College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 15, Problem 5SEA
CLOSING ENTRIES From the work sheet on page 600, prepare the following:
- 1. Closing entries for Gimbel’s Gifts and Gadgets in a general journal.
- 2. A post-closing
trial balance .
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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 GadgetsWork SheetFor 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
8,217
8,217
8,217
Accounts Receivable
6,714
6,714
6,714
Merchandise Inventory
14,222
(b) 16,520
(a) 14,222
16,520
16,520
Supplies
661
(c) 376
285
285
Prepaid Insurance
760
(d) 190
570
570
Building
81,500
81,500
81,500
Accum. Depr.—Building
13,855
(e) 4,075
17,930
17,930
Accounts Payable
5,256
5,256
5,256
Wages Payable
(f) 293
293
293
Sales Tax Payable
318…
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 GadgetsWork SheetFor 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
8,214
8,214
8,214
Accounts Receivable
6,720
6,720
6,720
Merchandise Inventory
14,210
(b) 16,800
(a) 14,210
16,800
16,800
Supplies
680
(c) 380
300
300
Prepaid Insurance
800
(d) 200
600
600
Building
80,000
80,000
80,000
Accum. Depr.—Building
13,600
(e) 4,000
17,600
17,600
Accounts Payable
5,280
5,280
5,280
Wages Payable
(f) 280
280
280
Sales Tax Payable
326…
What are the entries to?
Journalize and Post the Closing Entries
Prepare the Post Closing Trial Balance.
Chapter 15 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - 1. L01 Prepare a multiple-step income statement...Ch. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES From the work sheet on page 600,...Ch. 15 - REVERSING ENTRIES From the work sheet used in...Ch. 15 - Prob. 7SEACh. 15 - INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - WORK SHEET, ADJUSTING, CLOSING, AND REVERSING...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES From the work sheet on page 607...Ch. 15 - Prob. 6SEBCh. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - Prob. 10SPBCh. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CP
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- CLOSING ENTRIES From the work sheet on page 607 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance.arrow_forwardCLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 598, prepare the following: 1. Closing entries for Gimbels Gifts and Gadgets in a general journal. 2. A post-closing trial balance. EXERCISE 15-5Aarrow_forwardClosing 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.arrow_forward
- Identify whether the following accounts would be included on a post-closing trial balance.arrow_forwardAssuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:arrow_forwardRequirements Sheet in Workbook Requirement 1—Prepare the Journal Entries in the General Journal Journal Entries Requirement 2—Post Journal Entries to the General Ledger General Ledger Requirement 3—Prepare a Trial Balance Trial Balance Requirement 4—Prepare the Adjusting Entries Adjusting Entries Requirement 5—Post Adjusting Entries to the General Ledger General Ledger Requirement 6—Prepare an Adjusted Trial Balance Adjusted Trial Balance Requirement 7—Prepare the Financial Statements Financial Statements Requirement 8—Prepare the Closing Entries Closing Entries Requirement 9—Post Closing Entries to the General Ledger General Ledger Requirement 10—Prepare the Post Closing Trial Balance Post-Closing Trial Balance During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company…arrow_forward
- 35. The purpose of the post-closing trial balance is to a. Provide the account balances for preparation of the balance sheet. b. Ensure that the ledger is in balance for the start of the next period. c. Aid the journalizing and posting of the closing entries. d. Ensure that the ledger is in balance for completion of the work sheet.arrow_forwardIdentify which of the following accounts would be included in a post-closing trial balance. Goodwillarrow_forwardCLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached. REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.arrow_forward
- The work sheet for Major Advising to complete this exercise is as follows. 1. Prepare the closing entries. If an amount box does not require an entry, leave it blank. Do not enter the posting references until you complete part 2. 2. Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal. Then complete the posting in part 1. Major AdvisingWork Sheet (Partial)For Month Ended January 31, 20 -- Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 1,342 Accounts Receivable 933 Supplies 335 Prepaid Insurance 856 Office Equipment 3,510 Accum. Depr.—Office Equipment 185 Accounts Payable 981 Wages Payable 319 Ed Major, Capital 4,147 Ed Major, Drawing 915 Advising Fees 4,199 Wages Expense 738 Advertising Expense 94 Rent Expense 499 Supplies Expense 126 Phone…arrow_forwardAssuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:arrow_forwardWhat accounts go on the closing journal? Can someone provide an example for a visual?arrow_forward
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