Scrib Upload - ACC 201 Final Project Workbook

Print this page to use for your journal entries. Only accounts on this page can be used.
Asset Accounts
Acct #
Cash 101
Baking Supplies 102
Prepaid Rent 103
Prepaid Insurance 104
Baking Equipment 105
Office Supplies 106
Accounts Receivable 107
Accumulated Depreciation 108
Merchandise Inventory 109
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.
entries. Only accounts on this page can be used.
Liability Accounts Equity Accounts

Acct #
Notes Payable 201 Common Stock
Accounts Payable 202 Dividends
Wages Payable 203
Interest Payable 204
Revenue Accounts
Bakery Sales
Merchandise Sales
he appropriate accounts to record to as you are analyzing and
is nothing to complete on this page; this is simply a resource
for you. Expense Accounts
Baking Supplies Expense

Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Cost of Goods Sold
s
Acct #
301
302
ts
Acct #
401
402
ts
Acct #
501
502
503
504
505
506
507
508
509
510
511
512
Peyton Approved
General Journal Entries
Jul-18
Date Accounts Debit Credit

1-Jul Cash 10,000.00
Common Stock 10,000.00
Contributed cash for common stock
1-Jul Baking Supplies 6,500.00
Accounts Payable 6,500.00
3-Jul
7-Jul Cash
Prepaid Rent 1,500.00
Rent Expense 1,500.00
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

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

Cash 120.00
31-Jul Cash
Baking Sales 15,000.00
Accounts Receivable 15,000.00
Total 42,720.00 42,720.00
85,440.00 85,440.00
Put entries in shaded cells
Peyton Approved
Aug-18

5-Aug Wages Expense 120.00
Cash 120.00
8-Aug Accounts Recievable 3,800.00

Bakery Sales 3,800.00
10-Aug Telephone Expense 75.00

Cash 75.00
15-Aug Bakery Supplies 5,000.00

15-Aug Wages Accrued 480.00

480.00
15-Aug Rent Expense 1,500.00

18-Aug Accounts Receivable 3,000.00

20-Aug Acounts Payable 8,500.00

Cash 8,500.00
Paid on Bakery Supplies
20-Aug Wages Expense 480.00
Cash 480.00
22-Aug Office Supplies 300.00

Cash 300.00
31-Aug Telephone Expense 75.00

0 75.00
31-Aug Wages Payable 420.00

Cash 420.00
31-Aug
Cash 27,500.00
Sales Revenue 27,500.00
Total 51,250.00 $ 51,250.00

Peyton Approved
Sep-18
Date Accounts Debit

1-Sep Dividends 10,000.00
Cash
5-Sep Wages Expense 420.00

Cash
7-Sep Merchandise Inventory 60.00

Cash
8-Sep Accounts Recievable 4,000.00

Cash
10-Sep Accounts Payable 75.00

Cash
11-Sep Baking Supplies 7,000.00

Cash
13-Sep Accounts Payable 5,000.00

Cash
15-Sep Rent Expense 1,500.00

Cash
15-Sep Miscellaneous Supplies 68.00

cash

Cash
20-Sep Wages Expense 456.00

Cash

Cash
24-Sep Cash 153.00

Merchandise Sale
Cash Revenue

Cash Revenue
30-Sep Wages Payable 480.00

Cash
30-Sep Cash 26,000.00

Sales Revenue
Total 55,642.85
Credit
10,000.00
420.00
60.00
4,000.00
75.00
7,000.00
5,000.00
1,500.00
68.00
48.00
456.00
122.00
153.00
109.60
151.25
480.00
26,000.00
-
55,642.85
FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES
Date Purchases Sales Ending Inventory
7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00
15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

20 $ 6.10
22
24-Sep 2 $ 6.00 $ 12.00

16 $ 6.10 $ 97.60 4 $ 6.10
$ 109.60
30-Sep 25 $ 6.05 $ 151.25 4 $ 6.10

25 $ 6.05
29
55 $ 333.25 26 $ 157.60 29
LIFO Purchases Sales Ending Inventory

7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00
15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

20 $ 6.10
22
24-Sep 18 $ 6.10 $ 109.80 2 $ 6.00

2 $ 6.10
4
30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00

2 $ 6.10
25 $ 6.05
29
55 $ 333.25 26 $ 157.80 29
weighted average Purchases Sales Ending Inventory

