Reversing Entries Gimbel's Gifts and GadgetsEnd-of-Period SpreadsheetFor 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. Expense—Building (h) 10,000.00 10,000.00 Depr. Expense—Store 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).Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-2Jan. 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

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...

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. Expense—Building			(h)	10,000.00			10,000.00
Depr. Expense—Store 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).

Page: 1

	DATE	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

Jun 10, 2022

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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 CREDIT DEBIT...

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