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 Company Partial Trial Balance For Year Ended December 31, 20- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 151,000.00 Estimated Returns Inventory 300.00 Customer Refunds Payable 450.00 Sales 424,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 289,000.00 Curless has made the following estimates for next year: Sales made this year of $7,800 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 by customers next year is $8,900 Open Taccounts 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 ability for refunds to the current estimate. (2) Adjust Estimated Returns Inventory to the current estimate. Assets Check My Work 5 more Check My Workoming All work saved Email Instructor Save and E Q S 3 5 6 7 8 9 0 E R. T Y 0 Student Dashboard Do yo eBook Show Me How Calculator Assets Merchandise Inventory dropdown Estimated Returns Inventory Liabilities Customer Refunds Payable Owner's Equity Revenues Sales Check My Work more Check My Work uses remaining All work saved Emal structor Save and Edit & S 4 5 6 C 9 7 00 E R T Y 0 c eBook Show Me How Calculator Owner's Equity Revenues Sales Sales Returns and Allowances Expenses Cost of Goods Sold Check My Work 5 more Check My Work uses raining All work saved Email Instructor Save 22 $ & 3 4 5 6 7 8