Answer to Question #216325 in Accounting for zuby

Question

Exercise K Given the balances in this partial trial balance, indicate how the balances would be treated in the

work sheet. The ending inventory is USD 96. (The amounts are unusually small for ease in rewriting the numbers.

We purposely left out the Statement of Retained Earnings columns since they are not used.)

Accounts Titles Trial Balance Adjustments Adjusted

Trial Balance

Income

Statement Balance Sheet

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Merchandise

Inventory 120

Sales S40

Sales Discounts 18

Sales Returns

and Allowances 45

Purchases 600

Purchase

Discounts 12

Purchase Returns

and Allowances 24

Transportation-In 36

Answer 1

Solution:

The worksheet is as follows: