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 17,000.00 17,000.00 Accounts Receivable 12,700.00 12,700.00 Merchandise Inventory 67,400.00 (b) 76,400.00 (a) 67,400.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,870.00 (d) 2,880.00 3,870.00 Supplies 7,300.00 (f) 4,220.00 3,080.00 Prepaid Insurance 4,860.00 (g) 1,440.00 3,420.00 Land 118,000.00 118,000.00 Building 226,000.00 226,000.00 Accum. Depr.—Building 90,400.00 (h) 11,300.00 101,700.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds Payable 3,160.00 (c) 1,990.00 5,150.00 Wages Payable (j) 3,150.00 3,150.00 Sales Tax Payable 5,300.00 5,300.00 Unearned Subscriptions Revenue 8,010.00 (k) 3,960.00 4,050.00 J.M. Gimble, Capital 256,553.00 256,553.00 J.M. Gimble, Drawing 23,500.00 23,500.00 Income Summary (a) 67,400.00 (b) 76,400.00 67,400.00 76,400.00 (d) 2,880.00 (e) 3,870.00 2,880.00 3,870.00 Sales 472,627.00 472,627.00 Sales Returns and Allowances 13,050.00 (c) 1,990.00 15,040.00 Rent Revenue (k) 3,960.00 3,960.00 Purchases 112,400.00 112,400.00 Purchases Returns and Allowances 1,270.00 1,270.00 Purchases Discounts 1,610.00 1,610.00 Freight-In 1,880.00 1,880.00 Wages Expense 112,500.00 (j) 3,150.00 115,650.00 Advertising Expense 11,800.00 11,800.00 Supplies Expense (f) 4,220.00 4,220.00 Phone Expense 1,210.00 1,210.00 Utilities Expense 7,100.00 7,100.00 Insurance Expense (g) 1,440.00 1,440.00 Depr. Expense—Building (h) 11,300.00 11,300.00 Depr. Expense—Store Equipment (i) 4,500.00 4,500.00 Rent Expense 54,000.00 54,000.00 883,580.00 883,580.00 181,110.00 181,110.00 984,790.00 984,790.00 410,820.00 559,737.00 Net Income 148,917.00 From the spreadsheet, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies). Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-2 Jan. 1 ___ ___ 1 2 ___ ___ 2 3 3
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 17,000.00 17,000.00 Accounts Receivable 12,700.00 12,700.00 Merchandise Inventory 67,400.00 (b) 76,400.00 (a) 67,400.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,870.00 (d) 2,880.00 3,870.00 Supplies 7,300.00 (f) 4,220.00 3,080.00 Prepaid Insurance 4,860.00 (g) 1,440.00 3,420.00 Land 118,000.00 118,000.00 Building 226,000.00 226,000.00 Accum. Depr.—Building 90,400.00 (h) 11,300.00 101,700.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds Payable 3,160.00 (c) 1,990.00 5,150.00 Wages Payable (j) 3,150.00 3,150.00 Sales Tax Payable 5,300.00 5,300.00 Unearned Subscriptions Revenue 8,010.00 (k) 3,960.00 4,050.00 J.M. Gimble, Capital 256,553.00 256,553.00 J.M. Gimble, Drawing 23,500.00 23,500.00 Income Summary (a) 67,400.00 (b) 76,400.00 67,400.00 76,400.00 (d) 2,880.00 (e) 3,870.00 2,880.00 3,870.00 Sales 472,627.00 472,627.00 Sales Returns and Allowances 13,050.00 (c) 1,990.00 15,040.00 Rent Revenue (k) 3,960.00 3,960.00 Purchases 112,400.00 112,400.00 Purchases Returns and Allowances 1,270.00 1,270.00 Purchases Discounts 1,610.00 1,610.00 Freight-In 1,880.00 1,880.00 Wages Expense 112,500.00 (j) 3,150.00 115,650.00 Advertising Expense 11,800.00 11,800.00 Supplies Expense (f) 4,220.00 4,220.00 Phone Expense 1,210.00 1,210.00 Utilities Expense 7,100.00 7,100.00 Insurance Expense (g) 1,440.00 1,440.00 Depr. Expense—Building (h) 11,300.00 11,300.00 Depr. Expense—Store Equipment (i) 4,500.00 4,500.00 Rent Expense 54,000.00 54,000.00 883,580.00 883,580.00 181,110.00 181,110.00 984,790.00 984,790.00 410,820.00 559,737.00 Net Income 148,917.00 From the spreadsheet, identify the adjusting entry(ies) that should be reversed and prepare the reversing entry(ies). Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-2 Jan. 1 ___ ___ 1 2 ___ ___ 2 3 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
-
Reversing Entries
Gimbel's Gifts and Gadgets
End-of-Period Spreadsheet
For Year Ended December 31, 20-1TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 17,000.00 17,000.00 Accounts Receivable 12,700.00 12,700.00 Merchandise Inventory 67,400.00 (b) 76,400.00 (a) 67,400.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,870.00 (d) 2,880.00 3,870.00 Supplies 7,300.00 (f) 4,220.00 3,080.00 Prepaid Insurance 4,860.00 (g) 1,440.00 3,420.00 Land 118,000.00 118,000.00 Building 226,000.00 226,000.00 Accum. Depr.—Building 90,400.00 (h) 11,300.00 101,700.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds Payable 3,160.00 (c) 1,990.00 5,150.00 Wages Payable (j) 3,150.00 3,150.00 Sales Tax Payable 5,300.00 5,300.00 Unearned Subscriptions Revenue 8,010.00 (k) 3,960.00 4,050.00 J.M. Gimble, Capital 256,553.00 256,553.00 J.M. Gimble, Drawing 23,500.00 23,500.00 Income Summary (a) 67,400.00 (b) 76,400.00 67,400.00 76,400.00 (d) 2,880.00 (e) 3,870.00 2,880.00 3,870.00 Sales 472,627.00 472,627.00 Sales Returns and Allowances 13,050.00 (c) 1,990.00 15,040.00 Rent Revenue (k) 3,960.00 3,960.00 Purchases 112,400.00 112,400.00 Purchases Returns and Allowances 1,270.00 1,270.00 Purchases Discounts 1,610.00 1,610.00 Freight-In 1,880.00 1,880.00 Wages Expense 112,500.00 (j) 3,150.00 115,650.00 Advertising Expense 11,800.00 11,800.00 Supplies Expense (f) 4,220.00 4,220.00 Phone Expense 1,210.00 1,210.00 Utilities Expense 7,100.00 7,100.00 Insurance Expense (g) 1,440.00 1,440.00 Depr. Expense—Building (h) 11,300.00 11,300.00 Depr. Expense—Store Equipment (i) 4,500.00 4,500.00 Rent Expense 54,000.00 54,000.00 883,580.00 883,580.00 181,110.00 181,110.00 984,790.00 984,790.00 410,820.00 559,737.00 Net Income 148,917.00 Page: 1From 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___ ___ 1 2 ___ ___ 2 3 3
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