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Adjustments for a Merchandising Business: Perpetual Inventory Systern 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 150,000.00 Estimated Returns Inventory 500.00 Customer Refunds Payable 650.00 425,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 288,000.00 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 $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. Fr 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 Sales Check My Work 2 more Check My Work uses remaining. Previous Next > Adjustments for a Merchandising Business: Perpetual Inventory Systern 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 150,000.00 Estimated Returns Inventory 500.00 Customer Refunds Payable 650.00 425,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 288,000.00 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 $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. Fr 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 Sales Check My Work 2 more Check My Work uses remaining. Previous Next >