Closing Entries From the work sheet shown below, prepare the following: 1. Prepare closing entries...
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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 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
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