Question: 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.

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.

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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