Question

The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 2019, the firm's general ledger contained the accounts and balances that appear below ACCOUNTS AND BALANCES Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Advertising Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Salaries Payable Beth Argo, Capital Beth Argo, Drawing Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Income Summary Supplies Expense Advertising Expense Depreciation Expense-Store Equipment Depreciation Expense-Office Equipment Uncollectible Accounts Expense $ 6,600 Dr. 3,500 Dr. 61 Cr. 12,200 Dr 1,290 Dr. 960 Dr. 8,640 Dr 1,590 Cr 2,140 Dr 370 Cr 2,715 Cr. 520 Cr. 89 Cr 30,047 Cr. 20,900 Dr. 94,548 Cr. 1,190 Dr. 49,100 Dr. 520 Cr. 6,900 Dr. 680 Dr. 15,000 Dr. 1,360 Dr.

Answer 1

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Date	Account	Debit	Credit
a	Income Summary	$       12,200
a	Merchandise Inventory		$       12,200
b	Merchandise Inventory	$       13,221
b	Income Summary		$       13,221
c	Uncollectible Accounts Expense	$             203		(44000*0.6%)-61
c	Allowance for doubtful accounts		$             203
d	Supplies Expense	$             970		1290-320
d	Supplies		$             970
e	Advertising Expense	$             240		960/12*3
e	Prepaid Advertising		$             240
f	Depreciation Expesne-Store Equipment	$         1,590		(8640-690)/5
f	Accumulated Depreciation-Store Equipment		$         1,590
g	Depreciation Expesne-Office Equipment	$             370		(2140-290)/5
g	Accumulated Depreciation-Office Equipment		$             370
h	Salaries Expense	$         1,920
h	Salaries Payable		$         1,920
i	Payroll Tax Expense	$             147
i	Social Security Tax Payable		$             119	1920*6.2%
i	Medicare Tax Payable		$               28	1920*1.45%
j	Payroll Tax Expense	$             116
j	Federal Unemployment Tax Payable		$               12	1920*0.6%
j	State Unemployment Tax Payable		$             104	1920*5.4%

	Trial Balance		Adjustments		Adjusted		Income Satement		Balance Sheet
Account name	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$            6,600				$      6,600				$     6,600
Accounts Receivable	$            3,500				$      3,500				$     3,500
Allowance for doubtful accounts		$                  61		$        203		$         264				$        264
Merchandise Inventory	$         12,200		$ 13,221	$ 12,200	$   13,221				$ 13,221
Supplies	$            1,290			$        970	$         320				$        320
Prepaid Advertising	$               960			$        240	$         720				$        720
Store Equipment	$            8,640				$      8,640				$     8,640
Depreciation Expesne-Store Equipment		$            1,590		$     1,590		$      3,180				$     3,180
Office Equipment	$            2,140				$      2,140				$     2,140
Depreciation Expesne-Office Equipment		$               370		$        370		$         740				$        740
Accounts Payable		$            2,715				$      2,715				$     2,715
Social Security Tax Payable		$               520		$        119		$         639				$        639
Medicare Tax Payable		$                  89		$           28		$         117				$        117
Federal Unemployment Tax Payable				$           12		$            12				$           12
State Unemployment Tax Payable				$        104		$         104				$        104
Salaries Payable				$     1,920		$      1,920				$     1,920
Beth Agro, Capital		$         30,047				$   30,047				$ 30,047
Beth Agro, Drawings	$         20,900				$   20,900				$ 20,900
Sales		$         94,548				$   94,548		$ 94,548
Sales Returns and Allowances	$            1,190				$      1,190		$     1,190
Purchases	$         49,100				$   49,100		$ 49,100
Purchases Returns and Allowances		$               520				$         520		$        520
Rent Expense	$            6,900				$      6,900		$     6,900
Telephone Expense	$               680				$         680		$        680
Salaries Expense	$         15,000		$     1,920		$   16,920		$ 16,920
Payroll Tax Expense	$            1,360		$        263		$      1,623		$     1,623
Income Summary			$ 12,200	$ 13,221		$      1,021		$     1,021
Supplies Expesne			$        970		$         970		$        970
Advertising Expense			$        240		$         240		$        240
Depreciation Expesne-Store Equipment			$     1,590		$      1,590		$     1,590
Depreciation Expesne-Office Equipment			$        370		$         370		$        370
Uncollectible Accounts Expense			$        203		$         203		$        203
Total	$       130,460	$       130,460	$ 30,977	$ 30,977	$ 135,827	$ 135,827	$ 79,786	$ 96,089	$ 56,041	$ 39,738
Net Income							$ 16,303			$ 16,303
Total									$ 56,041	$ 56,041

Impact on Total Assets:
	Before Adj	After Adj
Cash	$         6,600	$         6,600
Accounts Receivable	$         3,500	$         3,500
Allowance for doubtful accounts	$              -61	$           -264
Merchandise Inventory	$       12,200	$       13,221
Supplies	$         1,290	$             320
Prepaid Advertising	$             960	$             720
Store Equipment	$         8,640	$         8,640
Depreciation Expesne-Store Equipment	$        -1,590	$        -3,180
Office Equipment	$         2,140	$         2,140
Depreciation Expesne-Office Equipment	$           -370	$           -740
Total Assets	$       33,309	$       30,957
		$         2,352
Hence asset reduced by $2352