income statement, statement of owners equity and balance sheet

Closing Entries From the work sheet shown below, prepare the following: 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. If an amount box does not require an entry, leave it blank, 2. Prepare a post-closing trial balance, Gimbel's Gifts and Gadgets Work Sheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 8,269 6,745 8.269 6,745 8.209 6,745 14.184 16,940 310 (b) 16,940 (a) 14,134 (c) 354 (d) 195 16,940 318 672 Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Building Accum. Depr.-Building Accounts Payable 585 585 780 76,300 76,300 76,300 (e) 3,815 12.971 5.295 16,786 5.295 16,786 5.295 eBook Snow MO HUW 5,295 5,295 5,295 300 300 (f) 300 341 341 341 Accounts Payable Wages Payable Sales Tax Payable 3. M. Gimbel, Capital 3. M. Gimbel, Drawing 84,928 84,928 84,928 7,990 7,990 7,990 14,184 14,184 Income Summary Sales (a) 14,184 (b) 16,940 85,660 16,940 85,660 16,940 85,660 1,830 Sales Returns and Allowances 1,830 1,830 54,230 54,230 54,230 2,844 2,844 2,844 1,086 1,086 1,086 750 750 750 16,889 16,889 (1) 300 16,589 779 779 779 Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Wages Expense Advertising Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense Depr. Expense-Building Miscellaneous Expense 354 354 (c) 354 2,126 2.126 1,329 1,329 2,126 1.329 105 (d) 195 (6) 3,815 195 3,815 393 3,815 393 393 Next eBook Show Me How 159 Interest Expense 159 159 193,125 193,125 35,788 35,788 214,180 214,180 97,033 106,530 117,147 107,650 9,497 9,497 Net Income 106,530 106,530 117,147 117,147 General Journal 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. If an amount box does not require an entry, leave it blank. Page: 1 DATE ACCOUNT TITLE DOC. POST. DEBIT CREDIT NO. REF. 1 20-1 Dec. 31 1 2 2 3 3 4 5 5 6 Dec. 31 6 7 7 8 3 o 9 10 10 11 11 12 12 13 13 14 14 1S 15 16 16 17 17 18 18 19 19 20 Dec. 31 20 21 21 22 11 Il 22 23 23 Dec. 31 24 24 Post-Closing Trial Balance 2. Prepare a post-closing trial balance, Gimbel's Gifts and Gadgets Post Closing Tral Balance December 31, 20:1 Post-Closing Trial Balance 2. Prepare a post-dosing trial balance. Gimbel's Gifts and Gadgets Post-Closing Trial Balance December 31, 20-1 Account Debit balance Credit balance Total