The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts The merchandise inventory amounted to $58,675 on January 1, 2019, and $51,625 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 $ 245,400 Cr 451 Sales Returns and Allowances 4,240 Dr 491 Miscellaneous Income 290 Cr 501 Purchases 102,500 Dr 502 Freight In 1,865 Dr 503 Purchases Returns and Allowances 3,490 Cr 504 Purchases Discounts 1,690 Cr 611 Salaries ExpenseSales 44,200 Dr 614 Store Supplies Expense 2,200 Dr 617 Depreciation ExpenseStore Equipment 1,400 Dr 631 Rent Expense 12,400 Dr 634 Utilities Expense 2,890 Dr 637 Salaries ExpenseOffice 20,000 Dr 640 Payroll Taxes Expense 4,900 Dr 643 Depreciation ExpenseOffice Equipment 460 Dr 646 Uncollectible Accounts Expense 610 Dr 691 Interest Expense 520 Dr The worksheet of Bridget's Office Supplies contains the following owners equity accounts Accounts 301 Bridget Swanson, Capital $ 62,660 Cr 302 Bridget Swanson, Drawing 40,750 Dr Net income for the year $45,635 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 $ 9,205 Dr 107 Change Fund 390 Dr 111 Accounts Receivable 5,030 Dr 112 Allowance for Doubtful Accounts 750 Cr 121 Merchandise Inventory 51,625 Dr 131 Store Supplies 990 Dr 133 Prepaid Interest 75 Dr 141 Store Equipment 10,100 Dr 142 Accum DepreciationStore Equipment 1,070 Cr 151 Office Equipment 3,180 Dr 152 Accum DepreciationOffice Equipment 390 Cr 201 Notes Payable 5,390 Cr 203 Accounts Payable 3,615 Cr 216 Interest Payable 55 Cr 231 Sales Tax Payable 1,780 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 Current Liabilities Total Current Liabilities Owner's Equity Total Liabilities and Owner's Equity

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 08, 2024

The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,675 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 $58,675 on January 1, 2019, and $51,625 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	$	245,400	Cr.
451	Sales Returns and Allowances		4,240	Dr.
491	Miscellaneous Income		290	Cr.
501	Purchases		102,500	Dr.
502	Freight In		1,865	Dr.
503	Purchases Returns and Allowances		3,490	Cr.
504	Purchases Discounts		1,690	Cr.
611	Salaries ExpenseSales		44,200	Dr.
614	Store Supplies Expense		2,200	Dr.
617	Depreciation ExpenseStore Equipment		1,400	Dr.
631	Rent Expense		12,400	Dr.
634	Utilities Expense		2,890	Dr.
637	Salaries ExpenseOffice		20,000	Dr.
640	Payroll Taxes Expense		4,900	Dr.
643	Depreciation ExpenseOffice Equipment		460	Dr.
646	Uncollectible Accounts Expense		610	Dr.
691	Interest Expense		520	Dr.

The worksheet of Bridget's Office Supplies contains the following owners equity accounts.

	Accounts
301	Bridget Swanson, Capital	$	62,660	Cr.
302	Bridget Swanson, Drawing		40,750	Dr.

Net income for the year $45,635. The worksheet of Bridget's Office Supplies contains the following asset and liability accounts. The balance of the Notes Payableaccount consists of notes that are due within a year.

	Accounts
101	Cash	$	9,205	Dr.
107	Change Fund		390	Dr.
111	Accounts Receivable		5,030	Dr.
112	Allowance for Doubtful Accounts		750	Cr.
121	Merchandise Inventory		51,625	Dr.
131	Store Supplies		990	Dr.
133	Prepaid Interest		75	Dr.
141	Store Equipment		10,100	Dr.
142	Accum. DepreciationStore Equipment		1,070	Cr.
151	Office Equipment		3,180	Dr.
152	Accum. DepreciationOffice Equipment		390	Cr.
201	Notes Payable		5,390	Cr.
203	Accounts Payable		3,615	Cr.
216	Interest Payable		55	Cr.
231	Sales Tax Payable		1,780	Cr.

Prepare a balance sheet dated December 31, 2019.

image text in transcribed

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 Current Liabilities Total Current Liabilities Owner's Equity Total Liabilities and Owner's Equity