1 Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax. On December 31, 20x1, its general ledger contained the accounts and balances shown below: 5 points Skipped Print ACCOUNTS Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Social Security Tax Payable Medicare Tax Payable Yasser Tousson, Capital Yasser Tousson, Drawing Sales Sales Returns and Allowances Purchases Freight In Purchases Returns and Allowances Purchases Discounts Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Interest Expense BALANCES $ 28,280 Dr. 39,600 Dr. 160 Cr. 75,375 Dr. 8,849 Dr. 4,980 Dr. 47,00 Dr. 16,600 Cr. 8,564 Cr. 9,100 Cr. 1,210 Cr. 260 Cr. 106,620 Cr. 50,00 Dr. 540,980 Cr. 14,800 Dr. 323, 330 Dr. 4,900 Dr. 9,745 Cr. 47,230 Cr. 27,500 Dr. 2,814 Dr. 105,690 Dr. 8,600 Dr. 250 Dr References The data needed for the adjustments on December 31 are as follows: a.-b. Ending merchandise inventory. $69.150. c. Uncollectible accounts, 0.5 percent of net credit sales of $258,000. d. Supplies on hand December 31, $1.670. e. Expired insurance, $2.490. 1. Depreciation Expense-Equipment, $10.800. g. Accrued interest expense on notes payable. $1.625. h. Accrued salaries, $4.700. 1. Social Security Tax Payable (6.2 percent) and Medicare Tax Payable (1.45 percent) of accrued salaries. The following accounts had zero balances: . Salaries Payable . Interest Payable Income Summary Supplies Expense Insurance Expense Depreciation Expense-Equipment Uncollectible Accounts Expense Requlred: 1. Prepare a worksheet for the year ended December 31, 20X1. 2. Prepare a classified income statement. The firm does not divide its operating expenses into selling and administrative expenses. 3. Prepare a statement of owner's equity. No additional investments were made during the period. 4. Prepare a classified balance sheet. All notes payable are due within one year. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entries. Analyze: By what percentage did the owner's capital account change in the period from January 1, 20X1. to December 31, 20X1? 1 Analyze: By what percentage did the owner's capital account change in the period from January 1, 20X1. to December 31, 20X1? Complete this question entering your answers in the tabs below. 5 points Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 6 Required 7 Analyze Skipped Prepare a worksheet for the year ended December 31, 20X1. (Round your answers to 2 decimal places.) Print PROGRAMS PLUS Worksheet Year Ended December 31, 20X1 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Trial Balance Income Statement Debit Credit Balance Sheet Debit Credit References Account Name Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated depreciation Equip. Notes Payable Accounts Payable Social Security Tac Payable Medicare Tax Payable Salaries Payable Interest Payable Yasser Tousson, Capital Yasser Tousson, Drawing Income Summary Sales Sales Returns and Allowances Purchases Freight In Purchases Returns and Allowances Purchases Discounts Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Interest Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Uncollectible Accounts Expense Totals Net Income S 0.00 $ 0.00 $ 0.00 $ 0.00 0.00 $ 0.00 $ 0.00 $ 0.00 S 0.00 s 0.00 S 0.00 $ 0.00 $ 0.00 $ 0.00