7-2 Final Project I Submission: Final Accounting Workbook
musicmakers333
ACC201FinalProjectWorkbook.pdf
Print this page to use for your journal entries. Only accounts on this page can be used.
Asset Accounts Acct #
Cash 101 Baking Supplies 102 Prepaid Rent 103 Prepaid Insurance 104 Baking Equipment 105 Office Supplies 106 Accounts Receivable 107 Accumulated Depreciation 108 Merchandise Inventory 109
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 is simply a
resource for you.
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Liability Accounts Acct #
Notes Payable 201 Accounts Payable 202 Wages Payable 203 Interest Payable 204
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 is simply a
resource for you.
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Equity Accounts Acct #
Common Stock 301 Dividends 302
Revenue Accounts Acct #
Bakery Sales 401 Merchandise Sales 402
Expense Accounts Acct #
Baking Supplies Expense 501 Rent Expense 502 Insurance Expense 503 Misc. Expense 504 Business License Expense 505 Advertising Expense 506 Wages Expense 507 Telephone Expense 508 Interest Expense 509 Depreciation Expense 510 Office Supplies Expense 511 Cost of Goods Sold 512
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Peyton Approved General Journal Entries
Jul-18
Date Accounts Debit 1-Jul Cash $$$
Common Stock
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Total -
-
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Peyton Approved General Journal Entries Put entries in shaded cells
Jul-18
Credit
$$$
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Peyton Approved General Journal Entries
Aug-18
Date Accounts Debit
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Total -
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Peyton Approved General Journal Entries Put entries in shaded cells
Aug-18
Credit
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$ -
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Peyton Approved General Journal Entries
Sep-18
Date Accounts Debit
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Total -
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Peyton Approved General Journal Entries Put entries in shaded cells
Sep-18
Credit
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-
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FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases Sales
7-Sep 10 $ 6.00 $ 60.00 10
15-Sep 8 $ 6.00 $ 48.00 2
20-Sep 20 $ 6.10 $ 122.00 2 20 22
24-Sep 2 $ 6.00 $ 12.00 16 $ 6.10 $ 97.60 4
$ 109.60
30-Sep 25 $ 6.05 $ 151.25 4 25 29
55 $ 333.25 26 $ 157.60 29
LIFO Purchases Sales 7-Sep 10 $ 6.00 $ 60.00 10
15-Sep 8 $ 6.00 $ 48.00 2
20-Sep 20 $ 6.10 $ 122.00 2 20 22
24-Sep 18 $ 6.10 $ 109.80 2 2
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30-Sep 25 $ 6.05 $ 151.25 2 2
25 29
55 $ 333.25 26 $ 157.80 29
weighted average Purchases Sales 7-Sep 10 $ 6.00 $ 60.00 10
15-Sep 8 $ 6.00 $ 48.00 2
20-Sep 20 $ 6.10 $ 122.00 2 20
22
24-Sep 18 $ 6.09 $ 109.62 4
30-Sep 25 $ 6.05 $ 151.25 4 25
55 $ 333.25 26 $ 157.62 29
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Ending Inventory $ 6.00 $ 60.00 7-Sep Merchandise Inventory (10 x $6)
Cash $ 6.00 $ 12.00 Purchased inventory
$ 6.00 $ 12.00 15-Sep Cash (8 x $8.50) $ 6.10 $ 122.00 Merchandise Sales
$ 134.00 Record sale of inventory
15-Sep Cost of Goods Sold (8 X $6) $ 6.10 $ 24.40 Merchandise Inventory
Recorded the cost of goods sold
$ 6.10 $ 24.40 20-Sep Merchandise Inventory (20 x $6.10 ) $ 6.05 $ 151.25 Cash
$ 175.65 $ 175.65 24-Sep Cash (18 x 8.50)
Merchandise Sales Record sale of inventory
