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earned. e that $120,000 in ticket E 14-6A (LO3) Cost of goods sold: $188, 900 MERCHANDISE INVENTORY ADJUSTMENTSPERIODIC INVENTORY SYSTEM WITH SALES RETURNS AND ALLOWANCES Use the information provided below to prepare a partial end-of-period spreadsheet for Karen's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $60,000. Karen estimates that customers will be granted $15,000 in refunds next year for merchandise sold this year. The estimated cost of the returned inventory is $10,000. CREDIT BALANCE B 1 Karen's Gift Shop 2 Partial Trial Balance 3 For Year Ended December 31, 20 4 ACCOUNT TITLE 5 DEBIT BALANCE 6 Merchandise Inventory 55,000.00 7 Estimated Returns Inventory 8,000.00 8 Customer Refunds Payable 9 Income Summary 10 11 Sales 12 Sales Returns and Allowances 18,000.00 13 Purchases 200,000.00 14 Purchases Returns and Allowances 15 Purchases Discounts 16 Freight-in 1,400.00 17 12,000.00 280,000.00 3,000.00 2,500.00 1. Complete the Adjustments columns for Merchandise Inventory and related accounts. 2. Extend all accounts to the Adjusted Trial Balance columns. 3. Prepare the cost of goods sold section from the spreadsheet. Nam Exercise 14-6A 1. and 2. A 1 2 3 B D E Karen's Gift Shop End-of-Period Spreadsheet (Partial) For Year Ended December 31, 20- TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT 4 ACCOUNT TITLE 5 6 7 55,000.00 8,000.00 12,000.00 280,000.00 8 Merchandise Inventory 9 Estimated Returns Inventory 10 Customer Refunds Payable 11 Income Summary 12 13 Sales 14 Sales Returns & Allowances 15 Purchases 16 Purchases Returns & Allowances 17 Purchases Discounts 18 Freight-in 19 60,000 55 ou 60,000 10,000 8,000 10, OCD 3,000 15,000 55,000 690059,00 60,000 wo 169ow 8,000 10,000 3,000 10.000 260, o a 3,000 4,800 200, os 3,000 2,500 1,400 | 18,000.00 200,000.00 3,000.00 2,500.00 1,400.00 130, au B, QDO :3 200