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7-2 Final Project I Submission: Final Accounting Workbook

ACC201FinalProjectWorkbook.xlsx

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Export Summary

This document was exported from Numbers. Each table was converted to an Excel worksheet. All other objects on each Numbers sheet were placed on separate worksheets. Please be aware that formula calculations may differ in Excel.
Numbers Sheet Name	Numbers Table Name	Excel Worksheet Name
Chart of Accounts
Table 1	Chart of Accounts
July Journal Entries
Table 1	July Journal Entries
August Journal Entries
Table 1	August Journal Entries
September Journal Entries
Table 1	September Journal Entries
Inventory Valuation
Table 1	Inventory Valuation
T-Accounts
Table 1	T-Accounts
Trial Balance
Table 1	Trial Balance
Adjusting Entries
Table 1	Adjusting Entries
Income Statement
Table 1	Income Statement
Statement of Retained Earnings
Table 1	Statement of Retained Earnings
Balance Sheet
Table 1	Balance Sheet
Closing Entries
Table 1	Closing Entries
Post Closing Trial Balance
Table 1	Post Closing Trial Balance
Reversing Entries
Table 1	Reversing Entries

Chart of Accounts

Print this page to use for your journal entries. Only accounts on this page can be used.
Asset Accounts	Liability Accounts	Equity Accounts
Acct #	Acct #	Acct #
Cash	101	Notes Payable	201	Common Stock	301
Baking Supplies	102	Accounts Payable	202	Dividends	302
Prepaid Rent	103	Wages Payable	203
Prepaid Insurance	104	Interest Payable	204
Baking Equipment	105
Office Supplies	106
Accounts Receivable	107
Accumulated Depreciation	108
Merchandise Inventory	109	Revenue 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 is simply a resource for you.	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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July Journal Entries

Peyton Approved
General Journal Entries	Put entries in shaded cells
Jul-18
Date	Accounts	Debit	Credit
1"-"Jul	Cash	$$$
Common Stock	$$$
Total	- 0	- 0
- 0	- 0

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August Journal Entries

Peyton Approved
General Journal Entries	Put entries in shaded cells
Aug-18
Date	Accounts	Debit	Credit
Total	- 0	$ - 0

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September Journal Entries

Peyton Approved
General Journal Entries	Put entries in shaded cells
Sep-18
Date	Accounts	Debit	Credit
Total	- 0	- 0

