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Instructions General Journal Instructions Closing Entries ES From the work sheet shown below, prepare the following: 1. Prepare closing entries for Gimbel's Gifts and Gadgets

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Instructions General Journal Instructions Closing Entries ES 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 ADJUSTED TRIAL ADJUSTMENTS BALANCE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE DEBIT CREDIT ACCOUNT TITLE DEBIT CREDIT DEBIT INCOME BALANCE STATEMENT SHEET DEBIT CREDIT DEBIT CREDIT 8,214 CREDIT 8,214 6,720 6,720 14,210 Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Building Accum. Depr.---Building Accounts Payable Wages Payable 680 8,214 6,720 16,800 300 600 (b) 16,800 (a) 14,210 (c) 380 (d) 200 16,800 300 600 80,000 800 80,000 80,000 13,600 5,280 (e) 4,000 17.600 17,600 5,280 280 Tonton Instructions 326 NO 87,883 326 87,883 8,000 8,000 14.210 14,210 16,800 86,000 16,800 86,000 Sales Tax Payable 3. M. Gimbel, Capital J. M. Gimbel, Drawing Income Summary Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Wages Expense 1,840 54,200 1,840 1,840 54,200 1,840 54,200 2,813 2,813 1,084 1,084 1,084 800 (6) 280 800 17,080 Instructions General Journal Post-Closing Trial Balance Instructions (c) 380 2,100 784 380 2,100 1,310 200 2,100 1,310 Advertising Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense Depr. Expense-Building Miscellaneous Expense Inerest Expense 1,310 (d) 200 1) 200 (e) 4,000 20 200 4,000 386 386 386 142 142 196,986 196,986 35,870 35,870 218,066 218,066 Net Income 97,432 9,265 106,697 106,697 120,634 111,369 9,265 106,697 120,634 120,634 106,697

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