ADJUSTMENTS:

a.b. Merchandise inventory at December 31, 2019, was counted and determined to be $13,000.

3. The amount recorded as prepaid advertising represents $480 paid on September 1, 2019, for 12 months of advertising.
4. The amount of supplies on hand at December 31 was $160.
5. Depreciation on store equipment was $3,000 for 2019.
6. Depreciation on office equipment was $1,125 for 2019.
7. Unearned Seminar Fees represent $6,000 received on November 1, 2019, for six seminars. At December 31, four of these seminars had been conducted.
8. Wages owed but not paid at December 31 were $500.
9. On December 31, 2019, the firm owed the employers social security tax ($31.00) and Medicare tax ($7.25).
10. The note payable bears interest at 6 percent per annum. One months interest is owed at December 31, 2019.

Required:

1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 2019.
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, 2019?

The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firm's general ledger contained the accounts and balances below. All account balances are normal. $ 28,386 500 480 300 15,000 25,000 3,000 5,000 1,500 20,000 2,705 6,000 Cash Accounts Receivable Prepaid Advertising Supplies Merchandise Inventory Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-office Equipment Notes Payable, due 2020 Accounts Payable Wages Payable Social Security Tax Payable Medicare Tax Payable Unearned 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 32,700 14,110 153,970 200 91,000 1,000 225 13,200 24,000 3,324 150 Complete the worksheet. (Enter both the debit and credit effects wherever required. Round your intermediate calculations and final answers to 2 decimal places.) Artisan Wines Worksheet Year Ended December 31, 2019 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Account Name Cash Accounts Receivable Prepaid Advertising Supples Marchandise Inventory Store Equipment Accumulated Depreciation Store Equipment Omice Equipment Accumulated Depreciation Equipment Notes Payable, due 2020 Accounts Payable Wagos Payable Social Security Tax Payable Medicare Tax Payable Ungarnad Seminar Foos Interest Payable Vincent Arroyo, CA Vincent Arroyo, Drawing Income Summary Sales Sales Discounts Seminar Fee Income Purchases Purchases Returns and Allowances Freght in Rent Expense Wages Exporse Payroll Taxes Expense Depreciation Expense-Store Equipment Depreciation Expense-office Equipment Advertising Expense Supples Expense Interest Expense Tolls Net Income Show transcribed image text