Merchandise Inventory Adjustments: Periodic Inventory system with Sales Returns and Allowances The following partial worksheet is taken from Karen’s Gift Shop for the year ended December 31, 20--. The...

Extracted text: Karen's Gift Shop End-of-Period Spreadsheet (Partial) For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 55,000.00 Estimated Returns Inventory 11,000.00 Customer Refunds Payable 12,000.00 Income Summary Sales 250,000.00 Sales Returns & Allowances 18,000.00 Purchases 199,000.00 Purchases Returns & Allowances 3,400.00 Purchases Discounts 2,800.00 Freight-In 1,300.00


Extracted text: - Prepare the cost of goods sold section from the spreadsheet. Karen's Gift Shop Income Statement For Year Ended December 31, 20-- Cost of goods sold: 2$ $ Cost of goods sold