Question
I have done the question, but the software doesn't show it as complete The worksheet of Bridget's Office Supplies contains the following revenue, cost, and
I have done the question, but the software doesn't show it as complete
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,475 on January 1, 2019, and $51,425 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.
Accounts | |||||
401 | Sales | $ | 245,000 | Cr. | |
451 | Sales Returns and Allowances | 4,220 | Dr. | ||
491 | Miscellaneous Income | 270 | Cr. | ||
501 | Purchases | 102,300 | Dr. | ||
502 | Freight In | 1,845 | Dr. | ||
503 | Purchases Returns and Allowances | 3,470 | Cr. | ||
504 | Purchases Discounts | 1,670 | Cr. | ||
611 | Salaries ExpenseSales | 44,000 | Dr. | ||
614 | Store Supplies Expense | 2,180 | Dr. | ||
617 | Depreciation ExpenseStore Equipment | 1,380 | Dr. | ||
631 | Rent Expense | 12,200 | Dr. | ||
634 | Utilities Expense | 2,870 | Dr. | ||
637 | Salaries ExpenseOffice | 19,800 | Dr. | ||
640 | Payroll Taxes Expense | 4,700 | Dr. | ||
643 | Depreciation ExpenseOffice Equipment | 440 | Dr. | ||
646 | Uncollectible Accounts Expense | 590 | Dr. | ||
691 | Interest Expense | 480 | Dr. | ||
The worksheet of Bridget's Office Supplies contains the following owners equity accounts.
Accounts | |||||
301 | Bridget Swanson, Capital | $ | 62,460 | Cr. | |
302 | Bridget Swanson, Drawing | 40,850 | Dr. | ||
Net income for the year $46,355. 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 | $ | 10,005 | Dr. | |
107 | Change Fund | 370 | Dr. | ||
111 | Accounts Receivable | 5,010 | Dr. | ||
112 | Allowance for Doubtful Accounts | 730 | Cr. | ||
121 | Merchandise Inventory | 51,425 | Dr. | ||
131 | Store Supplies | 970 | Dr. | ||
133 | Prepaid Interest | 65 | Dr. | ||
141 | Store Equipment | 9,900 | Dr. | ||
142 | Accum. DepreciationStore Equipment | 1,050 | Cr. | ||
151 | Office Equipment | 3,140 | Dr. | ||
152 | Accum. DepreciationOffice Equipment | 370 | Cr. | ||
201 | Notes Payable | 5,370 | Cr. | ||
203 | Accounts Payable | 3,595 | Cr. | ||
216 | Interest Payable | 45 | Cr. | ||
231 | Sales Tax Payable | 1,760 | Cr. | ||
Prepare a balance sheet dated December 31, 2019.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started