Question
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,075 on January 1, 2019, and
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,075 on January 1, 2019, and $52,025 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 | $ | 246,200 | Cr. | |
451 | Sales Returns and Allowances | 4,280 | Dr. | ||
491 | Miscellaneous Income | 330 | Cr. | ||
501 | Purchases | 102,900 | Dr. | ||
502 | Freight In | 1,905 | Dr. | ||
503 | Purchases Returns and Allowances | 3,530 | Cr. | ||
504 | Purchases Discounts | 1,730 | Cr. | ||
611 | Salaries ExpenseSales | 44,600 | Dr. | ||
614 | Store Supplies Expense | 2,240 | Dr. | ||
617 | Depreciation ExpenseStore Equipment | 1,440 | Dr. | ||
631 | Rent Expense | 12,800 | Dr. | ||
634 | Utilities Expense | 2,930 | Dr. | ||
637 | Salaries ExpenseOffice | 20,400 | Dr. | ||
640 | Payroll Taxes Expense | 5,300 | Dr. | ||
643 | Depreciation ExpenseOffice Equipment | 500 | Dr. | ||
646 | Uncollectible Accounts Expense | 650 | Dr. | ||
691 | Interest Expense | 600 | Dr. | ||
The worksheet of Bridget's Office Supplies contains the following owners equity accounts. No additional investments were made during the period.
Accounts | |||||
301 | Bridget Swanson, Capital | $ | 63,060 | Cr. | |
302 | Bridget Swanson, Drawing | 40,350 | Dr. | ||
Net income for the year $44,195. Prepare a statement of owner's equity for the year ended December 31, 2019.
Owners equity statement looks like the below sheet, this is all i need to figure out:
|
Recording title Entry options are below:
- Accounts payable
- Accumulated depreciation
- Bridget Swanson, Capital, December 31, 2019
- Bridget Swanson, Capital, January 1, 2019
- Depreciation expense
- Interest expense
- Interest income
- Interest payable
- Interest receivable
- Medicare tax payable
- Notes payable
- Notes receivable
- Payroll taxes expense
- Prepaid rent
- Rent expense
- Salaries expense
- Salaries payable
- Social security tax payable
- Supplies
- Supplies expense
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