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July Journal Entries

Peyton Approved
General Journal Entries
Jul-14
Date	Accounts	Debit	Credit
1-Jul	Cash	15000.00
	Comon Stock		15,000.00
3-Jul	Cash	10,000.00
	Notes Payable		10,000.00
10-Jul	Business Licience Expense	375.00
	Cash		375.00
11-Jul	Miscellaneous Exp	250.00
	Cash		250.00
13-Jul	Baking Equipment	5,000.00
	Comon Stock		5,000.00
13-Jul	Advertising Expense	200.00
	Cash		200.00
14-Jul	Baking Supplies	1,000.00
	Cash		1,000.00
14-Jul	Miscellaneous Supplies	300.00
	Cash		300.00
15-Jul	Prepaid Rent	3,000.00
	Cash		3,000.00
30-Jun	Telephone Expense	45.00
	Accounts Payable		45.00
31-Jul	Prepaid Insurance	1,200.00
	Cash		1,200.00
31-Jul	Cash	5,000.00
	Sales Revenue		5,000.00
31-Jul	Salary and Wages Expense	120.00
	Cash		120.00

August Journal Entries

Peyton Approved
General Journal Entries
Aug-14
Date	Accounts	Debit	Credit
8-Aug	Baking Supplies	8500
	Accounts Payable		8,500.00
10-Aug	Accounts Payable	45.00
	Cash		45.00
15-Aug	Salary and Wages Expense	480.00
	Cash		480.00
15-Aug	Rent Expense	1,500.00
	Prepaid Rent		1,500.00
25-Aug	Miscellaneous Supplies	300.00
	Cash		300.00
30-Aug	Accounts Payable	8,500.00
	Cash		8,500.00
30-Aug	Telephone Expense	45.00
	Accounts Payable		45.00
31-Aug	Salary and Wages Expense	420.00
	Cash		420.00
31-Aug	Cash	20,000.00
	Sales Revenue		20,000.00

September Journal Entries

Peyton Approved
General Journal Entries
Sep-14
Date	Accounts	Debit	Credit
10-Sep	Baking Supplies	9,000.00
	Accounts Payable		9,000.00
10-Sep	Accounts Payable	45.00
	Cash		45.00
15-Sep	Salary and Wages Expense	456.00
	Cash		456.00
15-Sep	Rent Expense	1,500.00
	Cash		1,500.00
Se 19	Miscellaneous Supplies	325.00
	Cash		325.00
30-Sep	Telephone Expense	45.00
	Accounts Payable		45.00

30-Sep	Salary and Wages Expense	480.00
	Cash		480.00
30-Sep	Dividends	2,000.00
	Cash		2,000.00
30-Sep	Cash	22,500.00
	Sales Revenue		22,500.00

October Journal Entries

Peyton Approved
General Journal Entries
Oct-14
Date	Accounts	Debit	Credit
1-Oct	Accounts Payable	9,000.00
	Cash		9,000.00
10-Oct	Accounts Payable	45.00
	Cash		45.00
12-Oct	Baking Supplies	10,000.00
	Accounts Payable		10,000.00
14-Oct	Miscellaneous Supplies	310.00
	Cash		310.00
15-Oct	Salary and Wages Expense	444.00
	Cash		444.00
15-Oct	Rent Expense	1,500.00
	Cash		1,500.00
30-Oct	Telephone Expense	45.00
	Accounts Payable		45.00
30-Oct	Dividends	2,500.00
	Cash		2,500.00
31-Oct	Salary and Wages Expense	480.00
	Cash		480.00
31-Oct	Cash	27,000.00
	Sales Revenue		27,000.00

November Journal Entries

Peyton Approved
General Journal Entries
Nov-14
Date	Accounts	Debit	Credit
1-Nov	Accounts Payable	10000
	Cash		10,000.00
7-Nov	Merchandise Inventory	60.00
	Cash		60.00
10-Nov	Accounts Payable	45.00
	Cash		45.00
10-Nov	Baking Supplies	10,000.00
	Accounts Payable		10,000.00
11-Nov	Miscellaneous Supplies	300.00
	Cash		300.00
15-Nov	Salary and Wages Expense	420.00
	Cash		420.00
15-Nov	Cash	68.00
	Merchandise Sales		68.00
15-Nov	Cost of Goods Sold	48.00
	Merchandise Inventory		48.00
15-Nov	Rent Expense	1,500.00
	Cash		1,500.00
20-Nov	Merchandise Inventory	122.00
	Cash		122.00
30-Nov	Cash	153.00
	Merchandise Sales		153.00
30-Nov	Cost of Goods Sold	109.60
	Merchandise Inventory		109.60
30-Nov	Telephone Expense	45.00
	Accounts Payable		45.00
30-Nov	Salary and Wages Expense	360.00
	Cash		360.00
30-Nov	Dividends	2,500.00
	Cash		2,500.00
30-Nov	Cash	25,000.00
	Sales Revenue		25,000.00

