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Peyton approved balance sheet as of september 30 2018

30/12/2020 Client: saad24vbs Deadline: 3 days

Instructions

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

Misc. 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

Misc. Supplies Expense 511

Cost of Goods Sold 512

Step 1 July Journal

Peyton Approved

General Journal Entries

Jul-14

Date Accounts Debit Credit

1-Jul Cash 15,000.00

Common Stock 15,000.00

Contributed cash for common stock

1-Jul Baking Suppllies 8,500.00

Vendor 8,500.00

To record Baking Supplies purchased

3-Jul Cash 10,000.00

Notes Payable 10,000.00

To record loan from parents

7-Jul Lease Expense Advance 1,500.00

Cash 1,500.00 3,000.00

To Record Lease Agreements

10-Jul Business License 375.00

Cash 375.00

To record Buisness License Fee

11-Jul Miscellaneous Expense 250.00

Cash 250.00

To record Misc. Exp. cash resgister

13-Jul Baking Equipment 5,000.00

Common Stock 5,000.00

To record purchase baking equipment

13-Jul Advertising Expense 200.00

Cash 200.00

To record Advertising Expense

14-Jul Miscellaneous Supplies 300.00

Cash 300.00

To record Misc. Supplies

15-Jul No Entry Required

30-Jul Telephone Expenses 45.00

Accounts Payable 45.00

To record Telephone expense

31-Jul Prepaid Insurance 1,200.00

Cash 1,200.00

To record Insurance payment

31-Jul Wages Expenses 120.00

Wages payble 120.00

To record Wage expense

31-Jul Cash 10,000.00

Accounts Receivable 5,000.00

Bakery Sales 15,000.00

Step 2 August Journal

Peyton Approved

General Journal Entries

Aug-14

Date Accounts Debit Credit

31-Jul Wages Expense 120.00

Wages Payable 120.00

To record Wage expense

8-Aug Cash 3,200.00

Accounts Receivable 3,200.00

10-Aug Telephone Expense 45.00

Cash 45.00

To record Telephone expense

15-Aug Baking Supplies 5,000.00

Accounts Payables 5,000.00

15-Aug Wages Expense 480.00

Wages Payable 480.00

To record Wage expense

15-Aug Rent Expense 1,500.00

Cash 1,500.00

18-Aug Cash 1,000.00

Accounts Receivables 1,000.00

20-Aug Accounts Payables 8,500.00

Cash 8,500.00

20-Aug Wages Expense 480.00

Cash 480.00

22-Aug Miscellaneous Supplies 300.00

Cash 300.00

31-Aug Cash 45.00

Telephone Expenses 45.00

31-Aug Wage Expenses 420.00

Wages Payable 420.00

Cash 12,500.00

Accounts Receivable 7,500.00

Bakery Sales 20,000.00

Step 3 September Journal

Peyton Approved

General Journal Entries

Sep-14

Date Accounts Debit Credit

1-Sep Dividends 3,000.00

Cash 3,000.00

5-Sep Salary and Wages Payable 420.00

Cash 420.00

7-Sep Merchandise Inventory 60.00

Cash 60.00

8-Sep Cash 4,000.00

Accounts Receivable 4,000.00

10-Sep Accounts Payable 45.00

Cash 45.00

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 revenue 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 Revenue 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 Expense 480.00

Wages Payable 480.00

30-Sep Cash 6,000.00

Accounts Receivable 19,000.00

Bakery Sales 25,000.00

Inventory Valuation

FIFO 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 Revenue 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 Revenue 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 Revenue 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 Revenue 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 Revenue 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 Revenue 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

Step 4 T accounts

date Cash date date Notes Payable date Business License exp Common Stock

1-Jul 15,000.00 3,000.00 7-Jul 10,000 3-Jul 10-Jul 375 15,000 1-Jul

3-Jul 10,000.00 375.00 10-Jul 5,000 13-Jul

31-Jul 5,000.00 250.00 11-Jul 10,000 375

8-Aug 3,200.00 200.00 13-Jul 10,000 375 20,000

18-Aug 1,000.00 300.00 14-Jul

31-Aug 12,500.00 1,200.00 31-Jul

8-Sep 4,000.00 120.00 5-Aug

15-Sep 68.00 45.00 10-Aug

24-Sep 153.00 1,500.00 15-Aug

30-Sep 6,000.00 8,500.00 20-Aug

480.00 20-Aug

300.00 22-Aug

3,000.00 1-Sep

420.00 5-Sep

60.00 7-Sep Accounts Rec. Insurance expense

45.00 10-Sep 31-Jul 10000 3200 8-Aug

5,000.00 13-Sep 31-Aug 7500 1000 18-Aug

1,500.00 15-Sep 30-Sep 19000 4000 8-Sep

456.00 20-Sep

122.00 20-Sep COMPLETION OF STEPS 1- 4 DELIVERABLE:

151.25 30-Sep CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT

28300 0

56,921.00 27,024.25

29,896.75

Misc. expense Baking equipment Advertising expense

11-Jul 250.00 13-Jul 5,000 13-Jul 200

200

5,000

250.00

Baking supplies Misc. supplies Rent expense

1-Jul 8,500.00 14-Jul 300 15-Aug 1,500

15-Aug 5,000.00 22-Aug 300 15-Sep 1500

11-Sep 7,000.00

20,500 600 0

20,500 600

0

600

20500

Baking supplies Misc. supplies Rent expense

0 0

- 0

Prepaid rent Prepaid insurance Bakery Sales

0

0

- 0

Accounts payable Salary and wages expense Salaries and wages payable

- 0

Telephone expense

- 0

0

Dividends depreciation expense acc dep

- 0

- 0

0 0

baking supplies expense Interest expense Interest payable

adj adj adj

0 0 0

misc supplies expense COGS LIF0 COGS FIFO

adj

0

Merchandise Sales Revenue - 0 - 0

- 0

COGS Weighted Avg. Merch. Inv. FIFO Merch. Inv. LIFO Merch. Inv. Avg.

- 0 - 0 - 0 - 0

Steps 5 and 7 Trial Balance

Peyton Approved

Trial Balance

2014

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