5-2 Milestone Two

ACC_201_Milestone_One_TomikaThomas.xlsx

Chart of Accounts

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this chart is simply a resource for you.
Asset Accounts		Liability Accounts		Equity Accounts
	Acct #		Acct #		Acct #
Cash	101	Notes Payable	201	Common Stock	301
Accounts Receivable	102	Accounts Payable	202	Retained Earnings	302
Prepaid Rent	103	Wages Payable	203
Prepaid Insurance	104
Office Supplies	105
Vehicle	106
Accumulated Depreciation (contra asset)	107
				Revenue Accounts
					Acct #
				Service Revenue	401
				Expense Accounts
					Acct #
				Rent Expense	501
				Legal Fees	502
				Utilities Expense	503
				Repairs and Maintenance	504
				Advertising Expense	506
				Wages Expense	507
				Depreciation Expense	508
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Cost of Goods Sold

	A Company
Jun 1	Cash		25000		Journal Entry Tips
	Common Stock			25000	The debited account is recorded first and credited account is recorded second.
Jun 1	Vehicle		17000		Debits and credits must always equal!
	Cash	Debit		17000	There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account.
Jun 3	Cash		15,000.00		Be certain to use your chart of accounts (the first page of this workbook).
	Notes Payable			15000	Each account you will record to is already listed and organized by classification of the account.
Jun 5	Rent Expense		1,000.00
	Prepaid Rent		4,000.00
	Cash			5000
Jun 5	Legal Expense		850.00
	Cash			850
Jun 5	Supplies		500.00
	Accounts Payable			500.00
Jun 6	Accounts Receivable		2,500.00
	Service Revenue			2500
Jun 9	Cash		1,000.00
	Accounts Receivable		2,000.00
	Service Revenue			3000
Jun 10	Advertising Expense		375.00
	Cash			375
Jun 15	Wages Expense		500.00
	Wages Payable			500
Jun 15	Prepaid Insurance		600.00
	Cash			600
Jun 20	Wages Payable		500.00
	Cash			500
Jun 21	Repairs Expense		325.00
	Cash			325
Jun 23	Cash		2,500.00
	Accounts Receivable			2500
Jun 25	Cash		1,200.00
	Service Revenue			1200
Jun 28	Accounts Payable		500.00
	Cash			500
Jun 29	Accounts Receivable		2,225.00
	Service Revenue			2225
Jun 30	Utilities Expense		210.00
	Accounts Payable			210.00
Jun 30	Wages Expense		210.00
	Wages Payable			210.00
Jun 30	Depreciation Expense		285.00
	Accumulated Depreciation			285
	Total	- 0	36,280.00	If Red, it means your debits and credits do not equal. Be certain to review for errors.

Assets			Liabilities			Equity			Revenue			Expenses
	Cash			Notes Payable			Common Stock			Service Revenue			Rent Expense
	$ - 0	$ - 0		$ - 0	$ - 0		$ - 0	$ - 0		$ - 0	$ - 0		$ - 0	$ - 0
	$ - 0				$ - 0			$ - 0			$ - 0		$ - 0
	Accounts Rec.		Accounts Payable				Retained Earnings					Legal Fees
	$ - 0	$ - 0		$ - 0	$ - 0		$ - 0	$ - 0		$ - 0	$ - 0		$ - 0	$ - 0
	$ - 0				$ - 0		$ - 0						$ - 0
	Prepaid Rent			Wages Payable									Utilities Expense
						Posting to the ledger or T accounts
						Don't overthink it!
						You are just posting each debit and credit from the journal entries to the account you identified in the entry.
						These accounts are set to calculate your balances for you.
						Be careful not to delete the running totals as those will calculate the ending balance.
						The ending balance will transfer to the Trial Balance sheet.
						If you have posted all entries and your trial balance is not in balance (total debits = total credits),
	$ - 0	$ - 0		$ - 0	$ - 0	this means that there is an error.							$ - 0	$ - 0
	$ - 0				$ - 0								$ - 0
	Prepaid Insurance												Repairs & Maint.
	$ - 0	$ - 0											$ - 0	$ - 0
	$ - 0												$ - 0
	Office Supplies												Advertising Expense
	$ - 0	$ - 0											$ - 0	$ - 0
	$ - 0												$ - 0
	Vehicle												Wages Expense
	$ - 0	$ - 0											$ - 0	$ - 0
	$ - 0												$ - 0
	Accumulated Depreciation												Depreciation Expense
	$ - 0	$ - 0											$ - 0	$ - 0
		$ - 0											$ - 0

Trial Balance
As of 06/30/20XX
	Unadjusted Trial Balance
Account	Debit	Credit	Trial Balance
Cash	- 0		Balances from the t accounts will autofill your trial balance.
Accounts Receivable	- 0		If total debits do not equal total credits in the trial balance, you know you have an error.
Prepaid Rent	- 0		These are the balances that will be used to prepare the financial statements.
Prepaid Insurance	- 0		Be certain to implement feedback provided by your instructor for this Milestone One submission!
Vehicle	- 0
Office Supplies	- 0
Accumulated Depreciation		- 0
Notes Payable		- 0
Accounts Payable		- 0
Wages Payable		- 0
Common Stock		- 0
Retained Earnings	- 0
Service Revenue		- 0
Rent Expense	- 0
Legal Fees	- 0
Utilities Expense	- 0
Repairs and Maintenance Expense	- 0
Advertising Expense	- 0
Wages Expense	- 0
Depreciation Expense	- 0
Retained Earnings
Total:	- 0	- 0
	Debits should equal credits
`

Company Name
Statement of Stockholders' Equity
Period Ending 06/30/20XX
		Common Stock	Retained Earnings	Total
Beginning Stockholders' Equity on 6/01/20XX
	Net income/loss:
	Common Stock Issued
Ending Stockholders' Equity as of 06/30/20XX		$0	$0	$0

		A Company
		Balance Sheet
		As of June 30, 20XX
Assets			Liabilities and Owners' Equity
Current Assets:			Current Liabilities:
			Total Current Liabilities	- 0
			Long-Term Liabilities:
Total Current Assets	- 0		Total Long-Term Liabilities:	- 0
			Total Liabilities:	- 0
			Stockholders' Equity
Non-Current Assets:
			Total Equity	- 0
Total Non-Current/Fixed Assets	- 0
Total Assets:	- 0		Total Liabilities and Equity	- 0	<== Total Assets on the left should equal Liabilities + Owner's Equity on the right.