Instructions 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 8,288 8,288 8,288 Accounts Receivable 6,710 6,710 6,710 Merchandise Inventory 14,135 (b) 16,730 (a) 14,135 16,730 16,730 Supplies 665 (c) 381 284 284 Prepaid Insurance 840 (d) 210 630 630 Building 81,700 81,700 81,700 Accum. Depr-Building 13,889 (e) 4,085 17,974 17,974 Accounts Payable 5,273 5,273 5,273 Wages Payable (f) 264) 264 264 Sales Tax Payable 338 338 338 J. M. Gimbel, Capital 88,335 88,335 88,335 3. M. Gimbel, Drawing 7,520 7,520 7,520 Income Summary (a) 14,135 (b) 16,730) 14,135 16,730 14,135 16,730 Sales 86,350 86,350 86,350 Sales Returns and Allowances 1,880 1,880 1,880 Purchases 54,070 54,070 54,070 Purchases Returns and Allowances 2,822 2,822 2,822 Purchases Discounts 1,098 1,098 1,098 Accum. Depr.-Building 13,889 (e) 4,085 17,974 17,974 Accounts Payable 5,273 5,273 5,273 Wages Payable (f) 264 264 264 Sales Tax Payable 338 338 338 3. M. Gimbel, Capital 88,335 88,335 88,335 3. M. Gimbel, Drawing 7,520 7,520 7,520 Income Summary (a) 14,135 (b) 16,730 14,135 16,730 14,135 16,730 Sales 86,350 86,350 86,350 Sales Returns and Allowances 1,880 1,880 1,880 Purchases 54,070 54,070 54,070 Pases Returns and Allowances 2,822 2,822 2,822 Purchases Discounts 1,098 1,098 1,098 Freight-In 815 815 815 Wages Expense 16,775 (f) 2641 17,039 17,039 Advertising Expense 792 792 792 Supplies Expense (c) 381 381 381 Phone Expense 2,107 2,107 2,107 Utilities Expense 1,297 1,297 1,297 Insurance Expense (d) 210 210 210 Depr. Expense-Building (e) 4,085 4,085 4,085 Miscellaneous Expense 356 356 356 Interest Expense 1551 155 155 198,105 198,105 35,805 35,805 219,1841 219,184 97,322 Net Income: 9,678 107,000 107,000 121,862 112,184) 9,678 107,000 121,862 121,862)