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 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 8,214       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       326       326 J. M. Gimbel, Capital   87,883       87,883       87,883 J. M. Gimbel, Drawing 8,000       8,000       8,000   Income Summary     (a) 14,210 (b) 16,800 14,210 16,800 14,210 16,800     Sales   86,000       86,000   86,000     Sales Returns and Allowances 1,840       1,840   1,840       Purchases 54,200       54,200   54,200       Purchases Returns and Allowances   2,813       2,813   2,813     Purchases Discounts   1,084       1,084   1,084     Freight-In 800       800   800       Wages Expense 16,800   (f) 280   17,080   17,080       Advertising Expense 784       784   784       Supplies Expense     (c) 380   380   380       Phone Expense 2,100       2,100   2,100       Utilities Expense 1,310       1,310   1,310       Insurance Expense     (d) 200   200   200       Depr. Expense—Building     (e) 4,000   4,000   4,000       Miscellaneous Expense 386       386   386       Inerest Expense 142       142   142         196,986 196,986 35,870 35,870 218,066 218,066 97,432 106,697 120,634 111,369 Net Income             9,265     9,265               106,697 106,697 120,634 120,634

Complete the General Ledger based on the recorded journal entries.  Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.

Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list Journal entry worksheet View general Journal

INSTRUCTION: Determine the ending balances of the accounts (Cash, Supplies, Equipment, Account Payable, and Note Payable) based on the following journal entries. You may want to prepare a T-account for each account to determine the answer. See exhibit 2.11 on textbook page 66 for examples of how this is done.       DR  CR a) Cash $3,900.00                      Note Payable    $   3,900.00          b) Equipment $1,000.00                       Note Payable    $   1,000.00          c) Supplies       $300.00                        Cash                                 $300.00         d) Supplies       $700.00                       Account Payable   $700.00         e) Note Payable $900.00                       Cash   $900.00 For example, The ending balance of the 'Equipment' account is $1000 DR(There is only one debit entry for equipment-see…

How do I record the current transaction?