Final paper

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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

July Journal Entries

Peyton Approved
General Journal Entries Put entries in shaded cells
Jul-18
Date Accounts Debit Credit
1-Jul Cash 10,000.00
Common Stock 10,000.00
1-Jul Baking Supplies 6,500.00
Accounts Payable 6,500.00
3-Jul Cash 10,000.00
Notes Payable 10,000.00
7-Jul Rent Expense 1,500.00
Prepaid Rent 1,500.00
Cash 3,000.00
10-Jul Business License Expense 375.00
Cash 375.00
11-Jul Misc. Expense 250.00
Cash 250.00
13-Jul Baking Equipment 6,000.00
Common Stock 6,000.00
13-Jul Advertising Expense 200.00
Cash 200.00
14-Jul Office Supplies 300.00
Cash 300.00
30-Jul Telephone Expense 75.00
Accounts Payable 75.00
31-Jul Prepaid Insurance 2,400.00
Cash 2,400.00
31-Jul Wages Expense 120.00
Wages Payable 120.00
31-Jul Cash 10,000.00
Accounts Receivable 5,000.00
Bakery Sales 15,000.00
Total 54,220.00 54,220.00
108,440.00 108,440.00

August Journal Entries

Peyton Approved
General Journal Entries Put entries in shaded cells
Aug-18
Date Accounts Debit Credit
5-Aug Wages Payable 120.00
Cash 120.00
8-Aug Cash 3,800.00
Accounts Recievable 3,800.00
10-Aug Account Payable 75.00
Cash 75.00
15-Aug Baking Supplies 5,000.00
Accounts Payable 5,000.00
15-Aug Wages Expense 480.00
Wages Payable 480.00
15-Aug Rent Expense 1,500.00
Cash 1,500.00
18-Aug Cash 3,000.00
Accounts Recievable 3,000.00
20-Aug Accounts Payable 8,500.00
Cash 8,500.00
20-Aug Wages Payable 480.00
Cash 480.00
22-Aug Office supplies 300.00
Cash 300.00
31-Aug Telephone Expense 75.00
Accounts Payable 75.00
31-Aug Wages Expense 420.00
Wages Payable 420.00
31-Aug Cash 12,500.00
Accounts Recievable 7,500.00
Bakery Sales 20,000.00
Total 43,750.00 $ 43,750.00

September Journal Entries

Peyton Approved
General Journal Entries Put entries in shaded cells
Sep-18
Date Accounts Debit Credit
1-Sep Dividends 10,000.00
Cash 10,000.00
5-Sep Wages Payable 420.00
Cash 420.00
7-Sep Merchandise Inventory 60.00
Cash 60.00
8-Sep Cash 4,000.00
Accounts Recievable 4,000.00
10-Sep Accounts Payable 75.00
Cash 75.00
11-Sep Baking Supplies 7,000.00
Accounts Payable 7,000.00
13-Sep Accounts Payable 5,000.00
Cash 5,000.00
15-Sep Wages Expense 456.00
Wages Payable 456.00
15-Sep Rent Expense 1,500.00
Cash 1,500.00
15-Sep Cash 68.00
Merchandise Sales 68.00
15-Sep Cost of goods sold 48.00
Merchandise Inventory 48.00
20-Sep Wages Payable 456.00
Cash 456.00
20-Sep Merchandise Inventory 122.00
Cash 122.00
24-Sep Cash 153.00
Merchandise sales 153.00
24-Sep Cost of goods sold 109.60
Merchandise Inventory 109.60
30-Sep Merchandise Inventory 151.25
Cash 151.25
30-Sep Wages Expenses 480.00
Wages Payable 480.00
30-Sep Cash 14,000.00
Accounts Recievable 6,000.00
Bakery Sales 20,000.00
Total 50,098.85 50,098.85

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 8.5 $ 68.00 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 18 8.5 $ 153.00 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
81 $ 554.25 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 8.5 $ 68.00 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 8.5 $ 153.00 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
81 $ 554.25 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 8.5 $ 68.00 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 8.5 $ 153.00 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
81 $ 554.25 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

