Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $57,775 on January 1, 20X1, and
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $57,775 on January 1, 20X1, and $50,725 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, Accounts 401 Sales 451 Sales returns and allowances 491 Miscellaneous income 501 Purchases 502 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 $243,600 Cr. 4,150 Dr. 200 Cr 101,600 Dr. 1,775 Dr. 3,400 Cr. 1,600 Cr 43,300 Dr. 2,110 Dr. 1,310 Dr. 11,500 Dr. 2,800 Dr. 19,100 Dr. 4,000 Dr. 370 Dr. 520 Dr. 340 Dr. The worksheet of Bridget's Office Supplies contains the following owner's equity accounts. Accounts 301 Bridget Swanson, Capital 302 Bridget Swanson, Drawing $61,760 Cr. 41,200 Dr. Net income for the year $48,875, Net income for the year $48,875. 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 rund 111 Accounts receivable 112. Allowance for doubcrul accounts 121 Merchandise inventory 131 Store supplies 133 Prepaid interest 141 store equipment 142 Accum. depreciation-store equipment 151 office equipment 152 Accum. depreciation office equipment 201 Notes payable 203 Accounts payable 216 Interest payable 231 Sales tax payable $12,805 Dr. 300 Dr 4.940 Dr. 660 Cr 50,725 Dr. 900 DE 30 Dr. 9,200 Dr. 980 Cr. 3,000 Dr. 300 Cr. 5,300 cr. 3,525 er 10 Cr. 1.690 C Prepare a balance sheet dated December 31, 20X1. BRIDGET'S OFFICE SUPPLIES Balance Sheet December 31, 20X1 Assets Current Assets Bridget Swanson, Drawing Prepaid Expenses 0 $ 0 Total Current Assets Plant and Equipment Store equipment Office equipment Office equipment 0 0 $ Total plant and equipment Total Assets Liabilities and Owner's Equity Current Liabilities 0 $ 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started