8-2 Final Project II Submission: Professional Relevance Essay

profilemusicmakers333
ACC201FinalProjectWorkbook3.xlsx
Home>Business & Finance homework help>Accounting homework help>8-2 Final Project II Submission: Professional Relevance Essay

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
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

&"Helvetica Neue,Regular"&12&K000000&P

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

&"Helvetica Neue,Regular"&12&K000000&P

July Journal Entries

Peyton Approved
General Journal Entries Put entries in shaded cells
Jul/18
Date Accounts Debit Credit
01" "July" "2020 Cash $ 10,000
Common Stock $10,000
01/Jul Baking supplies $6,500
Accounts Payable $6,500
03/Jul Cash $10,000
Notes Payable $10,000
07/Jul Rent Expense $1,500
Prepaid Rent $1,500
Cash $3,000
10/Jul Business License Expense $375
Cash $375
11/Jul Misc Expense $250
Cash $250
13/Jul Baking Equipment $6,000
Common Stock $6,000
13/Jul Advertising Expense $200
Cash $200
14/Jul Office Supplies $300
Cash $300
31/Jul Telephone Expense $75
Accounts Payable $75
31/Jul Preid Insurance $2,400
Cash $2,400
31/Jul Wages Expense $120
Wages Payable $120
31/Jul Cash $10,000
Accounts Receivable $5,000
Bakery Sales $15,000
Total $54,220 $54,220
- 0 - 0

&"Helvetica Neue,Regular"&12&K000000&P

August Journal Entries

Peyton Approved
General Journal Entries Put entries in shaded cells
Aug/18
Date Accounts Debit Credit
05/Aug Wages Payable $120
Cash $120
08/Aug Cash $3,800
Accounts Receivable $3,800
10/Aug Accounts Payable $75
Cash $75
15/Aug Baking Supplies $5,000
Accounts Payable $5,000
15/Aug Wages Expense $480
Wages Payable $480
15/Aug Rent Expense $1,500
Cash $1,500
18/Aug Cash $3,000
Accounts Receivable $3,000
20/Aug Accounts Payable $8,500
Cash $8,500
20/Aug Wages Payable $480
Cash $480
22/Aug Office Supplies $300
Cash $300
31/Aug Telephone Expense $75
Accounts Payable $75
31/Aug Wages Expense $420
Wages Payable $420
31/Aug Cash $12,500
Accounts Receivable $7,500
Bakery Sales 20,000
Total $43,750 $ 43,750

&"Helvetica Neue,Regular"&12&K000000&P

September Journal Entries

Peyton Approved
General Journal Entries Put entries in shaded cells
Sep/18
Date Accounts Debit Credit
01/Sep Dividends $10,000
Cash $10,0000
05/Sep Wages Payable $420
Cash $420
07/Sep Merchandise Inventory $60
Cash $60
08/Sep Cash $4,000
Accounts Receivable $4,000
10/Sep Accounts Payable $75
Cash $75
11/Sep Baking Supplies $7,000
Accounts Payable $7,000
13/Sep Accounts Payable $5,000
Cash $5,000
15/Sep Wages Expense $456
Wages Payable $456
15/Sep Rent Expense $1,500
Cash $1,500
15/Sep Cash $68
Merchandise Sales $68
15/Sep Cost of Goods Sold $48
Merchandise Inventory $48
20/Sep Wages Payable $456
Cash $456
20/Sep Merchandise Inventory $122
Cash $122
24/Sep Cash $153
Merchandise Sales $153
24/Sep Cost of Goods Sold $109.60
Cash $109.60
30/Sep Merchandise Inventory 151.25
Cash $151.25
30/Sep Wages Expense $480
Wages Payable $480
30/Sep Cash $14,000
Accounts Receivable $6,000
Bakery Sales $20,000
Total $50,098.85 $50,098.85

&"Helvetica Neue,Regular"&12&K000000&P

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
07/Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 07/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 07/Sep Merchandise Inventory (10 x $6) 60.00
07/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 07/Sep Merchandise Inventory (10 x $6) 60.00
07/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

&"Helvetica Neue,Regular"&12&K000000&P

T-Accounts

date Cash date date Notes Payable date Business License exp Common Stock
1-Jul 10000.00 10,000.00 3-Jul 10-Jul 375 10000 1-Jul
3-Jul 10000.00 6000 13-Jul
3000.00 7-Jul - 10000 375 - - -
375.00 10-Jul 10000 Balance Balance 375 16000 Balance
250.00 11-Jul
200.00 13-Jul
300.00 14-Jul
2400.00 31-Jul
31-Jul 10000.00
120.00 5-Aug
8-Aug 3800.00
75.00 10-Aug
18-Aug 3000.00
1500.00 15-Aug
8500.00 20-Aug Accounts Rec. Insurance expense
480.00 20-Aug 31-Jul 5,000.00
380.00 22-Aug 3,800.00 8-Aug
31-Aug 12500.00 3,000.00 18-Aug
10000.00 1-Sep 31-Aug 7,500.00
420.00 5-Sep 4,000.00 8-Sep
60.00 7-Sep 30-Sep 6,000.00
8-Sep 40000.00
75.00 10-Sep 18,500 10,800
5000.00 13-Sep Balance 7,700
1500.00 15-Sep
15-Sep 68.00
456.00 20-Sep
122.00 20-Sep
24-Sep 153.00
151.25 30-Sep
30-Sep 14000.00
67521.00 35284.25
Balance 32236.75 -
Misc. expense Baking equipment Advertising expense
11-Jul 250 13-Jul 6,000 13-Jul 200
250 - 6,000 200 -
Balance 250 Balance 6,000 Balance 200
Baking supplies Office supplies Rent expense
1-Jul 6,500 14-Jul 300 7-Jul 1500
15-Aug 5,000 22-Aug 300 15-Aug 1500
11-Sep 7,000 15-Sep 1500
18,500 - 600 - 4500 -
Balance 18,500 Balance 600 Balance 4500
Prepaid rent Prepaid insurance Bakery Sales
7-Jul 1,500 31-Jul 2,400 15000 31-Jul
20000 31-Aug
20000 30-Sep
1,500 - 2,400 - - 55000
Balance 1,500 Balance 2,400 55000 Balance
Accounts payable Wages expense Wages payable
6,500 1-Jul 31-Jul 120 120 31-Jul
75 30-Jul 15-Aug 480 5-Aug 120
10-Aug 75 31-Aug 420 480 15-Aug
5,000 15-Aug 15-Sep 456 20-Aug 480
20-Aug 8,500 30-Sep 480 420 31-Aug
75 31-Aug 5-Sep 420
10-Sep 75 456 15-Sep
7,000 11-Sep 20-Sep 456
13-Sep 5,000 480 30-Sep
13650 18650 1956 - 1476 1956
5,000 Balance Balance 1956 480 Balance
Dividends depreciation expense
Telephone expense 1-Sep 10,000
30-Jul 75
31-Aug 75
10,000 - acc dep
Balance 10,000
150 - Interest expense
Balance 150
baking supplies expense COGS FIFO Interest payable
15-Sep 48
24-Sep 109.6
misc supplies expense
157.6 -
Balance 157.6
Merchandise Sales
68 15-Sep Merch. Inv. FIFO
153 24-Sep 7-Sep 60
48 15-Sep
20-Sep 122
- 221 109.6 24-Sep
221 Balance 30-Sep 151.25
333.25 157.6
Balance 175.65

&"Helvetica Neue,Regular"&12&K000000&P

Trial Balance

Peyton Approved
Trial Balance
2018
Unadjusted trial balance Adjusting entries Adjusted trial balance
Account Debit Credit Debit Credit Debit Credit
Cash 32,236.75 32,236.75
Baking Supplies 18,500 17,400 1,100
Merchandise Inventory (FIFO) 175.65 175.65
Prepaid Rent 1,500 1,500
Prepaid Insurance 2,400 400 2,000
Baking Equipment 6,000 6,000
Accumulated Depreciation 250.00 250.00
Office Supplies 600 550 50
Accounts Receivable 7,700 7,700
Notes Payable 10,000 10,000
Interest Payable 150 150
Accounts Payable 5,000 5,000
Wages Payable 480 480
Common Stock 16,000 16,000
Dividends 10,000 10,000
Bakery Sales 55,000 55,000
Merchandise Sales 221 221
Baking Supplies Expense 17,400 17,400
Rent Expense 4,500 4,500
Interest Expense 150 150
Insurance Expense 400 400
Depreciation Expense 250.00 250.00
Misc. Expense 250 250
Office Supplies Expense 550 550
Business License Expense 375 375
Advertising Expense 200 200
Wages Expense 1,956 1956
Telephone Expense 150 150
COGS (FIFO) 157.6 157.6
Total: (FIFO) 86,701 86,701 18750.00 18750.00 87101.00 87101.00

&"Helvetica Neue,Regular"&12&K000000&P

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 Interest Expense 150
Interest Payable 150
30-Sep Insurance Expense 400
Prepaid Insurance 400
30-Sep Baking Supplies Expense 17400
Baking Supplies 17400
30-Sep Office Supplies Expense 550
Office Supplies 550
18750.00 18750.00

&"Helvetica Neue,Regular"&12&K000000&P

Income Statement

Peyton Approved
Income Statement
For Qtr. Ending 9/30/2018
Revenues:
Bakery Sales $ 55,000.00
Merchandise Sales 221.00
Total Revenues 55,221.00
Cost of Goods Sold 157.6
Gross Profit (FIFO) 55,063.40
Operating Expenses:
Baking Supplies 17,400.00
Rent Expenses 4,500.00
Insurance Expense 400.00
Business License Expense 375.00
Wages Expense 1,956.00
Advertising Expense 200.00
Interest Expemse 150.00
Telephone Expense 150.00
Depreciation Expense 250.00
Office Supplies Expense 550.00
Misc.Expense 250.00
Total Operating Expenses: 26,181.00
Net Income (FIFO) 28,882.40

&"Helvetica Neue,Regular"&12&K000000&P

Statement of Retained Earnings

Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018
Beginning Balance:
plus Net Income (FIFO) 28,882.40
less Dividends: (10,000.00)
Ending Balance (FIFO): 18,882.40

&"Helvetica Neue,Regular"&12&K000000&P

Balance Sheet

Peyton Approved
Balance Sheet
As of September 30, 2018
Assets Liabilities and Owners' Equity
Current Assets: Current Liabilities:
Baking Supplies 1,100 Accounts Payable 5,000.00
Cash 32,236.75 Notes Payable 10,000.00
Prepaid Insurance 2,000.00 Wages Payable 480.00
Prepaid Rent 1,500.00 Total Current Liabilities 15,480.00
Office Supplies 50.00
Baking Equipment 6,000.00 Long-Term Liabilities:
Accounts Receivable 7,700.00 Interest Payable 150.00
Total Long-Term Liabilities: 150.00
Total Current Assets 50,586.75 Total Liabilities: 15,630.00
Long-Term/Fixed Assets: Equity:
Merchandise Inventory 175.65 Retained Earnings 18,882.40
Less Accumulated Depreciation 250.00 Common Stock 16000
Total Long-Term/Fixed Assets (74.35)
Total Assets: 50,512.40 Total Equity 34,882.40
Total Liabilities & Equity 50,512.40

&"Helvetica Neue,Regular"&12&K000000&P

Closing Entries

Peyton Approved
Closing Entries
Qtr ending 9/30/2018
Date Accounts Debit Credit
30/Sep Bakery Sales 55,000.00
Merchandise Sales 221.00
Income Summary 55,221.00
30/Sep Income Summary (FIFO) 26,338.60
Baking Supplies Expense 17,400.00
Rent Expense 4,500.00
Wages Expense 1,956.00
Office Supplies Expense 550.00
Business License Expense 375.00
Misc. Expense 250.00
Depreciation Expense 250.00
Insurance Expense 400.00
Advertising Expense 200.00
Interest Expense 150.00
Telephone Expense 150.00
COGS FIFO 157.60
30/Sep Income Summary (FIFO) 28,882.40
Retained Earnings FIFO 28,882.40
30/Sep Retained Earnings 10,000.00
Dividends 10,000.00

&"Helvetica Neue,Regular"&12&K000000&P

Post Closing Trial Balance

Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
Unadjusted Trial Balance
Account Debit Credit
Cash 32,236.75
Baking Supplies 1,100.00
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,000.00
Baking Equipment 6,000.00
Accumulated Depreciation 250.00
Office Supplies 50.00
Accounts Receivable 7,700.00
Accounts Payable 5,000.00
Wages Payable 480.00
Interest Payable 150.00
Notes Payable 10,000.00
Common Stock 16,000.00
Retained Earnings FIFO 18,882.40
Totals 50,762.40 50,762.40

&"Helvetica Neue,Regular"&12&K000000&P

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

&"Helvetica Neue,Regular"&12&K000000&P