Reference no: EM132671101

The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firm's general ledger contained the accounts and balances below. All account balances are normal.

Cash                                                                 $33,651
Accounts Receivable                                                530
Prepaid Advertising                                                   660
Supplies                                                                 330
Merchandise Inventory                                          15,300
Store Equipment                                                   25,300
Accumulated Depreciation-Store Equipment                  3,300
Office Equipment                                                   5,300
Accumulated Depreciation-Office Equipment                   1,650
Notes Payable, due 2020                                           23,000

Accounts Payable                                                        2,735
Wages Payable
Social Security
Tax Payable
Medicare Tax Payable

Unearned Seminar Fees                     7,800

Interest Payable

Vincent Arroyo, Capital                    33,000
Vincent Arroyo, Drawing                     14,410
Income Summary Sales                     155,470
Sales Discounts                                      230

Seminar Fee Income

Purchases                                               91,300
Purchases Returns and Allowances                1,300
Freight In                                                   240
Rent Expense                                          13,500
Wages Expense                                        24,000
Payroll Taxes Expense                                  3,324
Depreciation Expense-Store Equipment
Depreciation Expense-Office Equipment
Advertising Expense
Supplies Expense
Interest Expense                                            180

ADJUSTMENTS:
a. Merchandise inventory at December 31, 2019, was counted and determined to be $12,300.

1. The amount recorded as prepaid advertising represents $660 paid on September 1, 2019, for 12 months of advertising.
2. The amount of supplies on hand at December 31 was $115. 
3. Depreciation on store equipment was $3,200 for 2019. 
4. Depreciation on office equipment was $1,075 for 2019. 
5. Unearned Seminar Fees represent $7,800 received on November 1, 2019, for six seminars. At December 31, four of these seminars had been conducted. 
6. Wages owed but not paid at December 31 were $500. 
7. On December 31, 2019, the firm owed the employer's social security tax ($31.00) and Medicare tax ($7.25). 
8. The note payable bears interest at 6% per annum. One month's interest is owed at December 31, 2019.

Required:

Problem 1: Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended December 31, 2019.

1. Enter the adjustments above in the Adjustments section of the worksheet.
2. Complete the worksheet.

Problem 2: Analyze:
What was the amount of revenue earned by conducting seminars during the year ended December 31, 2019?