December Journal Entries

Peyton Approved
General Journal Entries
Dec-14
Date	Accounts	Debit	Credit
1-Dec	Accounts Payable	10000.00
	Cash		10,000.00
1-Dec	Merchandise Inventory	151.25
	Cash		151.25
4-Dec	Baking Supplies	12,000.00
	Accounts Payable		12,000.00
8-Dec	Miscellaneous Supplies	300.00
	Cash		300.00
10-Dec	Accounts Payable	45.00
	Cash		45.00
14-Dec	Merchandise Inventory	180.00
	Cash		180.00
15-Dec	Cash	187.00
	Merchandise Sales		187.00
15-Dec	Cost of goods sold	133.30
	Merchandise Inventory		133.30
15-Dec	Salary and Wages Expense	540.00
	Cash		540.00
15-Dec	Rent Expense	1,500.00
	Cash		1,500.00
24-Dec	Cash	204.00
	Merchandise Sales		204.00
24-Dec	Cost of goods sold	144.35
	Merchandise Inventory		144.35
26-Dec	Merchandise Inventory	121.60
	Cash		121.60
30-Dec	Telephone Expense	45.00
	Accounts Payable		45.00
31-Dec	Dividends	2,500.00
	Cash		2,500.00
31-Dec	Salary and Wages Expenses	480.00
	Salary and Wages Payable		480.00
31-Dec	Cash	30,000.00
	Revenue		30,000.00

adjusting entries

Peyton Approved
Adjusting Journal Entries
2014
Date	Accounts	Debit	Credit
31-Dec	Depreciation Expense	458
	Accumulated Depreciation		458
31-Dec	Interest Expense	300
	Interest Payable		300
31-Dec	Insurance Expense	600
	Prepaid Insurance		600
31-Dec	Baking Supplies Expense	49,400
	Baking Supplies		49,400
31-Dec	Miscellaneous Supplies Expense	1,785
	Miscellaneous Supplies		1,785

trial balance

Peyton Approved
Trial Balance
2014
	Unadjusted trial balance		Adjusting entries		Adjusted trial balance
Account	Debit	Credit	Debit	Credit	Debit	Credit
Cash	89,192.15				89,192.15
Notes Payable		10,000.00				10,000.00
Business Licence Expense	375.00				375.00
Common Stock		20,000.00				20,000.00
Miscellaneous Expense	250.00				250.00
Baking Equipment	5,000.00				5,000.00
Advertising Expense	200.00				200.00
Baking Supplies	50,500.00			49,400.00	1,100.00
Miscellaneous Supplies	1,835.00			1,785.00	50.00
Rent Expense	7,500.00				7,500.00
Prepaid Rent	1,500.00				1,500.00
Prepaid Insurance	1,200.00			600.00	600.00
Bakery Revenue		129,500.00				129,500.00
Accounts Payable		12,045.00				12,045.00
Salary and Wages Expense	4,680.00				4,680.00
Salary and Wages Payable		480.00				480.00
Telephone Expense	270.00				270.00
Dividends	9,500.00				9,500.00
Depreciation Expense			458.00		458.00
Accumulated Depreciation				458.00		458.00
Baking Supplies Expense			49,400.00		49,400.00
Interest Expese			300.00		300.00
Interest Payable				300.00		300.00
Insurance Expense			600.00		600.00
Miscellaneous Supplies Expense			1,785.00		1,785.00
Merchandise Inventory	199.60				199.60
Merchandise sales		612.00				612.00
Cost of Goods Sold	435.25				435.25
Total	172,637.00	172,637.00	52,543.00	52,543.00	173,395.00	173,395.00
		- 0