T-Accounts

date Cash date date Notes Payable date Business License exp Common Stock
1-Jul 10,000.00 10,000 3-Jul 10-Jul 375.00 10,000 1-Jul
3-Jul 10,000.00 6,000 13-Jul
3,000.00 7-Jul - 0 10,000.00 375.00 - 0 - 0 16,000.00
375.00 10-Jul 10,000.00 Balance Balance 375.00 16,000.00 Balance
250.00 11-Jul
200.00 13-Jul
300.00 14-Jul
2,400.00 31-Jul
31-Jul 10,000.00
120.00 5-Aug
8-Aug 3,800.00
75.00 10-Aug
18-Aug 3,000.00
1,500.00 15-Aug
8,500.00 20-Aug Accounts Rec. Insurance expense
480.00 20-Aug 31-Jul 5,000.00
300.00 22-Aug 3,800.00 8-Aug
31-Aug 12,500.00 3,000.00 18-Aug
10,000.00 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 4,000.00
75.00 10-Sep 18,500.00 10,800.00
5,000.00 13-Sep Balance 7,700.00
1,500.00 15-Sep
15-Sep 68.00
456.00 20-Sep
122.00 20-Sep
24-Sep 153.00
151.25 30-Sep
30-Sep 14,000.00
67,521.00 35,284.25
Balance 32,236.75
Misc. expense Baking equipment Advertising expense
11-Jul 250.00 13-Jul 6,000 13-Jul 200.00
250.00 - 0 6,000.00 - 0 200.00 - 0
Balance 250.00 Balance 6,000.00 Balance 200.00
Baking supplies Office supplies Rent expense
1-Jul 6,500 14-Jul 300 7-Jul 1,500
15-Aug 5,000 22-Aug 300 15-Aug 1,500
11-Sep 7,000 15-Sep 1,500
18,500.00 - 0 600.00 - 0 4,500.00 - 0
Balance 18,500.00 Balance 600.00 Balance 4,500.00
Prepaid rent Prepaid insurance Bakery Sales
7-Jul 1,500 31-Jul 2,400 15,000 31-Jul
20,000 31-Aug
20,000 30-Sep
1,500.00 - 0 2,400.00 - 0 - 0 55,000.00
Balance 1,500.00 Balance 2,400.00 55,000.00 Balance
Accounts payable Wages expense Wages payable
6,500.00 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 75 456.00 15-Sep
7,000.00 11-Sep 20-Sep 456
13-Sep 5,000 480.00 30-Sep
13,650 18,650 1,956 - 0 1,476 1,956
5,000 Balance Balance 1,956 480 Balance
Dividends depreciation expense
Telephone expense 1-Sep 10,000
30-Jul 75
31-Aug 75
10,000 - 0 acc dep
Balance 10,000
150 - 0 Interest expense
Balance 150
baking supplies expense COGS FIFO Interest payable
15-Sep 48.00
24-Sep 109.60
misc supplies expense
157.60 - 0
Balance 157.60
Merchandise Sales
68.00 15-Sep Merch. Inv. FIFO
153.00 24-Sep 7-Sep 60.00
48.00 15-Sep
20-Sep 122.00
- 0 221 109.60 24-Sep
221 Balance 30-Sep 151.25
333.25 157.60
Balance 175.65

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 18,500.00 18,500.00
Merchandise Inventory (FIFO) 175.65 175.65
Prepaid Rent 1,500.00 1,500.00
Prepaid Insurance 2,400.00 400.00 2,000.00
Baking Equipment 6,000.00 17,400.00 (11,400.00)
Accumulated Depreciation 250.00 250.00
Office Supplies 600.00 550.00 50.00
Accounts Receivable 7,700.00 7,700.00
Notes Payable 10,000.00 10,000.00
Interest Payable 150.00 150.00
Accounts Payable 5,000.00 5,000.00
Wages Payable 480.00 480.00
Common Stock 16,000.00 16,000.00
Dividends 10,000.00 10,000.00
Bakery Sales 55,000.00 55,000.00
Merchandise Sales 221.00 221.00
Baking Supplies Expense 17,400.00 17,400.00
Rent Expense 4,500.00 4,500.00
Interest Expense 150.00 150.00
Insurance Expense 400.00 400.00
Depreciation Expense 250.00 250.00
Misc. Expense 250.00 250.00
Office Supplies Expense 550.00 550.00
Business License Expense 375.00 375.00
Advertising Expense 200.00 200.00
Wages Expense 1,956.00 1,956.00
Telephone Expense 150.00 150.00
COGS (FIFO) 157.60 157.60
Total: (FIFO) 86,701.00 86,701.00 18,750.00 18,750.00 87,101.00 87,101.00

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 150.00
Interest Payable 150.00
30-Sep Insurance Expense 400.00
Prepaid Insurance 400.00
30-Sep Baking Supplies Expense 17,400.00
Baking Supplies 17,400.00
30-Sep Office Supplies Expense 550.00
Office Supplies 550.00
18,750.00 18,750.00

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 -157.8
Gross Profit (FIFO) 55,378.80
Operating Expenses:
Baking supplies Expense 17,400.00
Rent Expense 4,500.00
Interest Expense 150.00
Insurance Expense 400.00
Depreciation Expense 250.00
Misc. Expense 250.00
Office Supplies Expense 550.00
Business Licenses Expense 375.00
Advertising Expense 200.00
Wages Expense 1,956.00
Telephone Expenses 150.00
Total Operating Expenses: 26,181.00
Net Income (FIFO) 29,197.80

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

Balance Sheet

Peyton Approved
Balance Sheet
As of September 30, 2018
Assets Liabilities and Owners' Equity
Current Assets: Current Liabilities:
Cash 32,236.75 Accounts Payable 5,000.00
Baking Supplies 1,100.00 Wages Payable 480.00
Merchandise Inventory (FIFO) 175.65 Interest Payable 150.00
Prepaid Rent 1,500.00 Total Current Liabilities 5,630.00
Prepaid Insurance 2,000.00
Misc. Supplies 50.00 Long-Term Liabilities:
Accounts Receivable 7,700.00 Notes Payable 10,000.00
Total Long-Term Liabilities: 10,000.00
Total Current Assets 44,762.40 Total Liabilities: 15,630.00
Long-Term/Fixed Assets: Equity:
Baking Equipment 6,000.00 Common Stock 16,000.00
Less Accumulated Depreciation 250.00 Retained Earnings (FIFO): 18,882.40
Total Long-Term/Fixed Assets 5,750.00
Total Assets: 50,512.40 Total Equity 34,882.40
Total Liabilities & Equity 50,512.40

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) 55,221.00
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 18,882.40
30-Sep Retained Earnings
Dividends 10,000.00

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

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