3.

On December 31, 20X1, the Notes Payable account at Vanessa's Boutique Shop had a balance of $72,400. This amount represented funds borrowed on a six-month, 6 percent note from the firm's bank on December 1. Record the journal entry for interest expense on this note that should be recorded on the firm's worksheet for the year ended December 31, 20X1. View transaction list Journal entry worksheet Record an adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 20X1 Record entry Clear entry View general journalThe Artisan Wines is a retail store selling vintage wines. On December 31, 20311, the rrn's general ledger contained the accounts and balances below. All account balances are normal. Cash $ 43,215 Accounts Receivable 558 Prepaid Advertising I88 Supplies 358 Merchandise Inventory 15.588 Store Equipment 25.588 Accumulated DepreciationStore Equipment 3,588 Office Equipment 5,588 Accumulated DepreciationOffice Equipment 1,?58 Notes Payable, due ZDXZ 25,888 Accounts Payable 2,155 Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned Seminar Fees 18,588 Interest Payable Vincent Carbone, Capital 33,288 Vincent Carbone, Drawing 14,818 Income Summary Sales 156,418 Sales Discounts 258 Seminar Fee Income Purchases 91,588 Purchases Returns and Allowances 1,588 Freight In 258 Rent Expense 13,788 Wages Expense 28,888 Payroll Taxes Expense 2,778 Depreciation ExpenseStore Equipment Depreciation ExpenseOffice Equipment Advertising Expense Supplies Expense Interest Expense 288 ADJUSTMENTS: a.b. Merchandise inventory at December 31, 20x1, was counted and determined to be $12,500. :2. The amount recorded as prepaid advertising represents $780 paid on September 1. 20X1. for 12 months of advertising. d. The amount of supplies on hand at December 31 was $125. e. Depreciation on store equipment was $3.250 for 20x1. f. Depreciation on office equipment was $1,125 for 20x1- 9. Unearned Seminar Fees represent $10,500 received on November 1, 20x1, for seven seminars- At December 31, four of these seminars had been conducted. h. Wages owed but not paid at December 31 were $400. I. On December 31. 20x1. the rm owed the employer's social security tax {$24.80} and Medicare tax {$5.80}. J. The note payable bears interest at 5 percent per annum. One months interest is owed at December 31. 20x1. Required: 1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31. 20x1. 2. Enter the adjustments above in the Adjustments section of the worksheet 3. Complete the worksheet. Analyze: What was the amount of revenue earned by conducting seminars during the year ended December 31. 20x1? Worksheet Year Ended December 31, 20X1 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment Notes Payable, due 20X2 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Uneamed Seminar Fees Interest Payable Vincent Arroyo, Capital Vincent Arroyo, Drawing Income Summary Sales Sales Discounts Seminar Fee Income Purchases Purchases Returns and Allowances Freight In Rent Expense Wages Expense Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Advertising Expense Supplies Expense Interest Expense Totals Net IncomeAnalyze: What was the amount of revenue earned by conducting seminars during the year ended December 31, 20X1? Complete this question by entering your answers in the tabs below. Worksheet Analyze What was the amount of revenue earned by conducting seminars during the year ended December 31, 20X1? Revenue earned, Dec. 31, 20X1