Merchandise Inventory Adjustments Instructions Costs of Goods Sold х Instructions Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet. The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $47,875. Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 42,480 Income Summary Purchases 88,400 Purchases Returns and Allowances 2,130 Purchases Discounts 3,260 Freight-In 545
Merchandise Inventory Adjustments Instructions Costs of Goods Sold х Instructions Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet. The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $47,875. Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 42,480 Income Summary Purchases 88,400 Purchases Returns and Allowances 2,130 Purchases Discounts 3,260 Freight-In 545
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 4SEA: WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following...
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