Closing Entries The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and Gadgets End of Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADOUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBUT OREDITI DEBIT CREDIT Cash 19,000.00 19,000100 Accounts Receivable 12,700.00 12.700.00 Merchandise Inventory 67,500.00 (b) 76,400.00 a 67,500.00 76,400.00 Estimated Returns Inventory 2.880.00 (e) 3,860.00 (d) 2.880.00 3,860.00 Supplies 7,100.00 (ED 4,220.00 2,880.00 4,860.00 (g) 1.440.00 Prepaid Insurance 3,420.00 Land 118 000.00 118,000.00 Building 225,000.00 225,000.00 90,000.00 Ch 11,250.00 101,250.00 Accum. Depr.Building 190,000.00 Store Equipment 90.000.00 36,000.00 4,500.00 40,500.00 Accum. Depr.Store Equipment 8,630.00 8,630.00 Accounts Payable 3,160.00 (c) 1,990.00 5,150.00 Customer Refunds Pavable li 3,160.00 3, 160.00 Wages Payable 5,310.00 5)310.00 Sales Tax Payable 8,010.00 (k) 3,960.00 4,050.00 Unearned Subscriptions Revenue 257,979.00 257,979.00 3.M. Gibble, Capital 23.400.00 23,400.00 1.M. Gimble, Drawing ancome Summary (a) 67,500.00 (b) 76,400.00 000 67,500.00 76,400:00 (d) 2,880.00 (e) 8,860.00 2.880.00 3,860.00 Income Summary (a) 67,500.00 (b) 76,400.00 67,500.00 76,400.00 (d) 2,880.00 (e) 3,860.00 2,880.00 3,860.00 Sales 472,626.00 472,626.00 Sales Returns and Allowances 13,060.00 (c) 1,990.00 15,050.00 Rent Revenue (k) 13.960.00 3,960.00 Purchases 112,500.00 112,500.00 Purchases Retums and Allowances 1,260.00 1,260.00 Purchases Discounts 1,630.00 1,680.00 Freight-In 1,890.00 1,890.00 Wages Expense 112,600.00 6) 3,160.00 115,760.00 Advertising Expense 11,800.00 11,800.00 Supplies Expense (0) 4,220.00 4,220.00 Phone Expense 1,215.00 1,215.00 7,100.00 7 100.00 Utilities Expense (9) 1.440.00 1,440.00 Insurance Expense Ch 11,250.00 11,250.00 Depr. Expense-Building KO 4,500.00 4,500.00 Depr. Expense-Store Equipment 54,000.00 54,000.00 Rent Expense 884,605.00 884,605.00 181,160.00 181 160.00 985,765.00 985,765.00 411,105.00 559,786.00 148,631.00 Net Income ACCOUNT NO. 331 Income Summary ACCOUNT BALANCE CREDIT DEBIT DEBIT CREDIT DATE ITEM POST. REF. 20-1 67,500.00 67,500.00 Adjusting Dec. 31 76,400.00 8,900.00 Dec. 31 Adjusting 2,880.00 6,020.00 Dec. 31 Adjusting 3,860.00 9,880.00 Dec. 31 Adjusting