Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,075 on January 1, 2019, and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,075 on January 1, 2019, and $51,025 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 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 582 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store Supplies Expense 617 Depreciation Expense-Store Equipment 631 Rent Expense 634 Utilities Expense 637 Salaries Expense office 640 Payroll Taxes Expense 643 Depreciation Expense Office Equipment 646 Uncollectible Accounts Expense 691 Interest Expense $244,209 Cr. 4,189 Dr. 210 Cr. 101,900 Dr. 1,895 Dr. 3,430 Cr. 1.630 Cr. 43,600 Dr. 2,140 Dr. 1,340 Dr. 11,880 Dr. 2,830 Dr. 19,400 Dr. 4,300 Dr. 4 ) Dr. 550 Dr. 400 Dr. The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. Accounts 301 Bridget Swanson, Capital 302 Bridget Swanson, Drawing $62.068 Cr. 41,050 Dr. Net income for the year $17.795. 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 107 Change Fund 111 Accounts Receivable 112 Allowance for Doubtful Accounts 121 Merchandise Inventory 131 Store Supplies 133 Prepaid Interest 141 Store Equipment 142 Accu. Depreciation Store Equipment 151 Office Equipment 152 Accum. Depreciation Office Equipment 201 Notes Payable 203 Accounts Payable 216 Interest Payable 231 Sales Tax Payable $11. Dr. Dr. 4. Dr. 690 Cr. 51,025 Dr. 90 Dr. 45 Dr. 9,500 Dr. 1,010 Cr. 3. Dr. Cr. 5,330 Cr. 3,555 Cr. 25 CP. 1.720 Cr. Prepare a balance sheet dated December 31, 2019. BRIDGET'S OFFICE SUPPLIES Balance Sheet Assets Current Assets Prepaid Expenses Total Current Assets Plant and Equipment Store equipment Office equipment Total Plant and Equipment Total Assets Liabilities and Owner's Equity Office equipment Total Plant and Equipment Total Assets Liabilities and Owner's Equity Current Liabilities Total Current Liabilities Owner's Equity Total Liabilities and Owner's Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Determine miller indices of plane X z 2/3 90% a/3

Answered: 1 week ago