Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is $92,000.

Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is $92,000. If an amount box does not require an entry, leave it blank.

Solutions

Expert Solution

Particulars	Amount
Beginning inventory	$81,000
+ Purchases	273,000
- Purchase return and allowances	-12,100
- Purchase discount	-21,000
+ Freight in	5,300
Cost of goods available for sale	$326,200
- Ending Inventory	-92,000
Cost of goods sold	$234,200

Cost of goods will be charged to the Income Summary.

Work Sheet (Partial)
	Trial Balance	Adjustments
Account Title	Debit	Credit	Debit	Credit
Merchandise inventory	81,000
Income summary			234,200
Purchases	273,000
Purchase return and allowances		12,100
Purchase discount		21,00
Freight in	5,300

DEEPIKA GOYAL answered 1 year ago

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