Answer:
Askew Company
1. Cost of goods sold                     $243,000
2. Adjusting Journal Entries:
Debit Cost of Goods Sold $243,000
Debit Purchases discounts $7,000
Credit Freight-in $19,000
Credit Inventory $231,000
To record the cost of goods sold.
Explanation:
a) Data and Calculations:
Account                                       Debit    Credit 
Merchandise inventory, 7/1/17 33,000 
Sales                                                     390,000 
Sales returns                            13,000 
Purchases                             250,000 
Purchase discounts                                7,000 
Purchase returns                                   11,000 
Freight-in                                19,000 
Merchandise inventory, 7/1/17        $33,000 
Purchases                                       250,000 
Purchase discounts                           (7,000) 
Purchase returns                              (11,000) 
Freight-in                                           19,000
Cost of goods available for sale $284,000
June 30, 2018, inventory balance $41,000
Cost of goods sold                     $243,000
Adjusting Entry:
Debit Cost of Goods Sold $243,000
Debit Purchases discounts $7,000
Credit Freight-in $19,000
Credit Inventory $231,000
To record the cost of goods sold.