Question

Week 4 Assignment Help Save $ 5,488 Dr. 2,300 Dr. 49 Cr. 11,000 Dr. 1,170 Dr. 1,080 Dr. 7,920 Dr. Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Advertising Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Accumulated Depreciation-Office Equipment 1,470 Cr. 1,428 Dr. 250 Cr. Accounts Payable Social Security Tax Payable Medicare Tax Payable 2,595 Cr. 400 Cr. 85 Cr. 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 24,063 Cr 19,700 Dr. 88, 548 Cr. 1,070 Dr. 45,580 Dr. 480 Cr. 5,7e0 Dr Telephone Expense 560 or 13,800 Dr

Answer 1

The Green Thumb Gardener
Worksheet
Year ended December 31, 2019
Account Name	Trial Balance		Adjustments		Adjusted		Income Statement		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	5400				5400				5400
Accounts Receivable	2300				2300				2300
Allowance for doubtful accounts		49		160		209				209
Merchandise Inventory	11000		45500	44479	12021				12021
Supplies	1170				1170				1170
Prepaid Advertising	1080			540	540				540
Stores Equipment	7920				7920				7920
Accumulated Depreciation - Stores Equipment		1470		1470		2940				2940
Office Equipment	1420				1420				1420
Accumulated Depreciation - Office Equipment		250		250		500				500
Accounts Payable		2595				2595				2595
Social Security Tax Payable		400		112		512				512
Medicare Tax Payable		85		26		111				111
Federal Unemployment Tax Payable				11		11				11
State Unemployment Tax Payable				97		97				97
Salaries Payable				1800		1800				1800
Beth Argo, Capital		24063				24063				21996
Beth Argo, Drawing	19700				19700
Sales		88548				88548		88548
Sales Returns and Allowances	1070				1070		1070
Purchases	45500			45500	0
Purchase Returns and Allowances		400	400			0
Rent Expense	5700				5700		5700
Telephone Expense	560				560		560
Salaries Expense	13800		1800		15600		15600
Payroll Taxes	1240		246		1486		1486
Cost of goods sold			44079		44079		44079
Supplies Expense					0		0
Advertising Expense			540		540		540
Depreciation Expense - Stores Equipment			1470		1470		1470
Depreciation Expense - Office Equipment			250		250		250
Uncollectible Accounts Expense			160		160		160
Totals	117860	117860	94445	94445	121386	121386	70915	88548	30771	30771
Net Income							17633
Grand Total							88548	88548	30771	30771

Working:

Cost of goods sold
Beginning Inventory	11000
Add: Purchases	45500
	56500
Les: Purchase returns	400
Goods available for sale	56100
Less: Ending Inventory	12021
Cost of goods sold	44079
Depreciation
Stores Equipment
Cost	7920
Salvage Value	570
Depreciable Cost	7350
Estimated Life - Years	5
Annual Depreciation	1470
Office Equipment
Cost	1420
Salvage Value	170
Depreciable Cost	1250
Estimated Life - Years	5
Annual Depreciation	250
Payroll taxes
Salaries Acccrued	1800
Social Security tax (6.2%)	112
Medicare Tax (1.45%)	26
Federal unemployment tax (0.6%)	11
State unemployment tax (5.4%)	97
Total payroll taxes	246