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Inventory Valuation

FIFO	USE THIS ONE FOR THE SEPTEMBER ENTRIES	Purchases
Date	Purchases	Sales	Ending Inventory	Dr	Cr	9/7: 10 bottles purchased at $6
7-Sep	10	$ 6.00	$ 60.00	10	$ 6.00	$ 60.00	7-Sep	Merchandise Inventory (10 x $6)	60.00	9/20: 20 bottles purchased at $6.10
Cash	60.00	9/30: 25 bottles purchased at $6.05
15-Sep	8	$ 6.00	$ 48.00	2	$ 6.00	$ 12.00	Purchased inventory	Sales – selling price, $8.50 a bottle
9/15: 8 bottles
20-Sep	20	$ 6.10	$ 122.00	2	$ 6.00	$ 12.00	15-Sep	Cash (8 x $8.50)	68.00	9/24: 18 bottles
20	$ 6.10	$ 122.00	Merchandise Sales	68.00
22	$ 134.00	Record sale of inventory
24-Sep	2	$ 6.00	$ 12.00	15-Sep	Cost of Goods Sold (8 X $6)	48.00
16	$ 6.10	$ 97.60	4	$ 6.10	$ 24.40	Merchandise Inventory	48.00
$ 109.60	Recorded the cost of goods sold
30-Sep	25	$ 6.05	$ 151.25	4	$ 6.10	$ 24.40	20-Sep	Merchandise Inventory (20 x $6.10 )	122.00
25	$ 6.05	$ 151.25	Cash	122.00
29	$ 175.65
55	$ 333.25	26	$ 157.60	29	$ 175.65	24-Sep	Cash (18 x 8.50)	153.00
Merchandise Sales	153.00
Record sale of inventory
24-Sep	Cost of Goods Sold (2 x $6)+(16 x $6.10)	109.60
Merchandise Inventory	109.60
Recorded the cost of goods sold
30-Sep	Merchandise Inventory (25 x $6.05)	151.25
Cash	151.25
LIFO	Purchases	Sales	Ending Inventory	7-Sep	Merchandise Inventory (10 x $6)	60.00
7-Sep	10	$ 6.00	$ 60.00	10	$ 6.00	$ 60.00	Cash	60.00
Purchased inventory
15-Sep	8	$ 6.00	$ 48.00	2	$ 6.00	$ 12.00
15-Sep	Cash (8 x $8.50)	68.00
20-Sep	20	$ 6.10	$ 122.00	2	$ 6.00	$ 12.00	Merchandise Sales	68.00
20	$ 6.10	$ 122.00	Record sale of inventory
22	$ 134.00
15-Sep	Cost of Goods Sold (8 X $6)	48.00
24-Sep	18	$ 6.10	$ 109.80	2	$ 6.00	$ 12.00	Merchandise Inventory	48.00
2	$ 6.10	$ 12.20	Record inventory reduction due to sale
4	$ 24.20
20-Sep	Merchandise Inventory (20 x $6.10)	122.00
30-Sep	25	$ 6.05	$ 151.25	2	$ 6.00	$ 12.00	Cash	122.00
2	$ 6.10	$ 12.20
25	$ 6.05	$ 151.25	24-Sep	Cash (18 x 8.50)	153.00
29	$ 175.45	Merchandise Sales	153.00
55	$ 333.25	26	$ 157.80	29	$ 175.45	Record sale of inventory
24-Sep	Cost of Goods Sold (18 x $6.10)	109.80
Merchandise Inventory	109.80
Record inventory reduction due to sale
30-Sep	Merchandise Inventory (25 x $6.05)	151.25
Cash	151.25
weighted average	Purchases	Sales	Ending Inventory	7-Sep	Merchandise Inventory (10 x $6)	60.00
7-Sep	10	$ 6.00	$ 60.00	10	$ 6.00	$60	Cash	60.00
Purchased inventory
15-Sep	8	$ 6.00	$ 48.00	2	$ 6.00	$ 12.00
15-Sep	Cash (8 x $8.50)	68.00
20-Sep	20	$ 6.10	$ 122.00	2	$ 6.00	$ 12.00	Merchandise Sales	68.00
20	$ 6.10	$ 122.00	per unit	Record sale of inventory
22	$ 134.00	$6.09
15-Sep	Cost of Goods Sold (8 X $6)	48.00
24-Sep	18	$ 6.09	$ 109.62	4	$ 24.38	Merchandise Inventory	48.00
Record inventory reduction due to sale
30-Sep	25	$ 6.05	$ 151.25	4	$ - 0
25	$ 6.05	$ 151.25	20-Sep	Merchandise Inventory (20 x $6.10)	122.00
55	$ 333.25	26	$ 157.62	29	$ 151.25	$5.22	Cash	122.00
24-Sep	Cash (18 x 8.50)	153.00
Merchandise Sales	153.00
Record sale of inventory
24-Sep	Cost of Goods Sold (18 x $6.09)	109.62
Merchandise Inventory	109.62
Record inventory reduction due to sale
30-Sep	Merchandise Inventory (25 x $6.05)	151.25
Cash	151.25

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T-Accounts

date	Cash	date	date	Notes Payable	date	Business License exp	Common Stock
1-Jul	3-Jul	10-Jul	1-Jul
3-Jul	13-Jul
7-Jul	- 0	- 0	- 0	- 0	- 0	- 0
10-Jul	- 0	Balance	Balance	- 0	- 0	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.	Insurance expense
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	- 0	- 0
13-Sep	Balance	- 0
15-Sep
15-Sep
20-Sep
20-Sep
24-Sep
30-Sep
30-Sep
- 0	- 0
Balance	- 0
Misc. expense	Baking equipment	Advertising expense
11-Jul	13-Jul	13-Jul
- 0	- 0	- 0	- 0	- 0	- 0
Balance	- 0	Balance	- 0	Balance	- 0
Baking supplies	Office supplies	Rent expense
1-Jul	14-Jul	7-Jul
15-Aug	22-Aug	15-Aug
11-Sep	15-Sep
- 0	- 0	- 0	- 0	- 0	- 0
Balance	- 0	Balance	- 0	Balance	- 0
Prepaid rent	Prepaid insurance	Bakery Sales
7-Jul	31-Jul	31-Jul
31-Aug
30-Sep
- 0	- 0	- 0	- 0	- 0	- 0
Balance	- 0	Balance	- 0	- 0	Balance
Accounts payable	Wages expense	Wages payable
1-Jul	31-Jul	31-Jul
30-Jul	15-Aug	5-Aug
10-Aug	31-Aug	15-Aug
15-Aug	15-Sep	20-Aug
20-Aug	30-Sep	31-Aug
31-Aug	5-Sep
10-Sep	15-Sep
11-Sep	20-Sep
13-Sep	30-Sep
- 0	- 0	- 0	- 0	- 0	- 0
- 0	Balance	Balance	- 0	- 0	Balance
Dividends	depreciation expense
Telephone expense	1-Sep
30-Jul
31-Aug
- 0	- 0	acc dep
Balance	- 0
- 0	- 0	Interest expense
Balance	- 0
baking supplies expense	COGS FIFO	Interest payable
15-Sep
24-Sep
misc supplies expense
- 0	- 0
Balance	- 0
Merchandise Sales
15-Sep	Merch. Inv. FIFO
24-Sep	7-Sep
15-Sep
20-Sep
- 0	- 0	24-Sep
- 0	Balance	30-Sep
- 0	- 0
Balance	- 0

