1.Prepare the Trial Balance section of a 10-column worksheet. 2. Enter the adjustments above in the Adjustments section of the worksheet. 3. Complete the worksheet. 4 analyze By what amount were the assets of the business affected by adjustments? excel workbook contains 3 sheets
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The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31, 2019, the
ACCOUNTS AND BALANCES
Social Security Tax
Beth Argo, Capital
Beth Argo, Drawing
Sales Returns and
Medicare Tax Payable
a.–b. Merchandise inventory on December 31, 2019, is $12,021.
c. During 2019, the firm had net credit sales of $32,000; the firm estimates that 0.5 percent of these sales will r
d. On December 31, 2019, an inventory of the supplies showed that items costing $260 were on hand.
e. On October 1, 2019, the firm signed a six-month advertising contract for $1,080 with a local newspaper and
f. On January 2, 2018, the firm purchased store equipment for $7,920. At that time, the equipment was estimat
g. On January 2, 2018, the firm purchased office equipment for $1,420. At that time, the equipment was estima
h. On December 31, 2019, the firm owed salaries of $1,800 that will not be paid until 2020.
i. On December 31, 2019, the firm owed the employer’s social security tax (assume 6.2 percent) and Medicare
j. On December 31, 2019, the firm owed federal unemployment tax (assume 0.6 percent) and state unemploym
1. Prepare the Trial Balance section of a 10-column worksheet. The worksheet covers the year ended Decemb
2. Enter the adjustments above in the Adjustments section of the worksheet.
3. Complete the worksheet.
December 31, 2019, the firm’s general ledger contained the accounts and balances that appear below.
Complete the worksheet. (Enter both the debit and credit effects wherever required. Round your intermediate calculations and final answers to 2 decimal places
The Green Thumb Gardner
Year End December 31, 2019
Allowance for doubtful accounts
Accumulated depreciation-store account
accumulated depreciation-office equipment
Social security tax payable
Medicare tax payable
Federal unemployment tax payable
State unemployment tax payable
Beth Argo, capitol
Bath Argo, drawing
Sales returns and allowances
Purchase returns and allowances
Payroll tax expense
Depreciation expense – store equipment
Depreciation expense – office equipment
Uncollectable accounts expense
Adjusted Trial Balance
inal answers to 2 decimal places.)
By what amount were the assets of the business affected by adjustments?
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