A B D E 1 ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE 2 DENT CREDIT DEBIT CREDIT 3 40,000.00 5,000.00 3,300.00 3,800.00 Merchandise Imentory 40,000.00 5,000.00 4 Estimated Returns Inventory 5 Supplies 6 Prepaid Insurance 7 Customer Refunds Payable 8 Income Summary 45,000.00 4,000.00 4,700.00 1,600.00 2200.00 40,000.00 5,000.00 6,000.00 40,000.00 45,000.00 4,000.00 45,000.00 4,000.00 5,000.00 10 Sales 525, 140.00 11 Sales Returns and Allowances 2200.00 16,700.00 12

A B D E 1 ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE 2 DENT CREDIT DEBIT CREDIT 3 40,000.00 5,000.00 3,300.00 3,800.00 Merchandise Imentory 40,000.00 5,000.00 4 Estimated Returns Inventory 5 Supplies 6 Prepaid Insurance 7 Customer Refunds Payable 8 Income Summary 45,000.00 4,000.00 4,700.00 1,600.00 2200.00 40,000.00 5,000.00 6,000.00 40,000.00 45,000.00 4,000.00 45,000.00 4,000.00 5,000.00 10 Sales 525, 140.00 11 Sales Returns and Allowances 2200.00 16,700.00 12

Name: DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI ALSPREADSH
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Description: DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI ALSPREADSHEET: 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Estimated Returns Inventory Supplies Prepaid Insurance Customer Refunds Payable Income Summary 60,000.00 55,000.00 60,000.00 6,000.00 5,500.00 6,000.00 4,700.00 3,300.00 1,600.00 3,800.00 2,200.00 7,200.00 55,000.00 60,000.00 55,000.00 60,000.00 5,500.00 6,000.00 5,500.00 6,000.00 Sales Sales Returns and Allowances 525,140.00 2,200.00 16,700.00 Beginning inventory 55,000 x Ending inventory 60,000 x
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