7-1 Final Project Part I Submission: Final Workbook Reflect in ePortfolio

ACC307FinalProjectWorkbook111.xlsx

Chart of Accounts

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	Loans Payable	205
Office Supplies	106
Accounts Receivable	107
Accumulated Depreciation	108
Trademark	109
Leasehold Improvements	110
Accumulated Amortization	111
				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 Cost of Goods Sold	501
				Merchandise Cost of Goods Sold (FIFO)	502
				Rent Expense	503
				Insurance Expense	504
				Misc. Expense	505
				Business License Expense	506
				Advertising Expense	507
				Wages Expense	508
				Telephone Expense	509
				Interest Expense	510
				Depreciation Expense	511
				Amortization Expense	512
				Office Supplies Expense	513

Peyton Approved
Income Statement
For Year Ending 12/31/2017
	Bakery Sales	$ 335,675.00
	Merchandise Sales	$ 35,200.00
	Total Revenues	370,875.00
	Merchandise Cost of Goods Sold (FIFO)	15,760.00
	Baking Cost of Goods Sold	- 0
	Gross Profit	355,115.00
	Operating Expenses:
	Rent Expense	97,500.00
	Interest Expense	- 0
	Insurance Expense	2,400.00
	Depreciation Expense	3,285.72
	Amortization Expense	2,000.00
	Misc. Expense	2,780.00
	Office Supplies Expense	1,600.00
	Business License Expense	375.00
	Advertising Expense	5,200.00
	Wages Expense	- 0
	Telephone Expense	3,456.00
	Total Operating Expenses:	118,596.72
	Net Income	236,518.28

Peyton Approved
Closing Entries
For Year Ending 12/31/2017
Date	Accounts	Debit	Credit
31-Dec	Bakery Sales		335,675.00
	Merchandise Sales		35,200.00
	Income Summary		370,875.00
31-Dec	Income Summary	370,875.00
	Baking Cost of Goods Sold	- 0
	Rent Expense	90,000.00
	Interest Expense	- 0
	Insurance Expense	2,400.00
	Depreciation Expense	3,285.72
	Amortization Expense	2,000.00
	Misc. Expense	2,780.00
	Office Supplies Expense	1,600.00
	Business License Expense	375.00
	Advertising Expense	5,200.00
	Wages Expense	- 0
	Telephone Expense	3,456.00
	Merchandise Cost of Goods Sold (FIFO)	15,760.00
31-Dec	Income Summary	370,875.00
	Retained Earnings		370,875.00
31-Dec	Retained Earnings	370,875.00
	Dividends	20,000.00
		1,259,481.72	1,112,625.00

Peyton Approved
Statement of Retained Earnings
For Year Ending 12/31/2017
	Beginning Balance:
	plus Net Income	236,518.28
	less Dividends:	20,000.00
	Ending Balance:	216,518.28

Peyton Approved
Balance Sheet
As of December 31, 2017
Assets				Liabilities and Owners' Equity
	Current Assets:				Current Liabilities:
	Cash	64,713.72			Accounts Payable	27,325.00
	Baking Supplies	165,250.00			Wages Payable	- 0
	Merchandise Inventory (FIFO)	25,750.00			Interest Payable	- 0
	Prepaid Rent	7,500.00			Total Current Liabilities		27,325.00
	Prepaid Insurance	2,400.00
	Office Supplies	1,600.00			Long Term Liabilities:
	Accounts Receivable	30,401.00			Notes Payable	10,000.00
	Total Current Assets		297,614.72		Loans Payable	21,000.00
					Total Long Term Liabilities:		31,000.00
					Total Liabilities:		58,325.00
	Long Term/Fixed Assets:
	Baking Equipment	17,000.00			Common Stock	30,000.00
	Accumulated Depreciation	3,285.72			Retained Earnings	216,518.28
			13,714.28
	Leasehold Improvements	10,000.00			Total Equity		246,518.28
	Accumulated Amortization		10,000.00
	Trademark	2,300.00
	Total Assets:		321,329.00		Total Liabilities & Equity		304,843.28