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Adjusting, Closing, and Reversing Entries The End-of-Period Spreadsheet for Vicki's Fabric Store as of December 31, 20-1 is shown. Vickis Fabric Store End-of-Period Spreadsheet For
Adjusting, Closing, and Reversing Entries
The End-of-Period Spreadsheet for Vicki's Fabric Store as of December 31, 20-1 is shown.
Vickis Fabric Store End-of-Period Spreadsheet For the Year Ended December 31, 20-1 | ||||||||
---|---|---|---|---|---|---|---|---|
Account Title | Trial Balance | Adjustments | Adjusted Trial Balance | |||||
Debit | Credit | Debit | Credit | Debit | Credit | |||
Cash | 28,000.00 | 28,000.00 | ||||||
Accounts Receivable | 14,200.00 | 14,200.00 | ||||||
Merchandise Inventory | 30,000.00 | (b) | 31,600.00 | (a) | 30,000.00 | 31,600.00 | ||
Estimated Returns Inventory | 3,000.00 | (e) | 1,800.00 | (d) | 3,000.00 | 1,800.00 | ||
Supplies | 1,600.00 | (f) | 1,250.00 | 350.00 | ||||
Prepaid Insurance | 3,600.00 | (g) | 2,400.00 | 1,200.00 | ||||
Land | 120,000.00 | 120,000.00 | ||||||
Building | 400,000.00 | 400,000.00 | ||||||
Accum. Depr.Building | 60,000.00 | (h) | 20,000.00 | 80,000.00 | ||||
Equipment | 90,000.00 | 90,000.00 | ||||||
Accum. Depr.Equipment | 12,000.00 | (i) | 4,000.00 | 16,000.00 | ||||
Accounts Payable | 11,420.00 | 11,420.00 | ||||||
Customer Refunds Payable | 4,200.00 | (c) | 1,700.00 | 2,500.00 | ||||
Wages Payable | (j) | 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 | ||||||
Wages Expense | 65,000.00 | (j) | 520.00 | 65,520.00 | ||||
Advertising Expense | 810.00 | 810.00 | ||||||
Supplies Expense | (f) | 1,250.00 | 1,250.00 | |||||
Phone Expense | 1,210.00 | 1,210.00 | ||||||
Utilities Expense | 3,240.00 | 3,240.00 | ||||||
Insurance Expense | (g) | 2,400.00 | 2,400.00 | |||||
Depr. ExpenseBuilding | (h) | 20,000.00 | 20,000.00 | |||||
Depr. ExpenseEquipment | (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:
Question Content Area
3. Prepare closing entries.
ROW NUMBER | DATE | ACCOUNT TITLE | DOC. NO. | POST. REF. | DEBIT | CREDIT | ROW NUMBER |
---|---|---|---|---|---|---|---|
1 | 20-1 Dec. 31 | 1 | |||||
2 | 2 | ||||||
3 | 3 | ||||||
4 | 4 | ||||||
5 | 5 | ||||||
6 | 6 | ||||||
7 | Dec. 31 | 7 | |||||
8 | 8 | ||||||
9 | 9 | ||||||
10 | 10 | ||||||
11 | 11 | ||||||
12 | 12 | ||||||
13 | 13 | ||||||
14 | 14 | ||||||
15 | 15 | ||||||
16 | 16 | ||||||
17 | 17 | ||||||
18 | 18 | ||||||
19 | 19 | ||||||
20 | 20 | ||||||
21 | Dec. 31 | 21 | |||||
22 | 22 | ||||||
23 | 23 | ||||||
24 | Dec. 31 | 24 | |||||
25 | 25 |
Question Content Area
2 and 3 continued. Post adjusting and closing entries to an Income Summary T account.
Income Summary | |||
---|---|---|---|
Beginning Inventory | Ending Inventory | ||
Beginning Estimated Returns Inventory | Ending Estimated Returns Inventory | ||
Revenue | |||
Expense | |||
Net Income |
Question Content Area
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 |
Question Content Area
4. Prepare a post-closing trial balance.
Account | Debit balance | Credit balance |
Cash | ||
Accounts Receivable | ||
Merchandise Inventory | ||
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 | ||
Question Content Area
5. Prepare the reversing entry.
ROW NUMBER | DATE | ACCOUNT TITLE | DOC. NO. | POST. REF. | DEBIT | CREDIT | ROW NUMBER |
---|---|---|---|---|---|---|---|
1 | 20-2 Jan. 1 | 1 | |||||
2 | 2 |
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