24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold
30-Sep Merchandise Inventory (25 x $6.05) Cash
Ending Inventory 7-Sep Merchandise Inventory (10 x $6) $ 6.00 $ 60.00 Cash
Purchased inventory $ 6.00 $ 12.00
15-Sep Cash (8 x $8.50) $ 6.00 $ 12.00 Merchandise Sales $ 6.10 $ 122.00 Record sale of inventory
$ 134.00 15-Sep Cost of Goods Sold (8 X $6)
$ 6.00 $ 12.00 Merchandise Inventory $ 6.10 $ 12.20 Record inventory reduction due to sale
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$ 24.20 20-Sep Merchandise Inventory (20 x $6.10)
$ 6.00 $ 12.00 Cash $ 6.10 $ 12.20 $ 6.05 $ 151.25 24-Sep Cash (18 x 8.50)
$ 175.45 Merchandise Sales $ 175.45 Record sale of inventory
24-Sep Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale
30-Sep Merchandise Inventory (25 x $6.05) Cash
Ending Inventory 7-Sep Merchandise Inventory (10 x $6) $ 6.00 $60 Cash
Purchased inventory $ 6.00 $ 12.00
15-Sep Cash (8 x $8.50) $ 6.00 $ 12.00 Merchandise Sales $ 6.10 $ 122.00 per unit Record sale of inventory
$ 134.00 $6.09 15-Sep Cost of Goods Sold (8 X $6)
$ 24.38 Merchandise Inventory Record inventory reduction due to sale
$ - $ 6.05 $ 151.25 20-Sep Merchandise Inventory (20 x $6.10)
$ 151.25 $5.22 Cash
24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory
24-Sep Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale
30-Sep Merchandise Inventory (25 x $6.05) Cash
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Purchases Dr Cr 9/7: 10 bottles purchased at $6
60.00 9/20: 20 bottles purchased at $6.10 60.00 9/30: 25 bottles purchased at $6.05
Sales – selling price, $8.50 a bottle 9/15: 8 bottles
68.00 9/24: 18 bottles 68.00
48.00 48.00
122.00 122.00
153.00 153.00
109.60 109.60
151.25 151.25
60.00 60.00
68.00 68.00
48.00 48.00
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122.00 122.00
153.00 153.00
109.80 109.80
151.25 151.25
60.00 60.00
68.00 68.00
48.00 48.00
122.00 122.00
153.00 153.00
109.62 109.62
151.25 151.25
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date Cash date date Notes Payable date 1-Jul 3-Jul 3-Jul
7-Jul - - 10-Jul - Balance 11-Jul 13-Jul 14-Jul 31-Jul
31-Jul 5-Aug
8-Aug 10-Aug
18-Aug 15-Aug 20-Aug Accounts Rec. 20-Aug 31-Jul 22-Aug 8-Aug
31-Aug 18-Aug 1-Sep 31-Aug 5-Sep 8-Sep 7-Sep 30-Sep
8-Sep 10-Sep - - 13-Sep Balance - 15-Sep
15-Sep 20-Sep
20-Sep 24-Sep
30-Sep 30-Sep
- - Balance -
Misc. expense Baking equipment 11-Jul 13-Jul
- - - - Balance - Balance -
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Baking supplies Office supplies 1-Jul 14-Jul
15-Aug 22-Aug 11-Sep
- - - - Balance - Balance -
Prepaid rent Prepaid insurance 7-Jul 31-Jul
- - - - Balance - Balance -
Accounts payable Wages expense 1-Jul 31-Jul
30-Jul 15-Aug 10-Aug 31-Aug
15-Aug 15-Sep 20-Aug 30-Sep
31-Aug 10-Sep
11-Sep 13-Sep
- - - - - Balance Balance -
Dividends Telephone expense 1-Sep
30-Jul 31-Aug
- - Balance -
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- - Balance -
baking supplies expense
misc supplies expense
Merchandise Sales 15-Sep 24-Sep
- - - Balance
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Business License exp Common Stock 10-Jul 1-Jul
13-Jul - - - -
Balance - - Balance
Insurance expense
Advertising expense 13-Jul
- - Balance -
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Rent expense 7-Jul
15-Aug 15-Sep
- - Balance -
Bakery Sales 31-Jul
31-Aug 30-Sep
- - - Balance
Wages payable 31-Jul
5-Aug 15-Aug
20-Aug 31-Aug
5-Sep 15-Sep
20-Sep 30-Sep
- - - Balance
depreciation expense
acc dep
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Interest expense
COGS FIFO Interest payable 15-Sep 24-Sep
- - Balance -
