Problem 12.6A (Static) Recording adjustments andcompleting the worksheet. LO 12-1, 12-2, 12-3, 12-4Enoteca Fine Wines is a retail store selling vintage wines. On December 31,20X1, the firm's general ledger contained the accounts and balances below.All account balances are normal.ook$ 29,8861,500CashAccounts ReceivablePrepaid AdvertisingSuppliesMerchandise InventoryStore EquipmentAccumulated Depreciation-Store EquipmentOffice EquipmentAccumulated Depreciation-Office EquipmentNotes Payable, due 20X2Accounts PayableWages PayableSocial Security Tax PayableMedicare Tax Payable080nt000n00000000000nces1,50020,0004,705Unearned Seminar FeesInterest PayableVincent Carbone, CapitalVincent Carbone, DrawingIncome Summary32,70014,110Sales154,970Sales DiscountsSeminar Fee Income000'1,500PurchasesPurchases Returns and Allowances225Freight InRent ExpenseWages ExpensePayroll Taxes ExpenseDepreciation Expense-Store EquipmentDepreciation Expense-0ffice EquipmentAdvertising ExpenseSupplies ExpenseInterest Expense13,2000003,324ADJUSTMENTS:a.-b. Merchandise inventory at December 31, 20X1, was counted anddetermined to be $14,000.c. The amount recorded as prepaid advertising represents $480 paid onSeptember 1, 20X1, for 12 months of advertising. Depreciation Expense-0ffice EquipmentAdvertising ExpenseSupplies ExpenseInterest Expense150DJUSTMENTS:-b. Merchandise inventory at December 31, 20X1, was counted anddetermined to be $14,000.c. The amount recorded as prepaid advertising represents $480 paid onSeptember 1, 20X1, for 12 months of advertising.d. The amount of supplies on hand at December 31 was $130.e. Depreciation on store equipment was $3,800 for 20X1.f. Depreciation on office equipment was $1,250 for 20X1.g. Unearned Seminar Fees represent $8,000 received on November 1,20X1, for four seminars. At December 31, three of these seminars hadbeen conducted.h. Wages owed but not paid at December 31 were $500.i. On December 31, 20X1, the firm owed the employer's social securitytax ($31.00) and Medicare tax ($7.25).j. The note payable bears interest at 6 percent per annum. Two monthsof interest is owed at December 31, 20X1.equired:Prepare the Trial Balance section of a 10-column worksheet. Theworksheet covers the year ended December 31, 20X1,Enter the adjustments above in the Adjustments section of theworksheet.Complete the worksheet.nalyze:/hat was the amount of revenue earned by conducting seminars duringe year ended December 31, 20X1?Complete this question by entering your answers in the tabs below.WorksheetAnalyzeComplete the worksheet. (Enter both the debit and credit effects wherever requir< Prev2 of 2Next >

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equired: Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 20X1. Enter the adjustments above in the Adjustments section of the worksheet. Complete the worksheet.

equired: Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 20X1. Enter the adjustments above in the Adjustments section of the worksheet. Complete the worksheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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