Question
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,175 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 $58,175 on January 1, 2019, and $51,125 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 $ 244,400 Cr. 451 Sales Returns and Allowances 4,190 Dr. 491 Miscellaneous Income 240 Cr. 501 Purchases 102,000 Dr. 502 Freight In 1,815 Dr. 503 Purchases Returns and Allowances 3,440 Cr. 504 Purchases Discounts 1,640 Cr. 611 Salaries ExpenseSales 43,700 Dr. 614 Store Supplies Expense 2,150 Dr. 617 Depreciation ExpenseStore Equipment 1,350 Dr. 631 Rent Expense 11,900 Dr. 634 Utilities Expense 2,840 Dr. 637 Salaries ExpenseOffice 19,500 Dr. 640 Payroll Taxes Expense 4,400 Dr. 643 Depreciation ExpenseOffice Equipment 410 Dr. 646 Uncollectible Accounts Expense 560 Dr. 691 Interest Expense 420 Dr. The worksheet of Bridget's Office Supplies contains the following owners equity accounts. Accounts 301 Bridget Swanson, Capital $ 62,160 Cr. 302 Bridget Swanson, Drawing 41,000 Dr. Net income for the year $47,435. 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 $ 11,205 Dr. 107 Change Fund 340 Dr. 111 Accounts Receivable 4,980 Dr. 112 Allowance for Doubtful Accounts 700 Cr. 121 Merchandise Inventory 51,125 Dr. 131 Store Supplies 940 Dr. 133 Prepaid Interest 50 Dr. 141 Store Equipment 9,600 Dr. 142 Accum. DepreciationStore Equipment 1,020 Cr. 151 Office Equipment 3,080 Dr. 152 Accum. DepreciationOffice Equipment 340 Cr. 201 Notes Payable 5,340 Cr. 203 Accounts Payable 3,565 Cr. 216 Interest Payable 30 Cr. 231 Sales Tax Payable 1,730 Cr. Prepare a balance sheet dated December 31, 2019.
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