The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $59,775 on January 1, 2019, and $52,725 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.
 

	Accounts
401	Sales	$	248,900	Cr.
451	Sales Returns and Allowances		4,350	Dr.
491	Miscellaneous Income		400	Cr.
501	Purchases		103,600	Dr.
502	Freight In		1,975	Dr.
503	Purchases Returns and Allowances		3,600	Cr.
504	Purchases Discounts		1,800	Cr.
611	Salaries Expense—Sales		45,300	Dr.
614	Store Supplies Expense		2,310	Dr.
617	Depreciation Expense—Store Equipment		1,510	Dr.
631	Rent Expense		13,500	Dr.
634	Utilities Expense		3,000	Dr.
637	Salaries Expense—Office		21,100	Dr.
640	Payroll Taxes Expense		6,000	Dr.
643	Depreciation Expense—Office Equipment		570	Dr.
646	Uncollectible Accounts Expense		720	Dr.
691	Interest Expense		740	Dr.

 

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

	Accounts
301	Bridget Swanson, Capital	$	63,760	Cr.
302	Bridget Swanson, Drawing		40,700	Dr.

Net income for the year $42,975.


The worksheet of Bridget's Office Supplies contains the following asset and liability accounts. The balance of the Notes Payableaccount consists of notes that are due within a year.
 

	Accounts
101	Cash	$	5,605	Dr.
107	Change Fund		500	Dr.
111	Accounts Receivable		5,140	Dr.
112	Allowance for Doubtful Accounts		860	Cr.
121	Merchandise Inventory		52,725	Dr.
131	Store Supplies		1,100	Dr.
133	Prepaid Interest		130	Dr.
141	Store Equipment		11,200	Dr.
142	Accum. Depreciation—Store Equipment		1,180	Cr.
151	Office Equipment		3,400	Dr.
152	Accum. Depreciation—Office Equipment		500	Cr.
201	Notes Payable		5,500	Cr.
203	Accounts Payable		3,725	Cr.
216	Interest Payable		110	Cr.
231	Sales Tax Payable		1,890	Cr.

Prepare a balance sheet dated December 31, 2019.

 

Transcribed Image Text:

BRIDGET'S OFFICE SUPPLIES Balance Sheet Assets Current Assets Prepaid Expenses Total Current Assets $ Plant and Equipment Store equipment Office equipment Total Plant and Equipment Total Assets $ Liabilities and Owner's Equity Current Liabilities Total Current Liabilities $ Owner's Equity Total Liabilities and Owner's Equity %24 BRIDGET'S OFFICE SUPPLIES Balance Sheet Assets Current Assets Prepaid Expenses Total Current Assets $ Plant and Equipment Store equipment Office equipment Total Plant and Equipment Total Assets $ Liabilities and Owner's Equity Current Liabilities Total Current Liabilities $ Owner's Equity Total Liabilities and Owner's Equity %24