NEED HELP, SYSTEM SAYS THAT "ANSWER IS NOT COMPLETE" WHAT AM I MISSING?

Programs Plus is a retail firm that sells computer programs for home and business use. Programs Plus operates in a state with no sales tax. On December 31, 20X1, its general ledger contained the accounts and balances shown below:

ACCOUNTS	BALANCES
Cash	$ 32,280	Debit
Accounts Receivable	43,600	Debit
Allowance for Doubtful Accounts	180	Credit
Merchandise Inventory	79,375	Debit
Supplies	8,440	Debit
Prepaid Insurance	5,780	Debit
Equipment	51,000	Debit
Accumulated Depreciation?Equipment	18,600	Credit
Notes Payable	8,964	Credit
Accounts Payable	9,900	Credit
Social Security Tax Payable	1,410	Credit
Medicare Tax Payable	300	Credit
Yasser Tousson, Capital	110,620	Credit
Yasser Tousson, Drawing	50,000	Debit
Sales	548,980	Credit
Sales Returns and Allowances	16,400	Debit
Purchases	324,530	Debit
Freight In	5,300	Debit
Purchases Returns and Allowances	10,545	Credit
Purchases Discounts	59,990	Credit
Rent Expense	31,500	Debit
Telephone Expense	3,014	Debit
Salaries Expense	109,000	Debit
Payroll Taxes Expense	9,000	Debit
Interest Expense	270	Debit

The data needed for the adjustments on December 31 are as follows:

a.-b. Ending merchandise inventory, $69,550.

1. Uncollectible accounts, 0.5 percent of net credit sales of $262,000.
2. Supplies on hand December 31, $1,870.
3. Expired insurance, $2,890.
4. Depreciation Expense?Equipment, $12,400.
5. Accrued interest expense on notes payable, $2,025.
6. Accrued salaries, $5,500.
7. Social Security Tax Payable (6.2 percent) and Medicare Tax Payable (1.45 percent) of accrued salaries.

The following accounts had zero balances:

• Salaries Payable
• Interest Payable
• Income Summary
• Supplies Expense
• Insurance Expense
• Depreciation Expense?Equipment
• Uncollectible Accounts Expense

Required:

1. a worksheet for the year ended December 31, 20X1.
2. a classified income statement. The firm does not divide its operating expenses into selling and administrative expenses.
3. a statement of owner's equity. No additional investments were made during the period.
4. a classified balance sheet. All notes payable are due within one year.
5. Journalize the adjusting entries.
6. Journalize the closing entries.
7. Journalize the reversing entries.

Analyze:

By what percentage did the owner's capital account change in the period from January 1, 20X1, to December 31, 20X1

Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Analyze Prepare a worksheet for the year ended December 31, 20X1. Note: Round your answers to 2 decimal places. PROGRAMS PLUS Worksheet Year Ended December 31, 20X1 Account Name Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 32,280.00 $ 32,280.00 $ 32,280.00 Accounts Receivable 13,600.00 43,600.00 13,600.00 Allowance for Doubtful Accounts 180.00 1.310.00 1,490.00 1,490.00 Merchandise Inventor 79,375.00 19 550.00 79.375.00 69,550.00 89,550.00 Supplies 3,440.00 1.570.00 1,870.00 .870.00 Prepaid Insurance 5,780.00 2.890.00 2,890.00 2,890.00 Equipment $1,000.00 51,000.00 61,000.00 Accumulated depreciation-Equipment 18,600.00 12.400.00 31,000100 $1,000.00 Notes Payable 3,964.00 8,964.00 8,964.00 Accounts Payable 9,900.00 8.900.00 9,900.00 Social Security Tax Payable ,410.00 341.00 .751.00 ,751.00 Medicare Tax Payable 300 00 79.75 179.75 379.75 Salaries Payable 6.500.00 5,500.00 5,500.00 Interest Payable 2 025.00 2 025.00 2,025.00 Yasser Tousson, Capital 110,620.00 110,820.00 110,820.00 Yasser Tousson, Drawing 50,000.00 50,000.00 50,000.00 Income Summary 79,375.00 69 550.00 79,375.00 19,560100 79.375.00 Sales 548,980.00 548,980.00 548,980.00 Sales Retums and Allowances 16,400.00 16,400.00 18.400.00 Purchases 124,530.00 324,530.00 324 530.00 Freight In 5,300.00 5,300.00 5.300.00 Purchases Relums and Allowances 10,545.00 10,545.00 10,545.00 Purchases Discounts 59,890.00 58,990.00 59,990.00 Rent Expense 31,500.00 31,500.00 31.500.00 Telephone Expense 3,014.00 3,014 00 3.014.00 Salaries Expense 109,000.00 5,500.00 114,500.00 114.500.00 Payroll Taxes Expense 9,000.00 420.75 9,420.75 9.420.75 Interest Expense 270.00 2 025.00 2,295.00 2 295.00 Supplies Expense 3.570.00 6,570.00 8.570.00 Insurance Expense 2 890.00 2,890.00 2.890.00 Depreciation Expense Equipment 2.400.00 12,400.00 12.400.00 Uncollectible Accounts Expense 1,310.00 1,310.00 1.310.00 Totals 5 769,489.00 5 789,489.00 $ 180,040.75 5 180.040.75 5 860,694.75 5 860,694.75 $ 609.504.75 $ 619,515.00 5 251,190.00 $ 171,629.75 Net Income 79.560.25 79,560.25 $ 609 065.00 5 619,515.00 5 251,190.00 $ 251,190.00 Required 1 Required 2 >Required 1 Required 2 Required 3 Required 4 Required 5 Required & Required ? Analyze Prepare a classified income statement. The firm does not divide its operating expenses into selling and administrative expenses. Note: Round your answers to 2 decimal places. PROGRAMS PLUS Income Statement FOR THE YEAR ENDED DECEMBER 31, 20X1 Operating Revenue Sale $ 548,980.00 Less: Sales returns and allowances (16,400.00) Net sales 542,580.00 Cast of goods sold Merchandise inventory, January 1, 20X1 $ 79.375.00 Purchases $ 324,530.00 Freight In 5,300.00 Delivered Cost of Purchases $ 329.830.00 Purchases retums and allowances $ (10,545.00 Purchases discounts (59,890.00) 70,535.00) Net Delivered Cost of Purchases 259 285.00 Total merchandise available for sale 438 670.00 Less: Merchandise inventory, December 31, 20X1 (89,550.00) Cast of goods sold 289, 120.00 $ 263,460.00 Operating Expenses Rent expense 31,500.00 Telephone expense 3,014.00 Salaries expense 114,500.00 Payroll taxes expense 9,420.75 Supplies expanse 6.570.00 Insurance expense 2,890.00 Depreciation expense Equipment 12,400.00 Uncollectible accounts expanse 1,310.00 Total operating expenses 181,604.75 Income from operations $1,855.25 Other expense Interest expense 2,295.00) Net income for year 79,580.25 Complete this question entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Analyze Prepare a statement of owner's equity. No additional investments were made during the period. Note: Round your answers to 2 decimal place. PROGRAMS PLUS Statement of Owner's Equity FOR THE YEAR ENDED DECEMBER 31, 20X1 Yasser Tousson, Capital, January 1, 20X1 S 110,620.00 Net income for year $ 79 560.25 Less: Withdrawals for year $ (50,000.00) increase in capital 3 29,580.25 Yasser Tousson, Capital, December 31, 20X1 $ 140, 180.25 Required 1 Required 2 Required 3 Required 4 s painbay Required & Required 7 Analyze Prepare a classified balance sheet. All notes payable are due within one year. Note: Round your answer to 2 decimal places. PROGRAMS PLUS Balance Shea DECEMBER 31, 20X1 Current Assets Cash 32 260.00 Accounts receivable $ 43,800.00 Less: Allowance for doubtful accounts 1,480.00) 42, 110.00 Merchandise inventory 89 550.00 Prepaid expenses Supplies 1,070.00 Prepaid insurance 2 090.00 Interest expense 1.760.00 Total current assaly 148 700.00 Plant and equipment quadinns $ 51,000.00 Less: Accumulated depreciation 31,000.00 Total plant and equipment 20.000.00 Total Asset $ 168,700.00 Liability and Owner's Equity Current Liabilities Accounts payable S 9,900.00 Interest parable 2 025.00 Salanes payable 5,500.00 Social security lax payable 1,751.00 Medicare tax payable 379.75 Notes payable 6,964.00 Total current liabilities 20 519.75 Owner's Equity Yasser Tousson, Capital 140 160.25 Total Liabilities and owner's equity $ 168 700.00 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Analyze Journalize the adjusting entries. Note: Round your answers to 2 decimal places. View trancootion llet Vlaw Joumal ontry workshoot No Traneaction General Journal Debit Credit 1 Income summary 79,375.00 Merchandise inventory 79,375.00 2 b. Merchandise inventory 89.550.00 Income summar 18,550.00 3 C. Uncollectible accounts expense 1,310.00 Allowance for doubtful accounts 1,310.00 d. Supplies expense 6.570.00 Supplies 6,570.00 5 e. Insurance expense 2 190.00 Prepaid insurance 2 890.00 Depreciation expense-Equipment 2,400.00 Accumulated depreciation-Equipment 12 400.00 7 Interest expense 2 025.00 Interest payable 2 025.00 h. Salaries expense 5,500.00 Salaries payable 5.500.00 9 i. Payroll taxes expense 420.75 Social security tax payable 141.00 Medicare tax payable 79.75 Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required 7 Analyze Journalize the closing entries. Note: Round your answers to 2 decimal places. View trancootion list Vlow Joumal entry workshoot NO Date General Journal Dabli Credit December 31. Sales 548,980.00 20X1 Purchases returns and allowances 10,545.00 Purchases discounts 00 065'69 Income summary 619,515.00 2 December 31. Income summary 530,129.75 20X1 Payroll taxes expense 9,420.75 Supplies expanse 5.570 00 Insurance expense 2 090.00 Depreciation expense-Equipment 12,400.00 Incollectible accounts expense 1,310.00 Interest expense 2,295.00 Telephone expense 3,014.00 Rent expense 31,500.00 Salaries expanse 114,500.00 Sales returns and allowances 16,400 00 Purchases 324,530.00 Freight In 5,300 00 3 December 31. 79,560.25 20X1 Income summary Yasser Tousson, Capital 79 560.25 4 December 31. Yasser Tousson, Capital 50,000.00 20X1 Yasser Tousson, Drawing 50,000 00 Required 1 Required 2 Required 3 Required 4 Required 5 Required & Required 7 Analyze Journalize the reversing entries. Note: Record the entries in the order entered in Requirement 5. Round your answers to 2 decimal places. View trancaotion let Vlaw Joumal antry workshoot No Date General Journal Debit Credit 1 January 1, 20X2 Interest payable 2,025.00 Interest expense 2 025 00 2 January 1, 20%2 Salaries payable 5,500.00 Salaries expense 5 500.00 3 January 1, 20%2 Social security tax payable 341.00 Medicare lax payable 79.75 Payroll taxes expense 420.75 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Analyze By what percentage did the owner's capital account change in the period from January 1, 20X1, to December 31, 20X1? Note: Enter your answer in 1 decimal place. Percentage change in capital account 26.7