End-of-Period Spreadsheet The trial balance for Vicki's Fabric Store as of December 31, 20-1 is shown in the End-of-Period Spreadsheet. At the end of the year, the following adjustments need to be made: (a, b) Merchandise inventory as of December 31,$31,600. (c, d, e) Vicki estimates that customers will be granted $2,500 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $1,800. (f) Unused supplies on hand, $350. (g) Insurance expired, $2,400. (h) Depreciation expense for the year on building, $20,000. (i) Depreciation expense for the year on equipment, $4,000. (j) Wages earned but not paid (Wages Payable), \$520. (k) Unearned revenue on December 31,201,$1,200. Required: 1. Complete the end-of-period spreadsheet. Check My Work offset in the income summary account. inventory adjustment. Remove the existing balance and enter the new balance using Income Summary to offset. ( f - k) Use your knowledge of period end accruals and deferrals to record these adjustments in the spreadsheet. accounts. Add all accounts beginning with Income Summary. Net income is the difference between the debits and credits. 2. Prepare adjusting entries. v Check My Work (a) Remove the beginning balance in Merchandise Inventory. End-of-Period Spreadsheet The trial balance for Vicki's Fabric Store as of December 31, 20-1 is shown in the End-of-Period Spreadsheet. At the end of the year, the following adjustments need to be made: (a, b) Merchandise inventory as of December 31,$31,600. (c, d, e) Vicki estimates that customers will be granted $2,500 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $1,800. (f) Unused supplies on hand, $350. (g) Insurance expired, $2,400. (h) Depreciation expense for the year on building, $20,000. (i) Depreciation expense for the year on equipment, $4,000. (j) Wages earned but not paid (Wages Payable), \$520. (k) Unearned revenue on December 31,201,$1,200. Required: 1. Complete the end-of-period spreadsheet. Check My Work offset in the income summary account. inventory adjustment. Remove the existing balance and enter the new balance using Income Summary to offset. ( f - k) Use your knowledge of period end accruals and deferrals to record these adjustments in the spreadsheet. accounts. Add all accounts beginning with Income Summary. Net income is the difference between the debits and credits. 2. Prepare adjusting entries. v Check My Work (a) Remove the beginning balance in Merchandise Inventory