7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00
15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

20 $ 6.10
22
24-Sep 18 $ 6.09 $ 109.62 4
30-Sep 25 $ 6.05 $ 151.25 4

25 $ 6.05
55 $ 333.25 26 157.62 29
Ending Inventory Dr Cr
$ 60.00 7-Sep Merchandise Inventory (10 x $6) 60.00
Cash 60.00
$ 12.00 Purchased inventory
$ 12.00 15-Sep Cash (8 x $8.50) 68.00

$ 122.00 Merchandise Sales 68.00
$ 134.00 Record sale of inventory
15-Sep Cost of Goods Sold (8 X $6) 48.00

$ 24.40 Merchandise Inventory 48.00
Recorded the cost of goods sold
$ 24.40 20-Sep Merchandise Inventory (20 x $6.10 ) 122.00

$ 151.25 Cash 122.00
$ 175.65
$ 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
Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

$ 60.00 Cash 60.00
Purchased inventory
$ 12.00
15-Sep Cash (8 x $8.50) 68.00
$ 134.00
$ 12.20 Record inventory reduction due to sale
$ 24.20
$ 12.00 Cash 122.00
$ 12.20
$ 151.25 24-Sep Cash (18 x 8.50) 153.00
24-Sep Cost of Goods Sold (18 x $6.10) 109.80

Record inventory reduction due to sale

Cash 151.25
Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

$60 Cash 60.00
Purchased inventory
$ 12.00
15-Sep Cash (8 x $8.50) 68.00
$ 122.00 per unit Record sale of inventory
$ 134.00 $6.09
$ -
$ 151.25 20-Sep Merchandise Inventory (20 x $6.10) 122.00
$ 151.25 $5.22 Cash 122.00
24-Sep Cash (18 x 8.50) 153.00

Record sale of inventory
24-Sep Cost of Goods Sold (18 x $6.09) 109.62


Cash 151.25
Purchases
9/7: 10 bottles purchased at $6
9/20: 20 bottles purchased at $6.10
9/30: 25 bottles purchased at $6.05
Sales – selling price, $8.50 a bottle
9/15: 8 bottles
9/24: 18 bottles
date Cash date date Notes Payable date
1-Jul 10,000.00 10,000 3-Jul
3-Jul 10,000.00
1,500.00 7-Jul - 10,000.00
375.00 10-Jul 10,000.00 Balance
250.00 11-Jul
200.00 13-Jul
300.00 14-Jul
2,400.00 31-Jul
31-Jul 2,400.00
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.
480.00 20-Aug 31-Jul 15,000.00
300.00 22-Aug 3,800.00 8-Aug
31-Aug 27,500.00 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 400.00
75.00 10-Sep 28,500.00 10,800.00
5,000.00 13-Sep Balance 17,700.00
1,500.00 15-Sep
15-Sep 116.00
456.00 20-Sep
122.00 20-Sep
24-Sep 153.00
151.25 30-Sep
30-Sep 26,000.00
83,369.00 33,784.25
Balance 49,584.75
Misc. expense Baking equipment

11-Jul 250.00 13-Jul 6,000
250.00 - 6,000.00 -
Balance 250.00 Balance 6,000.00
Baking supplies Office supplies
1-Jul 6,500 14-Jul 300
15-Aug 5,000 22-Aug 300
11-Sep 7,000
18,500.00 - 600.00 -
Balance 18,500.00 Balance 600.00
Prepaid rent Prepaid insurance

7-Jul 1,500 31-Jul 2,400
1,500.00 - 2,400.00 -
Balance 1,500.00 Balance 2,400.00
Accounts payable Wages expense

6,500.00 1-Jul 31-Jul 120
75 30-Jul 15-Aug 480
10-Aug 75 31-Aug 420
5,000 15-Aug 15-Sep 456
20-Aug 8,500 30-Sep 480
420 31-Aug
10-Sep 75
7,000.00 11-Sep
13-Sep 5,000
13,650 18,995 1,956 -

5,345 Balance Balance 1,956
Dividends
Telephone expense 1-Sep 10,000
30-Jul 75
31-Aug 75
10,000 -
Balance 10,000
150 -
Balance 150
baking supplies expense

