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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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
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