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Presentation/PPT
27/08/2022
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$5,100 Dr.
Accounts Receivable 2,000 Dr.
Allowance for Doubtful Accounts 46 Cr.
Merchandise Inventory 10,700 Dr.
Supplies 1,140 Dr.
Prepaid Advertising 1,080 Dr.
Store Equipment 7,740 Dr.
Accumulated Depreciation—Store Equipment 1,440 Cr.
Office Equipment 1,240 Dr.
Accumulated Depreciation—Office Equipment 220 Cr.
Accounts Payable 2,565 Cr.
Social Security Tax Payable 370 Cr.
Medicare Tax Payable 82 Cr.
Federal Unemployment Tax Payable
State Unemployment Tax Payable
Salaries Payable
Beth Argo, Capital 22,539 Cr.
Beth Argo, Drawing 19,400 Dr.
Sales 87,048 Cr.
Sales Returns and Allowances 1,040 Dr.
Purchases 44,600 Dr.
Purchases Returns and Allowances 370 Cr.
Rent Expense 5,400 Dr.
Telephone Expense 530 Dr.
Salaries Expense 13,500 Dr.
Payroll Taxes Expense 1,210 Dr.
Income Summary
Supplies Expense
Advertising Expense
Depreciation Expense—Store Equipment
Depreciation Expense—Office Equipment
Uncollectible Accounts Expense
ADJUSTMENTS
a.-b. Merchandise inventory on December 31, 2019, is $11,721.
Required:
Analyze:
By what amount were the assets of the business affected by adjustments? Total assets Increase or decrease__ by __________________
Complete the worksheet. (Enter both the debit and credit effects wherever required. Round your intermediate calculations and final answers to 2 decimal places.)
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