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Reversing Entries Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT
Reversing Entries
| Gimbel's Gifts and Gadgets End-of-Period Spreadsheet For Year Ended December 31, 20-1 | ||||||||
|---|---|---|---|---|---|---|---|---|
| TRIAL BALANCE | ADJUSTMENTS | ADJUSTED TRIAL BALANCE | ||||||
| ACCOUNT TITLE | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | ||
| Cash | 16,000.00 | 16,000.00 | ||||||
| Accounts Receivable | 11,200.00 | 11,200.00 | ||||||
| Merchandise Inventory | 60,000.00 | (b) | 68,000.00 | (a) | 60,000.00 | 68,000.00 | ||
| Estimated Returns Inventory | 2,560.00 | (e) | 3,440.00 | (d) | 2,560.00 | 3,440.00 | ||
| Supplies | 6,400.00 | (f) | 3,760.00 | 2,640.00 | ||||
| Prepaid Insurance | 4,320.00 | (g) | 1,280.00 | 3,040.00 | ||||
| Land | 104,000.00 | 104,000.00 | ||||||
| Building | 200,000.00 | 200,000.00 | ||||||
| Accum. Depr.Building | 80,000.00 | (h) | 10,000.00 | 90,000.00 | ||||
| Store Equipment | 80,000.00 | 80,000.00 | ||||||
| Accum. Depr.Store Equipment | 32,000.00 | (i) | 4,000.00 | 36,000.00 | ||||
| Accounts Payable | 7,680.00 | 7,680.00 | ||||||
| Customer Refunds Payable | 2,800.00 | (c) | 1,760.00 | 4,560.00 | ||||
| Wages Payable | (j) | 2,800.00 | 2,800.00 | |||||
| Sales Tax Payable | 4,720.00 | 4,720.00 | ||||||
| Unearned Subscriptions Revenue | 7,120.00 | (k) | 3,520.00 | 3,600.00 | ||||
| J.M. Gimble, Capital | 227,448.00 | 227,448.00 | ||||||
| J.M. Gimble, Drawing | 20,800.00 | 20,800.00 | ||||||
| Income Summary | (a) | 60,000.00 | (b) | 68,000.00 | 60,000.00 | 68,000.00 | ||
| (d) | 2,560.00 | (e) | 3,440.00 | 2,560.00 | 3,440.00 | |||
| Sales | 420,112.00 | 420,112.00 | ||||||
| Sales Returns and Allowances | 11,600.00 | (c) | 1,760.00 | 13,360.00 | ||||
| Rent Revenue | (k) | 3,520.00 | 3,520.00 | |||||
| Purchases | 100,000.00 | 100,000.00 | ||||||
| Purchases Returns and Allowances | 1,120.00 | 1,120.00 | ||||||
| Purchases Discounts | 1,440.00 | 1,440.00 | ||||||
| Freight-In | 1,680.00 | 1,680.00 | ||||||
| Wages Expense | 100,000.00 | (j) | 2,800.00 | 102,800.00 | ||||
| Advertising Expense | 10,400.00 | 10,400.00 | ||||||
| Supplies Expense | (f) | 3,760.00 | 3,760.00 | |||||
| Phone Expense | 1,080.00 | 1,080.00 | ||||||
| Utilities Expense | 6,400.00 | 6,400.00 | ||||||
| Insurance Expense | (g) | 1,280.00 | 1,280.00 | |||||
| Depr. ExpenseBuilding | (h) | 10,000.00 | 10,000.00 | |||||
| Depr. ExpenseStore Equipment | (f) | 4,000.00 | 4,000.00 | |||||
| Rent Expense | 48,000.00 | 48,000.00 | ||||||
| 784,440.00 | 784,440.00 | 161,120.00 | 161,120.00 | 874,440.00 | 874,440.00 | |||
| 365,320.00 | 497,632.00 | |||||||
| Net Income | 132,312.00 | |||||||
From the spreadsheet, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies).
| DATE | ACCOUNT TITLE | DOC. NO. | POST. REF. | DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|---|
| 1 | 20-2 Jan. 1 | fill in the blank 2 | fill in the blank 3 | 1 | |||
| 2 | fill in the blank 5 | fill in the blank 6 | 2 | ||||
| 3 | 3 |
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Accounting For The Environment
Authors: Rob Gray, Jan Bebbington
2nd Edition
0761971378, 978-0761971375
