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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 $84,000 is on hand as of December 31, 20-- (c,d,e) Young estimates that customers will be granted $5,800 in refunds of this year's sales next year and the merchandise expected to be returned will have a cost of $4,400. Supplies remaining at the end of the year $3,300. Unexpired insurance on December 31, $3,800 (h) Depreciation expense on the building for 20--, $12,000. 0 Depreciation expense on the store equipment for 20-- $3,500. Unearned ront revenue as of December 31, $4,500, Wages earned but not paid as of December 31, $3,400, 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 BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT CREDIT DEBIT Cash 0 0 0 20,000 20,000 14,000 0 14,000 0 0 75,000 84,000 75,000 85,000 X 3,200 4,400 V 0 3,200 V Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land 4,400 3,300 8,100 0 4,800 0 0 1,500 3,800 0 5,300 130,000 0 0 130,000 0 240,000 0 0 240,000 Building Accumulated Depreciation-Building 96,000 0 12,000 07 108,000 170,000 170,000 68,000 8,500 76,500 Store Equipment Accumulated Depreciation --Store Equipment Accounts Payable Customer Refunds Payable 9,600 9,600 3,400 2,400 5,800 Wages Payable 3,400 3,400 Sales Tax Payable 5,900 5,900 Unearned Rent Revenue 8,800 4,300 4,500 M. Young. Capital 320,400 320,400 M. Young, Drawing 26,000 26,000 Income Summary 92,700X 110,800 x 696,500 x 533,700 X Income Summary 92,700 X 110,800 X 696,500 X 533,700 Sales 525,150 525,150 Sales Returns and Allowances 14,400 2,400 X 16,800 x Rent Revenue 4,500 X 4,500 Purchases 125,000 125,000 Purchases Returns and Allowances 1,400 1,400 Purchases Discounts 1,800 1,800 Freight-in 2,100 2,100 125,000 3,400 128,400 Wages Expense Advertising Expense 13,000 13,000 Supplies Expense 4,800 4,800 Phone Expense 1,350 1,350 8,000 8,000 1,500 1,500 Utilities Expense Insurance Expense Depreciation Expense-Building Depreciation Expense-Store Equipment 12,000 12,000 8,500 8,500 Miscellaneous Expense 60,000 50,000 1,040,450 1,040,450 122,900 X 117,700 X 1,061,150 X 1,083,350 X Net Income Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-- Dec. 31 1 2 2 3 3 4 Dec. 31 5 6 6 in N O 7 Dec. 31 7 8 9 10 Dec. 31 II II II II II II II II II II II II II II 10 11 11 12 12 13 Dec. 31 13 14 14 15 15 16 Dec. 31 16 17 17 18 18 19 Dec. 31 19 20 20 21 22 Dec. 31 25 Dec. 31 26 27 II II II II II II II II 28 Dec. 31 29 30 31 Dec. 31 31 32 32