Question
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,575 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 $59,575 on January 1, 2019, and $52,525 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 | $ | 247,500 | Cr. | |
451 | Sales Returns and Allowances | 4,330 | Dr. | ||
491 | Miscellaneous Income | 380 | Cr. | ||
501 | Purchases | 103,400 | Dr. | ||
502 | Freight In | 1,955 | Dr. | ||
503 | Purchases Returns and Allowances | 3,580 | Cr. | ||
504 | Purchases Discounts | 1,780 | Cr. | ||
611 | Salaries ExpenseSales | 45,100 | Dr. | ||
614 | Store Supplies Expense | 2,290 | Dr. | ||
617 | Depreciation ExpenseStore Equipment | 1,490 | Dr. | ||
631 | Rent Expense | 13,300 | Dr. | ||
634 | Utilities Expense | 2,980 | Dr. | ||
637 | Salaries ExpenseOffice | 20,900 | Dr. | ||
640 | Payroll Taxes Expense | 5,800 | Dr. | ||
643 | Depreciation ExpenseOffice Equipment | 550 | Dr. | ||
646 | Uncollectible Accounts Expense | 700 | Dr. | ||
691 | Interest Expense | 700 | 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 | $ | 63,560 | Cr. | |
302 | Bridget Swanson, Drawing | 40,600 | Dr. | ||
Net income for the year $42,695. Prepare a statement of owner's equity for the year ended December 31, 2019.
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