Balance Sheet

Peyton Approved
Balance Sheet
For the Period Ended December 31, 2014
Assets			Liabilities and Owners' Equity
	Cash	$ 89,192.15		Accounts Payable	12,045.00
	Prepaid Rent	$ 1,500.00		Salary and Wages Payable	$ 480.00
	Prepaid Insurance	$ 600.00		Interest Payable	300.00
	Merchandise Inventory	$ 199.60		Total Current Liabilities	12,825.00
	Baking Supplies	$ 1,100.00		Notes Payable	10,000.00
	Miscellaneous Supplies	$ 50.00		Total Liabilities	22,825.00
	Total Current Assets	$ 92,641.75		Retained Earnings	$ 54,358.75
	Baking Equipment	$ 5,000.00		Common Stock	20,000.00
	Accumulated Depreciation	$ (458.00)
	Total Assets	$ 97,183.75		Total Liabilities and Equity	97,183.75

Income Statement

Peyton Approved
Income Statement
For the Year Ended 12/31/2014
	Bakery Revenue		129,500.00
	Merchandise sales		612.00
	Total Revenue		$ 130,112.00
	Less: Expenses
	Baking Supplies Expense	49,400.00
	Cost of Goods Sold	435.25
	Business Licence Expense	375.00
	Miscellaneous Expense	250.00
	Advertising Expense	200.00
	Rent Expense	7,500.00
	Salary and Wages Expense	4,680.00
	Telephone Expense	270.00
	Depreciation Expense	458.00
	Interest Expese	300.00
	Insurance Expense	600.00
	Miscellaneous Supplies Expense	1,785.00
	Total Expenses		66,253.25
	Net Income		63,858.75

Statement of Retained Earnings

Peyton Approved
Statement of Retained Earnings
For the Year Ended 12/31/2014
	Opening Balance	$ - 0
	Add: Net Income	$ 63,858.75
		$ 63,858.75
	Less: Dividends	$ 9,500.00
	Closing Balance	$ 54,358.75

Closing Entries

Peyton Approved
Closing Entries
2014
Date	Accounts	Debit	Credit
31-Dec	Bakery Revenue	129,500.00
	Merchandise sales	612.00
	Income Summary		130,112.00
31-Dec	Income Summary	66,253.25
	Baking Supplies Expense		49,400.00
	Cost of Goods Sold		435.25
	Business Licence Expense		375.00
	Miscellaneous Expense		250.00
	Advertising Expense		200.00
	Rent Expense		7,500.00
	Salary and Wages Expense		4,680.00
	Telephone Expense		270.00
	Depreciation Expense		458.00
	Interest Expese		300.00
	Insurance Expense		600.00
	Miscellaneous Supplies Expense		1,785.00
31-Dec	Income Summary	63,858.75
	Retained Earnings		63,858.75
31-Dec	Retained Earnings	$ 9,500.00
	Dividends		$ 9,500.00

