Compute account balances, The following supplementary

Compute account balances

Assignment Help Accounting Basics

Reference no: EM131533003

Question: The following supplementary records summarize Titus Company's merchandising activities for year 2011. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarized activities in those T-accounts and compute account balances.

Cost of merchandise sold to customers in sales transactions . . . . . . . . . . . . . . . . . . . $186,000

Merchandise inventory, December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000

Invoice cost of merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,500

Shrinkage determined on December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700

Cost of transportation-in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900

Cost of merchandise returned by customers and restored to inventory . . . . . . . . . . 2,200

Purchase discounts received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600

Purchase returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100

Reference no: EM131533003

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