1-Jul 6,500
misc supplies expense

1-Jul 250
Merchandise Sales
68.00 15-Sep
153.00 24-Sep
- 221
221 Balance
Business License exp Common Stock
10-Jul 375.00 10,000 1-Jul
0 6,000 13-Jul
- - - 16,000.00
Balance - 16,000.00 Balance
Insurance expense
2400
Advertising expense
13-Jul 200.00
200.00 -
Balance 200.00
Rent expense
7-Jul 1,500
15-Aug 1,500
15-Sep 1,500
4,500.00 -
Balance 4,500.00
Bakery Sales
15,000 31-Jul
20,000 31-Aug
20,000 30-Sep
- 55,000.00
55,000.00 Balance
Wages payable
120 31-Jul
5-Aug 120
480 15-Aug
20-Aug 480
420 31-Aug
5-Sep 420
- 15-Sep
20-Sep 456
480.00 30-Sep
1,476 1,500
24 Balance
depreciation expense
acc dep
Interest expense
600
COGS FIFO Interest payable

15-Sep 48.00 600
24-Sep 109.60
157.60 -
Balance 157.60
Merch. Inv. FIFO

7-Sep 60.00
48.00 15-Sep
20-Sep 122.00
109.60 24-Sep
30-Sep 151.25
333.25 157.60
Balance 175.65
Peyton Approved
Trial Balance
2018
Unadjusted trial balance
Account Debit Credit
Cash 49,584.75
Baking Supplies 18,500.00
Merchandise Inventory (FIFO) 175.65
Prepaid Insurance 2,400.00
Baking Equipment 6,000.00
Accumulated Depreciation
Office Supplies 600.00
Notes Payable 10,000.00
Interest Payable 600.00
Wages Payable 24.00
Dividends 10,000.00
Baking Supplies Expense 18,500.00
Interest Expense 600.00
Insurance Expense 2,400.00
Depreciation Expense
Misc. Expense 250.00
Office Supplies Expense 600.00
Business License Expense 375.00
Advertising Expense 200.00
Wages Expense 1,956.00
Telephone Expense 150.00
COGS (FIFO) 157.60
Total: (FIFO) 117,649.00 105,690.00

Approved
Balance
018
Adjusting entries Adjusted trial balance
Debit Credit Debit Credit
49,584.75
18,500.00
175.65
1,500.00
2,400.00
6,000.00
250.00 250.00
600.00
17,700.00
10,000.00
600.00
5,345.00
24.00
16,000.00
10,000.00
55,000.00
221.00
18,500.00
4,500.00
600.00
2,400.00
250.00 250.00
250.00
600.00
375.00
200.00
1,956.00
150.00
157.60
250.00 250.00 136,399.00 87,440.00

Peyton Approved
Adjusting Journal Entries Put entries in shaded c
2018

30-Sep Depreciation Expense 250
accumulated depreciation 250.00
30-Sep
30-Sep
30-Sep
30-Sep
250.00 250.00
Peyton Approved
Income Statement
For Qtr. Ending 9/30/2018
Revenues:
Bakery Revenue $ 55,000.00
Merchandise sales 221.00
Total Revenues 55,221.00
Cost of Goods Sold 157.6
Gross Profit (FIFO) 55,063.40
Operating Expenses:
Cost of Goods Sold 157.60
Miscellaneous Expense 250.00
Salary and Wages Expense 1,956.00
Depreciation Expense 250.00
Total Operating Expenses: 28,738.60
Net Income (FIFO) 26,324.80

Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018
Beginning Balance: -
plus Net Income (FIFO) 26,324.80
less Dividends: 10,000.00
Ending Balance (FIFO): 36,324.80
Peyton Approved
Balance Sheet
As of September 30, 2018
Assets
Current Assets:
Cash 49,584.75
Miscellaneous Sales -
Total Current Assets 72,160.40

Long-Term/Fixed Assets:
Less Accumulated Depreciation 250.00
Total Long-Term/Fixed Assets (250.00)
Total Assets: 71,910.40

Peyton Approved
Balance Sheet
As of September 30, 2018
Liabilities and Owners' Equity

