Accounting for Merchandising Operations

The trial balance of A. Wiencek Company at the end of its fiscal year, August 31, 2019, includes these accounts: Inventory $19,500; Purchases $149,000; Sales Revenue $190,000; Freight-in $5,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances $2,000. Then ending inventory is $23,000.


Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).


A. Wiencek Company
Journal Entries
(Perpetual Inventory System)
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