Question

The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,575 on January 1, 2019, and $51,525 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 $ 245,200 Cr. 451 Sales Returns and Allowances 4,230 Dr. 491 Miscellaneous Income 280 Cr. 501 Purchases 102,400 Dr. 502 Freight In 1,855 Dr. 503 Purchases Returns and Allowances 3,480 Cr. 504 Purchases Discounts 1,680 Cr. 611 Salaries Expense—Sales 44,100 Dr. 614 Store Supplies Expense 2,190 Dr. 617 Depreciation Expense—Store Equipment 1,390 Dr. 631 Rent Expense 12,300 Dr. 634 Utilities Expense 2,880 Dr. 637 Salaries Expense—Office 19,900 Dr. 640 Payroll Taxes Expense 4,800 Dr. 643 Depreciation Expense—Office Equipment 450 Dr. 646 Uncollectible Accounts Expense 600 Dr. 691 .Interest Expense 500 Dr. The worksheet of Bridget's Office Supplies contains the following owner’s equity accounts. Accounts 301 Bridget Swanson, Capital $ 62,560 Cr. 302 Bridget Swanson, Drawing 40,800 Dr. Net income for the year $45,995. 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 $ 9,605 Dr. 107 Petty Cash Fund 380 Dr. 111 Accounts Receivable 5,020 Dr. 112 Allowance for Doubtful Accounts 740 Cr. 121 Merchandise Inventory 51,525 Dr. 131 Store Supplies 980 Dr. 133 Prepaid Interest 70 Dr. 141 Store Equipment 10,000 Dr. 142 Accum. Depreciation—Store Equipment 1,060 Cr. 151 Office Equipment 3,160 Dr. 152 Accum. Depreciation—Office Equipment 380 Cr. 201 Notes Payable 5,380 Cr. 203 Accounts Payable 3,605 Cr. 216 Interest Payable 50 Cr. 231 Sales Tax Payable 1,770 Cr. Prepare a balance sheet dated December 31, 2019. rev: 11_20_2019_QC_CS-191457 Next Visit question mapQuestion 8 of 10 Total

Answer 1

Merchandise Inventory Answer Balance sheet particulars -Amount Amount Assets : Current Assels : cash $9605 change fundors petty cash |*380 Accounts Receivable uet . $4,280 ($5020-$7403 store $51595 seepplies $980 prepaid Interest 370 Total current Assets $66.840 store equipment net of accumulated $8.940 depreciation. £10,000 - $1060] Office equipment of accumulated depreciation [$3,160-$3803 $2,780 Total Assets $78560 Liabilities and shareholders equity Current liabilities 5380 Notes payable Accounts payable $3,605 Interest payable $50 sates Tax payable $ 1770 Total current liabiklies $10,805 share holders eqicity capital $62,560 Less! Drawings $ 40,800 Net Income $45995 Total share holders equity |$67,755 Total Liabilities and share holders equite $78,560