Merchandise Inventory Adjustments: Periodic Inventory system with Sales Returs and Allowances The following partial work sheet is
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Merchandise Inventory Adjustments: Periodic Inventory system with Sales Returs and Allowances
The following partial work sheet is taken from 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.
- Complete the Adjustments columns for Merchandise Inventory and related accounts.
- Extend all accounts to the Adjusted Trial Balance columns.
- prepare the cost of goods sold section from the spread sheet.
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