Question
The woksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,275 on January 1, 2019, and
The woksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,275 on January 1, 2019, and $52,225 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 $ 246,600 Cr. 451 Sales Returns and Allowances 4,300 Dr. 491 Miscellaneous Income 350 Cr. 501 Purchases 103,100 Dr. 502 Freight In 1,925 Dr. 503 Purchases Returns and Allowances 3,550 Cr. 504 Purchases Discounts 1,750 Cr. 611 Salaries ExpenseSales 44,800 Dr. 614 Store Supplies Expense 2,260 Dr. 617 Depreciation ExpenseStore Equipment 1,460 Dr. 631 Rent Expense 13,000 Dr. 634 Utilities Expense 2,950 Dr. 637 Salaries ExpenseOffice 20,600 Dr. 640 Payroll Taxes Expense 5,500 Dr. 643 Depreciation ExpenseOffice Equipment 520 Dr. 646 Uncollectible Accounts Expense 670 Dr. 691 Interest Expense 640 Dr.
The worksheet of Bridget's Office Supplies contains the following owner's equity accounts.
Accounts 301 Bridget Swanson, Capital $ 63,260
Cr. 302 Bridget Swanson, Drawing 40,450
Dr.
Net income for the year $43,475.
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 $ 6,805 Dr. 107 Change Fund 450 Dr. 111 Accounts Receivable 5,090 Dr. 112 Allowance for Doubtful Accounts 810 Cr. 121 Merchandise Inventory 52,225 Dr. 131 Store Supplies 1,050 Dr. 133 Prepaid Interest 105 Dr. 141 Store Equipment 10,700 Dr. 142 Accum. DepreciationStore Equipment 1,130 Cr. 151 Office Equipment 3,300 Dr. 152 Accum. DepreciationOffice Equipment 450 Cr. 201 Notes Payable 5,450 Cr. 203 Accounts Payable 3,675 Cr. 216 Interest Payable 85 Cr. 231 Sales Tax Payable 1,840 Cr.
help me
Prepare a balance sheet dated December 31, 2019
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