Exercise 13.5 (Algo) Preparing a classified balance sheet. LO 13-3 The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,775 on January 1, 20X1, and $52,725 on December 31, 20X1. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store Supplies Expense 617 Depreciation Expense-Store Equipment 631 Rent Expense $ 248,900 Credit 4,350 400 Debit Credit 103,600 Debit 1,975 Debit 3,600 Credit 1,800 Credit 45,300 Debit 2,310 Debit 1,510 Debit Debit 13,500 3,000 Debit 634 Utilities Expense 637 Salaries Expense-Office 640 Payroll Taxes Expense 643 Depreciation Expense-Office Equipment 646 Uncollectible Accounts Expense 21,100 Debit 6,000 Debit 570 Debit 720 Debit 740 Debit 691 Interest Expense The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. Accounts 301 Bridget Swanson, Capital 302 Bridget Swanson, Drawing $ 63,760 Credit 40,700 Debit Net income for the year $42,975. The worksheet of Bridget's Office Supplies contains the following asset and liability accounts. The balance of the Notes Payable account consists of notes that are due within a year. Accounts 101 Cash $ 5,605 Debit 107 Change Fund 111 Accounts Receivable 112 Allowance for Doubtful Accounts 121 Merchandise Inventory 131 Store Supplies 500 5,140 860 Debit Debit Credit 52,725 Debit 1,100 Debit 133 Prepaid Interest 130 Debit 144 Store Equipment 11,200 Debit 142 Accumulated Depreciation-Store Equipment 151 Office Equipment 1,180 Credit 3,400 Debit 152 Accumulated Depreciation-Office Equipment 500 Credit 201 Notes Payable 5,500 Credit 203 Accounts Payable 3,725 Credit 216 Interest Payable 110 Credit 231 Sales Tax Payable Prepare a balance sheet dated December 31, 20X1. 1,890 Credit Current Assets Prepaid Expenses Total Current Assets Plant and Equipment Store equipment Office equipment Total Plant and Equipment Total Assets Current Liabilities Total Current Liabilities Owner's Equity Total Liabilities and Owner's Equity BRIDGET'S OFFICE SUPPLIES Balance Sheet Assets Liabilities and Owner's Equity