The Artisan Wines is a retail store selling vintage wines

The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firm's
general ledger contained the accounts and balances below. All account balances are
normal.Cash .............................................................................$ 28,386Accounts Receivable
...............................................................500Prepaid Advertising
................................................................480Supplies
..............................................................................300Merchandise Inventory
........................................................15,000Store Equipment
................................................................25,000Accumulated Depreciation-Store Equipment
..............................3,000Office Equipment
................................................................5,000Accumulated Depreciation-Office Equipment
............................1,500Notes Payable, due 2020
......................................................20,000Accounts Payable
................................................................2,705Wages PayableSocial Security Tax
PayableMedicare Tax PayableUnearned Seminar Fees
.........................................................6,000Interest PayableVincent Arroyo, Capital
.......................................................32,700Vincent Arroyo, Drawing
......................................................14,110Income SummarySales
.............................................................................153,970Sales Discounts
.....................................................................200Seminar Fee IncomePurchases
........................................................................91,000Purchases Returns and Allowances
...........................................1,000Freight In
...........................................................................225Rent Expense
..................................................................13,200Wages Expense
................................................................24,000Payroll Taxes Expense
.........................................................3,324Depreciation Expense-Store EquipmentDepreciation
Expense-Office EquipmentAdvertising ExpenseSupplies ExpenseInterest Expense
150INSTRUCTIONS:1. Prepare the Trial Balance section of a 10-column worksheet. The
worksheet covers the year ended December 31, 2019.2. Enter the adjustments below in the
Adjustments section of the worksheet. Identify each adjustment with the appropriate letter.3.
Complete the worksheet.ADJUSTMENTS:a.-b. Merchandise inventory at December 31, 2019,
was counted and determined to be $13,000.c. The amount recorded as prepaid advertising
represents $480 paid on September 1, 2019, for 12 months of advertising.d. The amount of
supplies on hand at December 31 was $160.e. Depreciation on store equipment was $3,000 for
2019.f. Depreciation on office equipment was $1,125 for 2019.g. Unearned seminar fees
represent $6,000 received on November 1, 2019, for six seminars. AtDecember 31, four of
these seminars had been conducted.h. Wages owed but not paid at December 31 were $500.i.
On December 31, 2019, the firm owed the employer's social security tax ($31.00) andMedicare
tax ($7.25).j. The note payable bears interest at 6 percent per annum. One month's interest is
owed atDecember 31, 2019.Analyze: What was the amount of revenue earned by conducting
seminars during the year endedDecember 31, 2019?View Solution: The Artisan Wines is a retail
store selling vintage wines
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