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CengageNOWv2| v2.cengagenow.com/iltr/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssi; gagement Exerc eBook Video Calculator Instructions Merchandise Inventory Adjustments Costs of Goods Sold 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 i $47,130 Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20 TRIALBA LANCE A DJU STIM ENS

Explanation / Answer

WORKSHEET (partial) Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Merchandise Inventory 42865 4265 47130 47130 Income Summary 92980 8930 84050 84050 Purchases 92380 92380 0 Purchase returns and allowances 1740 1740 0 Purchase discounts 2925 2925 0 Freight-In 600 600 0 Totals 135845 4665 101910 101910 131180 0 84050 0 47130 0 Kevin's Shop Cost of Goods Sold Section Beginning merchandise Inventory 42865 Add: Raw material purchases:            Purchases 92380            Less: Purchase returns and allowances 1740                       Purchase discounts 2925 4665            Net Purchases 87715            Add: Freight-in 600            Purchases 88315 Merchandise inventory available for sale 131180 Less: Ending merchandise inventory 47130 Cost of goods sold 84050

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