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The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December 31, 20X1. The merchandise inventory amounted to $58,175 on January 1, 20X1, and $51,125 on December 31, 20X1. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales Accounts 451 Sales returns and allowances 491 Miscellaneous income 501 Purchases 502 Freight in $244,400 Cr. 4,190 Dr. 240 Cr. 102,000 Dr. 504 Purchases discounts 611 Salaries expense-Sales 614 Store supplies expense 1,815 Dr. 503 Purchases returns and allowances 3,440 Cr. 1,640 Cr. 43,700 Dr. 2,150 Dr. 617 Depreciation expense-Store equipment 1,350 Dr. 11,900 Dr. 637 Salaries expense-Office 631 Rent expense 634 Utilities expense 640 Payroll taxes expense 643 Depreciation expense-office equipment 646 Uncollectible accounts expense 691 Interest expense 2,840 Dr. 19,500 Dr. 4,400 Dr. 410 Dr. 560 Dr. 420 Dr.
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