The following partial work sheet is taken from Nicole's Gift Shop for the year ended December 31,
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The following partial work sheet is taken from Nicole's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $37,000.
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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Nicole's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20- ADJUSTMENTS TRIAL BALANCE ACOUNT TITLE DEBIT CREDIT DEBIT CREDIT 1 Merchandise Inventory 30 00 0 00 12 Income Summary 13 Purchases 12 85 00 0 00 13 2 20 0 00 250 0 00 14 Purchases Returns and Allowances 14 15 Purchases DisCounts 16 Freight-In 15 10 0 00 16 17 17 18 18
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