Solution-Prepare a balance sheet dated december 31

Prepare a balance sheet dated december 31

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Reference no: EM132316090

Question :

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, 2016, and $51,625 on December 31, 2016. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.

Accounts
401	Sales	$	246,600	Cr.
451	Sales Returns and Allowances		4,300	Dr.
491	Miscellaneous Income		350	Cr.
501	Purchases		103,100	Dr.
502	Freight In		1,925	Dr.
503	Purchases Returns and Allowances		3,550	Cr.
504	Purchases Discounts		1,750	Cr.
611	Salaries Expense-Sales		44,800	Dr.
614	Store Supplies Expense		2,260	Dr.
617	Depreciation Expense-Store Equipment		1,460	Dr.
631	Rent Expense		13,000	Dr.
634	Utilities Expense		2,950	Dr.
637	Salaries Expense-Office		20,600	Dr.
640	Payroll Taxes Expense		5,500	Dr.
643	Depreciation Expense-Office Equipment		520	Dr.
646	Uncollectible Accounts Expense		670	Dr.
691	Interest Expense		640	Dr.

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

Accounts
301	Bridget Swanson, Capital	$	63,260	Cr.
302	Bridget Swanson, Drawing		40,450	Dr.
	Net income for the year		43,475

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	$	6,805	Dr.
107	Change Fund		450	Dr.
111	Accounts Receivable		5,090	Dr.
112	Allowance for Doubtful Accounts		810	Cr.
121	Merchandise Inventory		52,225	Dr.
131	Store Supplies		1,050	Dr.
133	Prepaid Interest		105	Dr.
141	Store Equipment		10,700	Dr.
142	Accum. Depreciation-Store Equipment		1,130	Cr.
151	Office Equipment		3,300	Dr.
152	Accum. Depreciation-Office Equipment		450	Cr.
201	Notes Payable		5,450	Cr.
203	Accounts Payable		3,675	Cr.
216	Interest Payable		85	Cr.
231	Sales Tax Payable		1,840	Cr.

Prepare a balance sheet dated December 31, 2016.

Reference no: EM132316090

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Prepare a balance sheet dated december 31

Reference no: EM132316090

Reference no: EM132316090

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