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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
Unadjusted trial balance Adjusting entries Adjusted trial balance
Account Debit Credit Debit Credit Debit Credit
Cash
Baking Supplies
Merchandise Inventory
Prepaid Rent
Prepaid Insurance
Baking Equipment
Misc. Supplies
Accounts Receivable
Notes Payable
Accounts Payable
Wages Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense COMPLETION OF STEPS 5-7 DELIVERABLE:
Misc. Expense CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
Business License Expense WORKBOOK TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT
Advertising Expense
Wages Expense
Telephone Expense
COGS
Depreciation Expense 208.33 208.33
Accumulated Depreciation 208.33 208.33
Misc Supplies Expense*
Interest Expense*
Interest Payable*
- 0 - 0 208.33 208.33 208.33 208.33
- 0
*These accounts will not be utilized before the adjusting process. They should have zero balance in the unadjusted trial balance.
Step 6 Adjusting Entries
Peyton Approved
Adjusting Journal Entries
2014
Date Accounts Debit Credit
30-Sep Depreciation Expense 208.33
accumulated depreciation 208.33
Step 8 Income Statement
Peyton Approved
Income Statement
For Qtr. Ending 9/30/2014
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