Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 60,000.00 55,000.00 60,000.00 Estimated Returns Inventory 6,000.00 5,600.00 6,000.00 Supplies 4,700.00 3,300.00 Prepaid Insurance 1,600.00 3,800.00 Customer Refunds Payable 2,200.00 7,200.00 Income Summary 55,000.00 60,000.00 55,000.00 60,000.00 5,600.00 6,000.00 5,600.00 6,000.00 Sales 525,140.00 Sales Returns and Allowances 2,200.00 16,700.00 Beginning inventory Ending inventory $
Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 60,000.00 55,000.00 60,000.00 Estimated Returns Inventory 6,000.00 5,600.00 6,000.00 Supplies 4,700.00 3,300.00 Prepaid Insurance 1,600.00 3,800.00 Customer Refunds Payable 2,200.00 7,200.00 Income Summary 55,000.00 60,000.00 55,000.00 60,000.00 5,600.00 6,000.00 5,600.00 6,000.00 Sales 525,140.00 Sales Returns and Allowances 2,200.00 16,700.00 Beginning inventory Ending inventory $
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 7SEB: DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTIAL SPREADSHEET: PERIODIC INVENTORY SYSTEM...
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