Question
I need help with the worksheet.. Please and thank you The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the
I need help with the worksheet.. Please and thank you
The Artisan Wines is a retail store selling vintage wines. On December 31, 20X1, the firms general ledger contained the accounts and balances below. All account balances are normal.
Cash |
| 43,215 |
|
Accounts Receivable |
| 550 |
|
Prepaid Advertising |
| 780 |
|
Supplies |
| 350 |
|
Merchandise Inventory |
| 15,500 |
|
Store Equipment |
| 25,500 |
|
Accumulated DepreciationStore Equipment |
| 3,500 |
|
Office Equipment |
| 5,500 |
|
Accumulated DepreciationOffice Equipment |
| 1,750 |
|
Notes Payable, due 20X2 |
| 25,000 |
|
Accounts Payable |
| 2,755 |
|
Wages Payable |
|
|
|
Social Security Tax Payable |
|
|
|
Medicare Tax Payable |
|
|
|
Unearned Seminar Fees |
| 10,500 |
|
Interest Payable |
|
|
|
Vincent Carbone, Capital |
| 33,200 |
|
Vincent Carbone, Drawing |
| 14,610 |
|
Income Summary |
|
|
|
Sales |
| 156,470 |
|
Sales Discounts |
| 250 |
|
Seminar Fee Income |
|
|
|
Purchases |
| 91,500 |
|
Purchases Returns and Allowances |
| 1,500 |
|
Freight In |
| 250 |
|
Rent Expense |
| 13,700 |
|
Wages Expense |
| 20,000 |
|
Payroll Taxes Expense |
| 2,770 |
|
Depreciation ExpenseStore Equipment |
|
|
|
Depreciation ExpenseOffice Equipment |
|
|
|
Advertising Expense |
|
|
|
Supplies Expense |
|
|
|
Interest Expense |
| 200 |
|
|
ADJUSTMENTS:
a.b. Merchandise inventory at December 31, 20X1, was counted and determined to be $12,500.
The amount recorded as prepaid advertising represents $780 paid on September 1, 20X1, for 12 months of advertising.
The amount of supplies on hand at December 31 was $125.
Depreciation on store equipment was $3,250 for 20X1.
Depreciation on office equipment was $1,125 for 20X1.
Unearned Seminar Fees represent $10,500 received on November 1, 20X1, for seven seminars. At December 31, four of these seminars had been conducted.
Wages owed but not paid at December 31 were $400.
On December 31, 20X1, the firm owed the employers social security tax ($24.80) and Medicare tax ($5.80).
The note payable bears interest at 6 percent per annum. One months interest is owed at December 31, 20X1.
Required:
Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 20X1.
Enter the adjustments above in the Adjustments section of the worksheet.
Complete the worksheet.
It doesn't let me post with worksheet....
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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