prepare a balance sheet The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,075 on January 1, 20X1, and $52,025 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 $ 246,200 Credit 451 Sales Returns and Allowances 4,280 Debit 491 Miscellaneous Income 330 Credit 501 Purchases 102,900 Debit 502 Freight In 1,905 Debit 503 Purchases Returns and Allowances 3,530 Credit 504 Purchases Discounts 1,730 Credit 611 Salaries Expense—Sales 44,600 Debit 614 Store Supplies Expense 2,240 Debit 617 Depreciation Expense—Store Equipment 1,440 Debit 631 Rent Expense 12,800 Debit 634 Utilities Expense 2,930 Debit 637 Salaries Expense—Office 20,400 Debit 640 Payroll Taxes Expense 5,300 Debit 643 Depreciation Expense—Office Equipment 500 Debit 646 Uncollectible Accounts Expense 650 Debit 691 Interest Expense 600 Debit The worksheet of Bridget's Office Supplies contains the following owner’s equity accounts. Accounts 301 Bridget Swanson, Capital $ 63,060 Credit 302 Bridget Swanson, Drawing 40,350 Debit Net income for the year $44,195. 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 $ 7,805 Debit 107 Change Fund 430 Debit 111 Accounts Receivable 5,070 Debit 112 Allowance for Doubtful Accounts 790 Credit 121 Merchandise Inventory 52,025 Debit 131 Store Supplies 1,030 Debit 133 Prepaid Interest 95 Debit 144 Store Equipment 10,500 Debit 142 Accumulated Depreciation—Store Equipment 1,110 Credit 151 Office Equipment 3,260 Debit 152 Accumulated Depreciation—Office Equipment 430 Credit 201 Notes Payable 5,430 Credit 203 Accounts Payable 3,655 Credit 216 Interest Payable 75 Credit 231 Sales Tax Payable 1,820 Credit

prepare a balance sheet The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,075 on January 1, 20X1, and $52,025 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 $ 246,200 Credit 451 Sales Returns and Allowances 4,280 Debit 491 Miscellaneous Income 330 Credit 501 Purchases 102,900 Debit 502 Freight In 1,905 Debit 503 Purchases Returns and Allowances 3,530 Credit 504 Purchases Discounts 1,730 Credit 611 Salaries Expense—Sales 44,600 Debit 614 Store Supplies Expense 2,240 Debit 617 Depreciation Expense—Store Equipment 1,440 Debit 631 Rent Expense 12,800 Debit 634 Utilities Expense 2,930 Debit 637 Salaries Expense—Office 20,400 Debit 640 Payroll Taxes Expense 5,300 Debit 643 Depreciation Expense—Office Equipment 500 Debit 646 Uncollectible Accounts Expense 650 Debit 691 Interest Expense 600 Debit The worksheet of Bridget's Office Supplies contains the following owner’s equity accounts. Accounts 301 Bridget Swanson, Capital $ 63,060 Credit 302 Bridget Swanson, Drawing 40,350 Debit Net income for the year $44,195. 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 $ 7,805 Debit 107 Change Fund 430 Debit 111 Accounts Receivable 5,070 Debit 112 Allowance for Doubtful Accounts 790 Credit 121 Merchandise Inventory 52,025 Debit 131 Store Supplies 1,030 Debit 133 Prepaid Interest 95 Debit 144 Store Equipment 10,500 Debit 142 Accumulated Depreciation—Store Equipment 1,110 Credit 151 Office Equipment 3,260 Debit 152 Accumulated Depreciation—Office Equipment 430 Credit 201 Notes Payable 5,430 Credit 203 Accounts Payable 3,655 Credit 216 Interest Payable 75 Credit 231 Sales Tax Payable 1,820 Credit

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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prepare a balance sheet

The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,075 on January 1, 20X1, and $52,025 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	$ 246,200	Credit
451 Sales Returns and Allowances	4,280	Debit
491 Miscellaneous Income	330	Credit
501 Purchases	102,900	Debit
502 Freight In	1,905	Debit
503 Purchases Returns and Allowances	3,530	Credit
504 Purchases Discounts	1,730	Credit
611 Salaries Expense—Sales	44,600	Debit
614 Store Supplies Expense	2,240	Debit
617 Depreciation Expense—Store Equipment	1,440	Debit
631 Rent Expense	12,800	Debit
634 Utilities Expense	2,930	Debit
637 Salaries Expense—Office	20,400	Debit
640 Payroll Taxes Expense	5,300	Debit
643 Depreciation Expense—Office Equipment	500	Debit
646 Uncollectible Accounts Expense	650	Debit
691 Interest Expense	600	Debit

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

Accounts
301 Bridget Swanson, Capital	$ 63,060	Credit
302 Bridget Swanson, Drawing	40,350	Debit

Net income for the year $44,195.

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	$ 7,805	Debit
107 Change Fund	430	Debit
111 Accounts Receivable	5,070	Debit
112 Allowance for Doubtful Accounts	790	Credit
121 Merchandise Inventory	52,025	Debit
131 Store Supplies	1,030	Debit
133 Prepaid Interest	95	Debit
144 Store Equipment	10,500	Debit
142 Accumulated Depreciation—Store Equipment	1,110	Credit
151 Office Equipment	3,260	Debit
152 Accumulated Depreciation—Office Equipment	430	Credit
201 Notes Payable	5,430	Credit
203 Accounts Payable	3,655	Credit
216 Interest Payable	75	Credit
231 Sales Tax Payable	1,820	Credit

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

Current Assets
Prepaid Expenses
Total Current Assets
Plant and Equipment
Store equipment
Office equipment
Total Plant and Equipment
Total Assets
BRIDGET'S OFFICE SUPPLIES
Balance Sheet
Assets
Liabilities and Owner's Equity

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