Peyton approved trial balance 2018

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

Step 2 August Journal

Peyton Approved

General Journal Entries

Aug-14

Date Accounts Debit Credit

Step 3 September Journal

Peyton Approved

General Journal Entries

Sep-14

Date Accounts Debit Credit

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 15,000 1-Jul

0 0 15,000

Accounts Rec. Insurance expense

COMPLETION OF STEPS 1- 4 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT

0 0

15,000.00 - 0

15,000.00

Misc. expense Baking equipment Advertising expense

0

0

0

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

Step 8 Statement of Retained Ea

Peyton Approved

Statement of Retained Earnings

For Qtr. Ending 9/30/2014

Step 8 Balance Sheet

Peyton Approved

Balance Sheet

As of September 30, 2014

Assets Liabilities and Owners' Equity

Step 9 Closing Entries

Peyton Approved

Closing Entries

9/30/14

Date Accounts Debit Credit

Step 10 Post Closing Trial Bala

Peyton Approved

Post Closing Trial Balance

9/30/14

Unadjusted Trial Balance

Account Debit Credit

Step 11 Reversing Entries

Peyton Approved

Reversing Entries

9/30/14

Date Accounts Debit Credit

COMPLETION OF STEPS 8-11 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

COMPLETED WORKBOOK (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT

REQUIREMENT

Sheet1

ACC 201 Final Project Peyton Approved Instructions

For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations.

Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. These transactions will include:

· the initial setup of the business

· cash and credit sales

· making payments to vendors

· paying store employees

· managing debt

It will help you to print this document as you are making your entries in your workbook. Your textbook prepares you and can be used as a reference to assist you in completing this assignment. You should begin this project in Module Tw