Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

er Twelve Problems The Green Thumb Gardener is a retail store that sells plants, soil and decorative pots. On December 31, 2019. the firm's general

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
er Twelve Problems The Green Thumb Gardener is a retail store that sells plants, soil and decorative pots. On December 31, 2019. the firm's general ledger contained the accounts and balances that appear below Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Advertising Store Equipment Accunulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Salaries Payable Beth Argo, Capital Beth Argo, Drawing Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Income Summary Supplies Expense Advertising Expense Depreciation Expense-Store Equipment $ 5,780 Dr 2,689 Dr. 52 Cr 11,380 Dr. 1,289 Dr 960 Dr. 8,180 Dr. 1,58e Cr. 1,680 Dr. 288 Cr. 2,625 Cr. 430 Cr. 98 Cr. 25,457 Cr. 20,ee0 Dr 98,848 Cr. 1,180 Dr. 46,400 Dr. 430 Cr 6,000 Dr. 590 Dr. 14,180 Dr. 1,278 Dr. 1012 Next ype here to search welve Problems payroll Taxes Expense:mmllll!!H -1,279 Dr. Income Summary Supplies Expense Advertising Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Uncollectible Accounts Expense ADJUSTMENTS a-b. Merchandise inventory on December 31. 2019. is $12,321 c. During 2019the firm had net credit sales of $35,000, the firm estimates that 0.6 percent of these sales wil result in uncollectible accounts d. On December 31, 2019, an inventory of the supplies showed that items costing $275 were on hand e. On October 1. 2019, the firm signed a sie-month advertising contract for $960 with a local newspaper and paid the full amount in advance life of five years and a salvage value of $600 life of five years and a salvage value of $200 percent) on the entire $1.830 of accrued wages percent on the entire $1.830 of accrued wages t On Januany 2 2018, the firm purchased store equipment for $8,100. At that tme. the equipment was estimated to have a useful 9: On Januany 2 2018, the firm purchased office equipment for $1600. Alt that time. the equipment was estimated to have a useful h. On Dec I. On December 31. 2019, the fim owed the employer's social security tax (assume 6.2 percent) and Medicare tax (assume 145 J. On December 31, 2019, the firm owed federal unemployment tax ember 31, 2019, the firm owed salaries of $1.830 that will not be paid until 2020 (assume 0.6 percent) and state unemployment tax (assume 5.4 Requlred: t. 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 By what amoun were the assets of the business affected by adjustments? Complete this question by entering your answers in the tabs below roblems Year Ended December 31, 2019 Store Equipment Beth Argo, Capital Beth Argo, Drawing Sales Purchases Rent Expense 1 of 2 Next > to search ter Twelve Problems Supplies Store Equipment Equipment Social Seourty Tex Payable Medicare Tax Payable Federal Unemployment Tax Payable Selaries Payable Beth Arga, Capital nces Beth Aro, Drawing Sales Retums and Allowances Rent E Telephone Expense Payroll Taxes Expense Income Summary Acoounts Expense Net Income Prev 1 of 2 I Next > e here to search r Twelve Problems t On January 2. 2018, the frm purchased store squipment for $8100 At that time, the equlpment was estimated to have a usefut life of five years and a salvage value of $600 o. On January 2 2018, the frm purchased office equipment for $1,600 At that time, the equipment was estrmated to have a userfd life of five years and a salvage value of $200 h. On December 31. 2019, the firm owed salaries of $1,830 that will not be paid until 2020 L. On December 31,2019.the firm owed the employers social secunty tax (essume 6.2 percent) and Medicare tax lessume 145 percent) on the entire $1.830 of accrued wages. J. On December 31. 2019, the fim owed federal unemployment tax (assume 0.6 percentd and state unemployment tax (essume 5.4 percent) or Analyze $1,830 of accrued wages 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 nces Anelyze By what amount were the assets of the business afflected by adjustments? Complete this question by entering your answers in the tabs below worksheet Analye By what amount were the assets of the business affected by adjustments? otal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions