The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31,
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The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $50,000.
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 worksheet.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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