790.00 996,790.00 288,030.00 415,530.00 Net Income 127,500.00 Required: 3. Prepare closing entries. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-1 Dec. 31 Unearned Revenue 1 2 . w N 3 4 4 5 5 6 6 11110 1111111 11111 lll 7 Dec. 31 7 8 8 9 9 10 10 11 11 12 12 13 14 14 15 15 16 16 17 18 18 19 II IIL 19 20 20 21 Dec. 31 21 10 22 22 23 23 24 Dec. 31 24 25 25 2 and 3 continued. Post adjusting and closing entries to an Income Summary T account. Income Summary Beginning Inventory Beginning Estimated Returns Inventory Ending Inventory Ending Estimated Returns Inventory Revenue Expense Not Tomo Revenue Expense Net Income 3. continued Post to a Capital T account. There were no additional investments this year. Vicki Roberts, Capital Beginning Balance Drawing Net Income Ending Balance 4. Prepare a post-closing trial balance. Vicki's Fabric Store Post-Closing Trial Balance December 31, 20-1 Debit Credit Account balance balance Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Estimated Returns Inventory Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Customer Refunds Payable Note Payable Wages Payable Sales Tax Payable Unearned Costume Design Revenue Vicki Roberts, Capital 5. Prepare the reversing entry. Page: Building Accumulated Depreciation-Building 101 11 Equipment Accumulated Depreciation-Equipment Accounts Payable Customer Refunds Payable Note Payable Wages Payable Sales Tax Payable Unearned Costume Design Revenue Vicki Roberts, Capital 5. Prepare the reversing entry. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-2 Jan. 1 1 1 U1 2. 2