t-accounts

	Cash			Notes Payable			Business License exp				Common Stock
	15,000.00	375.00			10,000		375.00					15,000
	10,000.00	250.00										5,000
	5,000.00	200.00		0	10,000		375.00	0			0	20,000
		1,000.00			10,000		375.00					20,000
	20,000.00	300.00
		3,000.00
	22,500.00	1,200.00
		120.00
	27,000.00
	68.00	45.00
	25,000.00	480.00
	153.00
	187.00
	204.00
	30,000.00	300.00
		8,500.00
		420.00
		45.00
		456.00
		1,500.00
		325.00
		480.00
		2,000.00
		9,000.00
		45.00
		310.00
		444.00
		1,500.00
		2,500.00
		480.00
		60.00
		122.00
		10,000.00
		45.00
		300.00
		420.00
		1,500.00
		360.00
		2,500.00
		10,000.00
		300.00
		45.00
		151.25
		180.00
		121.60
		540.00
		1,500.00
		2,500.00
	155,112.00	65,919.85
	89,192.15
	Misc. expense			Baking equipment				Advertising expense
	250.00			5,000				200.00
	250.00			5,000				200.00
	Baking supplies			Misc. supplies				Rent expense			Insurance expense
	1,000	49400	adj	300	1785	adj		1,500.00		adj	600.00
	8500			300.00				1,500.00
	9,000.00			325.00				1,500.00
	10,000.00			310.00				1,500.00
	10,000.00			300.00				1,500.00
	12,000.00			300.00
	50,500	49,400		1,835	1,785
	1,100			50
								7,500.00
	Prepaid rent			Prepaid insurance				Bakery revenue
	3,000	1,500		1,200	600	adj			5,000
									20,000
									22,500
	1,500			600					27,000
									25,000
									30,000
									129,500
	Accounts payable			Salary and Wages expense				Salaries and Wages payable
	8500.00	8500.00		120.00					480
	9000.00	9000.00		480.00
	10000.00	10000.00		420.00
	10000.00	10000.00		456.00
	45.00	12000.00		480.00
	45.00	45.00		444.00
	45.00	45.00		480.00
	45.00	45.00		420.00
	45.00	45.00		360.00
		45.00		540.00
		45.00		480.00
	37,725	49,770
		12,045
	Telephone expense
	45.00			4,680					480
	45.00								480
	45.00
	45.00			Dividends				Depreciation expense				Acc dep
	45.00			2,000			adj	458					458	adj
	45.00			2,500
				2,500
	270.00			2,500
				9,500
	baking supplies expense							Interest expense				Interest payable
adj	49,400						adj	300					300	adj
	misc supplies expense			Merch. Inv. FIFO				Merch. Inv. LIFO				Merch. Inv. Weighted average
adj				60.00	48.00			60.00	48.00			60.00	48.00
				122.00	109.60			122.00	109.80			122.00	109.64
				151.25	133.30			151.25	132.00			151.25	132.60
				180.00	144.35			180.00	144.80			180.00	144.66
				121.60				121.60				121.60
				634.85	435.25			634.85	434.60			634.85	434.90
	Merchandise Sales Revenue			199.60				200.25				199.95
		68.00
		153.00
		187.00
		204.00
		612.00
				COGS FIFO				COGS LIFO				COGS Weighted average
				48.00				48.00				48.00
				109.60				109.80				109.64
				133.30				132.00				132.60
				144.35				144.80				144.66
				435.25				434.60				434.90

payroll

	hours	rate		pay
31-Jul	10	12		120
15-Aug	40	12		480
31-Aug	35	12		420
15-Sep	38	12		456
30-Sep	40	12		480
15-Oct	37	12		444
31-Oct	40	12		480
15-Nov	35	12		420
30-Nov	30	12		360
15-Dec	45	12		540
31-Dec	40	12		480
			Total	4680

Inventory valuation

Method chosen =	FIFO
	Purchases			Sales			Ending Inventory
	Units	Rate	$	Units	Rate	$	Units	Rate	$
	10	$ 6.00	$ 60.00	0	0	0	10	6	$ 60.00
							10		$ 60.00
			$ - 0	8	$ 6.00	$ 48.00	2	$ 6.00	$ 12.00
			$ - 0			$ - 0	2		$ 12.00
	20	$ 6.10	$ 122.00	0	0	$ - 0	2	$ 6.00	$ 12.00
			$ - 0			$ - 0	20	$ 6.10	$ 122.00
			$ - 0			$ - 0	22		$ 134.00
			$ - 0	2	6	$ 12.00			$ - 0
			$ - 0	16	$ 6.10	$ 97.60	4	$ 6.10	$ 24.40
			$ - 0			$ 109.60	4		$ 24.40
	25	6.05	$ 151.25	0	0	$ - 0	4	6.1	$ 24.40
			$ - 0			$ - 0	25	6.05	$ 151.25
			$ - 0			$ - 0	29		$ 175.65
			$ - 0			$ - 0			$ - 0
	30	$ 6.00	$ 180.00	0	0	$ - 0	4	$ 6.10	$ 24.40
						$ - 0	25	$ 6.05	$ 151.25
						$ - 0	30	$ 6.00	$ 180.00
						$ - 0	59		$ 355.65
						$ - 0			$ - 0
				4	6.1	$ 24.40			$ - 0
				18	6.05	$ 108.90	7	$ 6.05	$ 42.35
							30	$ 6.00	$ 180.00
						$ 133.30	37		$ 222.35
				7	$ 6.05	$ 42.35
				17	$ 6.00	$ 102.00	13	$ 6.00	$ 78.00
						$ 144.35	13		$ 78.00
	20	$ 6.08	$ 121.60				13	$ 6.00	$ 78.00
							20	$ 6.08	$ 121.60
	105		634.85	72		$ 435.25	33		$ 199.60