Merch. Inv. FIFO 7-Sep
15-Sep 20-Sep
24-Sep 30-Sep
- - Balance -
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Peyton Approved Trial Balance
2018 Unadjusted trial balance
Account Debit Credit Cash - Baking Supplies - Merchandise Inventory (FIFO) - Prepaid Rent - Prepaid Insurance - Baking Equipment - Accumulated Depreciation Office Supplies - Accounts Receivable - Notes Payable - Interest Payable Accounts Payable - Wages Payable - Common Stock - Dividends - Bakery Sales - Merchandise Sales - Baking Supplies Expense Rent Expense - Interest Expense Insurance Expense Depreciation Expense Misc. Expense - Office Supplies Expense Business License Expense - Advertising Expense - Wages Expense - Telephone Expense - COGS (FIFO) -
Total: (FIFO) - -
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Peyton Approved Trial Balance
2018 Adjusting entries Adjusted trial balance
Debit Credit Debit Credit - - - - - -
250.00 250.00 - -
- - - - -
- - -
- - - -
250.00 250.00 - - - - - - -
250.00 250.00 250.00 250.00
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Peyton Approved Adjusting Journal Entries
2018
Date Accounts Debit Credit 30-Sep Depreciation Expense 250
accumulated depreciation 250.00
30-Sep
30-Sep
30-Sep
30-Sep
250.00 250.00
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Put entries in shaded cells
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Peyton Approved Income Statement
For Qtr. Ending 9/30/2018
Revenues:
Total Revenues - Cost of Goods Sold Gross Profit (FIFO) -
Operating Expenses:
Total Operating Expenses: -
Net Income (FIFO) -
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Peyton Approved Statement of Retained Earnings
For Qtr. Ending 9/30/2018
Beginning Balance: - plus Net Income (FIFO) less Dividends: Ending Balance (FIFO): -
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Peyton Approved Balance Sheet
As of September 30, 2018
Assets Current Assets:
Total Current Assets -
Long-Term/Fixed Assets:
Less Accumulated Depreciation
Total Long-Term/Fixed Assets -
Total Assets: -
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Peyton Approved Balance Sheet
As of September 30, 2018
Liabilities and Owners' Equity Current Liabilities:
Total Current Liabilities -
Long-Term Liabilities:
Total Long-Term Liabilities: -
Total Liabilities: -
Equity:
Total Equity -
Total Liabilities & Equity -
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Peyton Approved Closing Entries
Qtr ending 9/30/2018
Date Accounts Debit 30-Sep Bakery Sales
Merchandise Sales Income Summary
30-Sep Income Summary (FIFO) Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS FIFO
30-Sep Income Summary (FIFO) Retained Earnings FIFO
30-Sep Retained Earnings Dividends
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Peyton Approved Closing Entries
Qtr ending 9/30/2018
Credit
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Peyton Approved Post Closing Trial Balance
Qtr. Ending 9/30/2018 Unadjusted Trial Balance
Account Debit Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings FIFO
Totals -
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Peyton Approved Post Closing Trial Balance
Qtr. Ending 9/30/2018 Unadjusted Trial Balance
Credit
-
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Peyton Approved Reversing Entries
Qtr ending 9/30/2018
Date Accounts Debit 30-Sep Interest Payable 150.00
Interest Expense
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Peyton Approved Reversing Entries These are given to you. No other entries are needed.
Qtr ending 9/30/2018
Credit
150.00
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