The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $52,085.

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.

Transcribed Image Text:

Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-- ACCOUNT TITLE Merchandise Inventory Income Summary Purchases Purchases Returns and Allowances Purchases Discounts Freight-In TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT 38,815 91,460 460 2,065 2,760 Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-- ACCOUNT TITLE Merchandise Inventory Income Summary Purchases Purchases Returns and Allowances Purchases Discounts Freight-In TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT 38,815 91,460 460 2,065 2,760

Answer rating: 100% (QA)

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