Current Liabilities:
Wages Payable 1,956.00
Interest Payable 600.00
Total Current Liabilities 7,901.00
Notes Payable 10,000.00
Long-Term Liabilities:
Total Long-Term Liabilities: -
Total Liabilities: 7,901.00

Retained Earnings 36,574.80
Equity:
Total Equity -
Total Liabilities & Equity 7,901.00

Peyton Approved
Closing Entries
Qtr ending 9/30/2018

30-Sep Bakery Sales 55,000.00
Income Summary 55,221.00
30-Sep Income Summary (FIFO) 26,574.80

Wages Expense 1,956.00
Office Supplies Expense 600.00
Misc. Expense 250.00
Depreciation Expense 600.00
Interest Expense
COGS FIFO 157.60
30-Sep Income Summary (FIFO) 26,324.80

Retained Earnings FIFO 26,324.80
30-Sep Retained Earnings 10,000.00

Dividends 10,000.00
Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
Unadjusted Trial Balance
Account Debit
Cash 49,584.75
Merchandise Inventory (FIFO) 175.85
Accumulated Depreciation
Office Supplies 600.00
Accounts Payable
Wages Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings FIFO
Totals 96,460.60
adjusted Trial Balance
Credit
250.00
5,345.00
1,956.00
600.00
10,000.00
16,000.00
36,574.80
70,475.80
Peyton Approved
Reversing Entries
Qtr ending 9/30/2018

30-Sep Interest Payable 150.00
Interest Expense 150.00
These are given to you. No other entries are needed.

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Print this page to use for your journal entries. Only accounts on this page can be used.

Liability Accounts Equity Accounts

Baking Supplies Expense

Date Accounts Debit Credit

10-Jul Business License Expense 375.00

11-Jul Misc Expense 250.00

13-Jul Baking Equipment 6,000.00

13-Jul Advertising Expense 200.00

14-Jul Office Supplies 300.00

30-Jul Telephone Expense 75.00

31-Jul Prepaid Insurance 2,400.00

31-Jul Wages Expense 120.00

Total 42,720.00 42,720.00

Date Accounts Debit Credit

8-Aug Accounts Recievable 3,800.00

10-Aug Telephone Expense 75.00

15-Aug Bakery Supplies 5,000.00

15-Aug Wages Accrued 480.00

15-Aug Rent Expense 1,500.00

18-Aug Accounts Receivable 3,000.00

20-Aug Acounts Payable 8,500.00

22-Aug Office Supplies 300.00

31-Aug Telephone Expense 75.00

31-Aug Wages Payable 420.00

Total 51,250.00 $ 51,250.00

Date Accounts Debit

5-Sep Wages Expense 420.00

7-Sep Merchandise Inventory 60.00

8-Sep Accounts Recievable 4,000.00

10-Sep Accounts Payable 75.00

11-Sep Baking Supplies 7,000.00

13-Sep Accounts Payable 5,000.00

15-Sep Rent Expense 1,500.00

15-Sep Miscellaneous Supplies 68.00

15-Sep Merchandise Inventory 48.00

20-Sep Wages Expense 456.00

20-Sep Merchandise Inventory 122.00

24-Sep Cash 153.00

30-Sep Merchandise Inventory 151.25

30-Sep Wages Payable 480.00

30-Sep Cash 26,000.00

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

24-Sep 2 $ 6.00 $ 12.00

30-Sep 25 $ 6.05 $ 151.25 4 $ 6.10

LIFO Purchases Sales Ending Inventory

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

24-Sep 18 $ 6.10 $ 109.80 2 $ 6.00

30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00

weighted average Purchases Sales Ending Inventory

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

24-Sep 18 $ 6.09 $ 109.62 4

30-Sep 25 $ 6.05 $ 151.25 4

$ 12.00 15-Sep Cash (8 x $8.50) 68.00

15-Sep Cost of Goods Sold (8 X $6) 48.00

$ 24.40 20-Sep Merchandise Inventory (20 x $6.10 ) 122.00

24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) 109.60

30-Sep Merchandise Inventory (25 x $6.05) 151.25

Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

24-Sep Cost of Goods Sold (18 x $6.10) 109.80

30-Sep Merchandise Inventory (25 x $6.05) 151.25