Allen Company is a wholesale distributor of automotive replacement perts. Initial amounts taken from Allen's accounting records are as follows: Inventory at December 31, 2016 (based on physical count of goods in Allen's warehouse on December 31, 2016) $1,250,000 Accounts payable at December 31, 2016: Baker Company 2% 10 days, net 30 S 265.000 Charle Comparty Net 30 Dolly Company Net 30 Eager Company Net 30 Full Company Net 30 Greg Company Net 30 $1,000,000 Additional information is as follows 1. Parts held on consignment from Charlie to Allen, the consignes, amounting to $155,000 were included in the physical count of goods in Alen's warehouse orDecember 31, 2016, and in accounts payabie et December 31, 2016. 2 $22,000 of parts, which were purchased from Full and paid for in December 2016, were sold in the lest week of 2016 and appropriately recorded as saies of s28,000 The parts were incluted in the physical count of goods in Allen's warehouse on December 31, 2016, because the parts were on the loading dock watng to be picked up by cutomers 3. Parts in transit to customers on December 31, 2016, shipped FOB shipping point on December 28, 2016, amounited to $34,000. The customers received the perts on January 7,2037.Sales of $40,000 bo the customers for the parts were recorded by Allen on January 3, 2017 4 Retallers were holding $210,000 at cost ($250,000 at retal) of goods on consignment from Allen, the consigner at their stores on December 31, 2016 5. Goods were in transit from Greg to Allen on December 31, 201 6 A quarterly freight billin the amount of $2,000 specifically relating to merchandise purchases in December cost of the goods was $25,000, and they were shipped FOB shipping point on December 29, 2016 2016, all of which was still in the inventory at December 31, 2016, was received on January 4, 2017. The was not included in either the inventory or in accounts payable at December 31, 2016 These tems have been recorded in eccounts peyable and accounted for in the physical inventery at cost before discount. Alen's policy is 7. All of the purchases from Baker accumed during the last 7 days of payable, net of cash discountes n time to take advantage of all cash discounts, adjust inventory accordingly, and record accounts Previous Required: Prepare a schedule of a ustments to the intal amounts or inventory, accounts payable, and sales. She the en ect e ame or each of the es sacs s pater a e i S ate iro e ba sao s ea o e amount (in this case enter a zero). Use a minus sign to indicate decreases for showing the effect of adjustmenes, if required. e t e the Irventory ccounts Peyable Initial amounts Increase (decrease) Total adjustments Adjusted amounts Previous 7 Allen Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from Allen's accounting records are as follows teventory at December 31, 2016 (oased on physical count of goods in Alen's warehouse on December 31, 2016) Sales in 2016 9,000,000 Accounts payable at December 31, 2016 Terms Amount 265,000 210,000 300,000 225,000 Baker Company 2% 10 days, net 30 Charle Company Net 30 Doily Company Net 30 > tager Company Net 30 Ful Company Net 30 Greg Company Net 30 $1,000,000 Additional information is as foows: goods in Allen's warehouse onDecember 31, 2016, and in accounts payable at December . Parts held on consignment from Charlie to Allen, the consignee, amounting to $155,000 were included in the physical count of 1, 2016 goods in Allen's warehouse on December 31, 2016, because the parts were on the loading dock waiting to be picked up by customers for the parts were recorded by Allen on January 3, 2017 2. $22,000 of parts, which were purchased from Full and peid for in December 2016, were sold in the last week of 20 p amounted to $34,000. The customers received the parts on January 7, 2017. Sales of $40,000 to the customers 3. Parts in transit to custemers on December 31, 2016, shipped FOB shipping point on December 28, 2016 Retalers were hoiding $210,000 at cost ($250,000 at retail) of goods on consignment from Allen, the consignor, at their stores on December 31, 2016. S. Goods were in transit from Greg to Allen on December 31, 2016. The cost of the goods was $25,000, and they were shipped FOB shipping point on December 29, 2016. s. A quarterly freight bill in the amount of $2,000 specificaly relating to merchandise purchases in December 2016, all of which was still in the inventory at December 31, 2016, was received on January 4, 2017. The freight bill was not indluded in either the inventory or in accounts payable at December 31, 2016 belon doont accounted fo in the physical inventory at e 7. A of the purchases rrom Baker o curred d ng the last 7 days of the year. These items have been recorded in account, parable Previous Required: Prepare a schedule of adjustments to the initial amounts of inventory, accounts payable, and sales. Show the effect, i any, of each of the transactions separately and indicate if the transactions woule have no efflect on the amount (in this case enter a nero). Use a minus sign to indicate decreases for showing the effect of adjustments, if requied Intial amounts Increase (decrease) otal adjustments Aejunted amounts