2222 21,000.00 209,900.00 110 FM 3. Merchandise Inventory Adjustments Use the information provided below to prepare a partial end-of- period spreadsheet for Jernee's Luxury Shop for the year ended December 31, 20- The ending merchandise inventory is $38,000. Jernee estimates that clients will be granted $4,350, in refunds next year for merchandise sold this year. The estimated cost of the returned inventory is $2,850.00. a Complete Adjustments columns and adjusted Trial Balance columns Jernee's Luxury Shop End-of-Period Spreadsheet (Partial) For Year Ended December 31, 20- TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT Merchandise Inventory 32,000.00 Estimated Returns Inventory 2,300.00 Customer Refunds Payable 3,850.00 Income Summary Sales 138,000.00 Sales Returns & Allowances 13,000.00 Purchases 105,000.00 ances Purchases Returns & Allow- Purchases Discounts Freight-In 1,250.00 1,000.00 750.00 ADJUSTMENTS DEBIT CREDIT DEBIT ADJUSTED TRIAL BALANCE CREDIT