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  3. ) presented below is information related to cheste

) Presented below is information related to Chesterton Corp for the year ended December...

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Question

Accounting

) Presented below is information related to Chesterton Corp for the year ended

December 31, 2019.

Purchases

$200,000

Purchase discounts

3,000

Purchase returns & allowances

6,000

Sales revenue

312,000

Sales discounts

8,000

Sales returns & allowances

13,000

Freight-in

10,000

Freight-out

5,000

Inventory, January 1, 2019

42,000

Inventory, Dec. 31, 2019

63,000

Instructions:

Prepare a partial income statement through gross profit, including a detailed cost of goods sold section assuming that Chesterton uses a periodic inventory system.

Record the entry adjust inventory and close the temporary cost of goods sold accounts.

Date

Debit

Credit

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