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Trial Balance

Peyton Approved
Trial Balance
2018
Unadjusted trial balance	Adjusting entries	Adjusted trial balance
Account	Debit	Credit	Debit	Credit	Debit	Credit
Cash	- 0	- 0
Baking Supplies	- 0	- 0
Merchandise Inventory (FIFO)	- 0	- 0
Prepaid Rent	- 0	- 0
Prepaid Insurance	- 0	- 0
Baking Equipment	- 0	- 0
Accumulated Depreciation	250.00	250.00
Office Supplies	- 0	- 0
Accounts Receivable	- 0	- 0
Notes Payable	- 0	- 0
Interest Payable	- 0
Accounts Payable	- 0	- 0
Wages Payable	- 0	- 0
Common Stock	- 0	- 0
Dividends	- 0	- 0
Bakery Sales	- 0	- 0
Merchandise Sales	- 0	- 0
Baking Supplies Expense	- 0
Rent Expense	- 0	- 0
Interest Expense	- 0
Insurance Expense	- 0
Depreciation Expense	250.00	250.00
Misc. Expense	- 0	- 0
Office Supplies Expense	- 0
Business License Expense	- 0	- 0
Advertising Expense	- 0	- 0
Wages Expense	- 0	- 0
Telephone Expense	- 0	- 0
COGS (FIFO)	- 0	- 0
Total: (FIFO)	- 0	- 0	250.00	250.00	250.00	250.00

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Adjusting Entries

Peyton Approved
Adjusting Journal Entries	Put entries in shaded cells
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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Income Statement

Peyton Approved
Income Statement
For Qtr. Ending 9/30/2018
Revenues:
Total Revenues	- 0
Cost of Goods Sold
Gross Profit (FIFO)	- 0
Operating Expenses:
Total Operating Expenses:	- 0
Net Income (FIFO)	- 0

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Statement of Retained Earnings

Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018
Beginning Balance:	- 0
plus Net Income (FIFO)
less Dividends:
Ending Balance (FIFO):	- 0

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Balance Sheet

Peyton Approved
Balance Sheet
As of September 30, 2018
Assets	Liabilities and Owners' Equity
Current Assets:	Current Liabilities:
Total Current Liabilities	- 0
Long-Term Liabilities:
Total Long-Term Liabilities:	- 0
Total Current Assets	- 0	Total Liabilities:	- 0
Long-Term/Fixed Assets:	Equity:
Less Accumulated Depreciation
Total Long-Term/Fixed Assets	- 0
Total Assets:	- 0	Total Equity	- 0
Total Liabilities & Equity	- 0

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Closing Entries

Peyton Approved
Closing Entries
Qtr ending 9/30/2018
Date	Accounts	Debit	Credit
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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Post Closing Trial Balance

Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
Unadjusted Trial Balance
Account	Debit	Credit
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation
Office Supplies
Accounts Receivable
Accounts Payable
Wages Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings FIFO
Totals	- 0	- 0

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Reversing Entries

Peyton Approved
Reversing Entries	These are given to you. No other entries are needed.
Qtr ending 9/30/2018
Date	Accounts	Debit	Credit
30-Sep	Interest Payable	150.00
Interest Expense	150.00

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