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.
Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:
Materials
CLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 605 prepare the following:1. Closing entries for Balloons and Baubbles in a general journal.2. A 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. 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…arrow_forward
- Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books. Prepare the Post-Closing Trial Balance after closing entries are done.arrow_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. 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…arrow_forwardprepare closing entries for temporary accounts in problem 6-9A on page 206/207 in the new book and page 204 in the old book. Autumn's Home Designs. Journalize closing entries and prepare the post closing trial balance.arrow_forward
- Using the trial balance Journalize the closing entries and balance off the ledger accounts including the income summary account. Prepare the post-closing trial balance.arrow_forwardWhat are the entries to? Journalize and Post the Closing Entries Prepare the Post Closing Trial Balance.arrow_forwardFind year-end closing entries (journal and ledger).arrow_forward
- Prepare the Following Journal Entries Ledger Trial Balance Income Statement Balance Sheet Closing Entries Post-Closing Trial Balancearrow_forwardI am supposed to use the information from the the general ledger and prepare the entries and then do the post closing trial balancearrow_forwardA. Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books. B. Prepare the Post-Closing Trial Balance after closing entries are done.arrow_forward
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