Answered

Westonci.ca is the ultimate Q&A platform, offering detailed and reliable answers from a knowledgeable community. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Here is the reformatted text for clarity and conciseness:

---

The following summarizes Tesla's merchandising activities for the year:

- Cost of merchandise sold to customers: [tex]$283,000
- Merchandise inventory, beginning-of-year: $[/tex]41,092
- Merchandise purchases, gross amount: [tex]$290,132
- Shrinkage on inventory as of year-end: $[/tex]750
- Transportation-in for merchandise purchases: [tex]$2,901
- Cost of merchandise returned by customers (and restored to inventory): $[/tex]2,380
- Discounts received from suppliers on merchandise purchases: [tex]$2,322
- Returns to and allowances from suppliers on merchandise purchases: $[/tex]3,600

Enter the summarized activities in the two T-accounts below.

Merchandise Inventory

| Debit | Credit |
|---------------------------------|-----------------------------------|
| Balance, beginning-of-year | Discounts received on merchandise |
| Merchandise purchases | Returns and allowances on merchandise |
| Returns by customers | Cost of merchandise sold |
| Transportation-in for merchandise | Shrinkage as of year-end |
| Balance, end-of-year | |

Cost of Goods Sold

(Insert appropriate values for each account based on the summarized activities.)

---

Sagot :

GinnyAnswer
To summarize Tesla's merchandising activities for the year and enter them into the T-accounts, you need to record each activity in the corresponding Merchandise Inventory and Cost of Goods Sold (COGS) accounts. I will guide you step-by-step on how to enter these values.

Merchandise Inventory T-Account:

[tex]\[ \begin{array}{|l|c|c|} \hline \multicolumn{2}{|l|}{\text{Merchandise Inventory}} \\ \hline \text{Balance, beginning-of-year} & 41,092 & \\ \hline \text{Merchandise purchases} & 290,132 & \text{Discounts received on merchandise} & 2,322 \\ \hline \text{Returns by customers} & 2,380 & \text{Returns and allowances on merchandise} & 3,600 \\ \hline \text{Transportation-in merchandise} & 2,901 & \text{Cost of merchandise sold} & 283,000 \\ \hline \text{Balance, end-of-year} & 42,073 & \text{Shrinkage as of year-end} & 750 \\ \hline \end{array} \][/tex]

Now let's transfer the information to the T-Account format:

### Merchandise Inventory

Debit Side (Left):

1. Balance, beginning-of-year: \[tex]$41,092 2. Merchandise purchases: \$[/tex]290,132
3. Returns by customers: \[tex]$2,380 4. Transportation-in merchandise: \$[/tex]2,901

Credit Side (Right):

1. Discounts received on merchandise purchases: \[tex]$2,322 2. Returns and allowances from suppliers: \$[/tex]3,600
3. Cost of merchandise sold: \[tex]$283,000 4. Shrinkage as of year-end: \$[/tex]750
5. Balance, end-of-year: \[tex]$42,073 Here is the final T-account with all the entries: \[ \begin{array}{|l|c|c|} \hline \multicolumn{2}{|l|}{\text{Merchandise Inventory}} \\ \hline \text{Balance, beginning-of-year} & 41,092 & \\ \hline \text{Merchandise purchases} & 290,132 & \text{Discounts received on merchandise} & 2,322 \\ \hline \text{Returns by customers} & 2,380 & \text{Returns and allowances on merchandise} & 3,600 \\ \hline \text{Transportation-in merchandise} & 2,901 & \text{Cost of merchandise sold} & 283,000 \\ \hline \text{Balance, end-of-year} & 42,073 & \text{Shrinkage as of year-end} & 750 \\ \hline \end{array} \] ### Cost of Goods Sold Although this account is not requested explicitly here, it’s useful to note that: - Debit Side: - Cost of merchandise sold: \$[/tex]283,000
- Shrinkage: \$750

- Credit Side:
- Transfers of cost from Merchandise Inventory

This completes the detailed step-by-step solution for entering Tesla's merchandising activities in the Merchandise Inventory account for the year.
Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.