E EverFi Educational.. eBook Show Me How Calculator Preparation of Adjustments on a Spreadsheet for a Merchandising Business: Periodic Method The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown in the End-of-Period Spreadsheet. Year-end adjustment information: (a, b) A physical count shows that merchandise inventory costing $86,000 is on hand as of December 31, 20, (c,d,e) Young estimates that customers will be granted $5,700 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $4,300. () Supplies remaining at the end of the year, $3,400. (9) Unexpired insurance on December 31, $3,700. (h) Depreciation expense on the building for 20., $11,500. 00 Depreciation expense on the store equipment for 20, $5,500. 0) Unearned rent revenue as of December 31, $4,600. Wages eamed but not paid as of December 31, $3,500. Q Required: 1. Complete the Adjustments columns. 2. Complete the spreadsheet. Venice Beach Kite Shop End-of-Period Spreadsheet For Year Ended December 31, 20 TRIAL ILALANCE ADJUSTMENTS DEBIT CRI DI DEBIT CREDIT ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT Check My Work 5 more Check My Work uses remaining Email Instructor Descop - und Tap - Cengage Learning X Week 5 - ACC151-ME01 Princip X CengageNOWV2 Online teachin x + takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Z 306 MERR CBOVIM... Everfi Educational... | m m Jh h h linh l eBook Show Me How Calculator Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown Curless Compani Partial Trial Balance For Year Ended December 31, 20- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 149,000.00 Estimated Returns Inventory 800.00 Customer Refunds Payable 350.00 Sales 425,000.00 Sales Returns and Allowances 17,000.00 Cost of Goods Sold 287,000.00 Curless has made the following estimates for next year: Sales made this year of $9,800 will be returned next year and customers will be granted full refunds. The estimated cost of the inventory sold this year and expected to be returned customers next year is $7,900. D Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the accounts. For grading purposes use the labels shown TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1) Adjust the liability for refunds to the current estimate. (2) Adjust Estimated Returns Inventory to the current estimate Check My Work 5 more Check My Work uses remaining logy E EverFi Educational.. eBook Show Me How Calculator Preparation of Adjustments on a Spreadsheet for a Merchandising Business: Periodic Method The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown in the End-of-Period Spreadsheet. Year-end adjustment information: (a, b) A physical count shows that merchandise inventory costing $86,000 is on hand as of December 31, 20, (c,d,e) Young estimates that customers will be granted $5,700 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $4,300. () Supplies remaining at the end of the year, $3,400. (9) Unexpired insurance on December 31, $3,700. (h) Depreciation expense on the building for 20., $11,500. 00 Depreciation expense on the store equipment for 20, $5,500. 0) Unearned rent revenue as of December 31, $4,600. Wages eamed but not paid as of December 31, $3,500. Q Required: 1. Complete the Adjustments columns. 2. Complete the spreadsheet. Venice Beach Kite Shop End-of-Period Spreadsheet For Year Ended December 31, 20 TRIAL ILALANCE ADJUSTMENTS DEBIT CRI DI DEBIT CREDIT ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT Check My Work 5 more Check My Work uses remaining Email Instructor Descop - und Tap - Cengage Learning X Week 5 - ACC151-ME01 Princip X CengageNOWV2 Online teachin x + takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Z 306 MERR CBOVIM... Everfi Educational... | m m Jh h h linh l eBook Show Me How Calculator Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown Curless Compani Partial Trial Balance For Year Ended December 31, 20- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 149,000.00 Estimated Returns Inventory 800.00 Customer Refunds Payable 350.00 Sales 425,000.00 Sales Returns and Allowances 17,000.00 Cost of Goods Sold 287,000.00 Curless has made the following estimates for next year: Sales made this year of $9,800 will be returned next year and customers will be granted full refunds. The estimated cost of the inventory sold this year and expected to be returned customers next year is $7,900. D Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the accounts. For grading purposes use the labels shown TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1) Adjust the liability for refunds to the current estimate. (2) Adjust Estimated Returns Inventory to the current estimate Check My Work 5 more Check My Work uses remaining logy