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WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following partial work sheet is taken from Nicole’s Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $37,000. 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.

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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 14, Problem 4SEB
Textbook Problem
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WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following partial work sheet is taken from Nicole’s Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $37,000.

  1. 1. Complete the Adjustments columns for the merchandise inventory.
  2. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns.
  3. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns.
  4. 4. Prepare a cost of goods sold section from the partial work sheet.

Chapter 14, Problem 4SEB, WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following

1.

To determine

Complete the adjustments columns for the merchandise inventory.

Explanation of Solution

Periodic inventory system:

The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

Adjustments for merchandise inventory- Periodic inventory system:

The purchase account is debited and cash or accounts payable is credited, if merchandise invento...

2 & 3

To determine

Extend the merchandise inventory to the adjusted trial balance and balance sheet columns and extend the merchandise inventory to the adjusted and income statement columns.

4.

To determine

Prepare a cost of goods sold section from the partial worksheet.

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Chapter 14 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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