Prepare a cost of goods sold section from the partial work sheet. Work Sheet Extensions for Merchandise
Fantastic news! We've Found the answer you've been seeking!
Question:
Prepare a cost of goods sold section from the partial work sheet.
Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System
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.
Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-- | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
ACCOUNT TITLE | TRIAL BALANCE | ADJUSTMENTS | ||||||||||
DEBIT | CREDIT | DEBIT | CREDIT | |||||||||
Merchandise Inventory | 38,815 | |||||||||||
Income Summary | ||||||||||||
Purchases | 91,460 | |||||||||||
Purchases Returns and Allowances | 2,065 | |||||||||||
Purchases Discounts | 2,760 | |||||||||||
Freight-In | 460 |
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date: