Title | 5-1 Final Project Milestone Two - Accounting Workbook Steps 1–7 (100%) |
---|---|
Author | Rich Givens |
Course | Financial Accounting |
Institution | Southern New Hampshire University |
Pages | 11 |
File Size | 432 KB |
File Type | |
Total Downloads | 77 |
Total Views | 152 |
Grade A (100%)...
Print this page to use for your journal entries. Only accounts on this page can be used. Asset Accounts
Liability Accounts Acct #
Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory
Equity Accounts Acct #
101 102 103 104 105 106 107 108 109
Notes Payable Accounts Payable Wages Payable Interest Payable
Acct # 201 Common Stock 202 Dividends 203 204
301 302
Revenue Accounts Acct # Bakery Sales Merchandise Sales
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.
401 402
Expense Accounts Acct # 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
501 502 503 504 505 506 507 508 509 510 511 512
Peyton Approved General Journal Entries Jul-18 Date Accounts 1-Jul Cash Common Stock 1-Jul Baking Supplies Accounts Payable 3-Jul Cash Notes Payable 7-Jul Rent Expense Prepaid Rent Cash
Debit 10,000.00
10,000.00 6,500.00 6,500.00 10,000.00 10,000.00 1,500.00 1,500.00 3,000.00
10-Jul Business License Expense Cash
375.00
11-Jul Misc. Expense Cash
250.00
13-Jul Baking Equipment Common Stock
375.00
250.00 6,000.00 6,000.00
13-Jul Advertising Expense Cash
200.00
14-Jul Office Supplies Cash
300.00
30-Jul Telephone Expense Accounts Payable
200.00
300.00 75.00 75.00
31-Jul Prepaid Insurance Cash
2,400.00
31-Jul Wages Expense Wages Payable
120.00
31-Jul Cash Accounts Receivable
Credit
2,400.00
120.00 10,000.00 5,000.00
Bakery Sales
Total
15,000.00
54,220.00
54,220.00
108,440.00
108,440.00
Peyton Approved General Journal Entries Aug-18 Date 5-Aug Wages Payable Cash
Accounts
8-Aug Cash Accounts Receivable 10-Aug Accounts Payable Cash 15-Aug Baking Supplies Accounts Payable 15-Aug Wages Expense Wages Payable
Debit 120.00
120.00 3,800.00 3,800.00 75.00 75.00 5,000.00 5,000.00 480.00 480.00
15-Aug Rent Expense Cash
1,500.00
18-Aug Cash Accounts Receivable
3,000.00
20-Aug Accounts Payable Cash
8,500.00
1,500.00
3,000.00
8,500.00
20-Aug Wages Payable Cash
480.00
22-Aug Office Supplies Cash
300.00
31-Aug Telephone Expense Accounts Payable 31-Aug Wages Expense Wages Payable 31-Aug Cash Accounts Receivable Bakery Sales
Credit
480.00
300.00 75.00 75.00 420.00 420.00 12,500.00 7,500.00 20,000.00
Total
43,750.00
$
43,750.00
Peyton Approved General Journal Entries Sep-18 Date 1-Sep Dividends Cash
Accounts
5-Sep Wages Payable Cash
Debit 10,000.00
10,000.00 420.00 420.00
7-Sep Merchandise Inventory Cash
60.00
8-Sep Cash Accounts Receivable
4,000.00
10-Sep Accounts Payable Cash
60.00
4,000.00 75.00 75.00
11-Sep Baking Supplies Accounts Payable
7,000.00
13-Sep Accounts Payable Cash
5,000.00
15-Sep Wages Expense Wages Payable
456.00
15-Sep Rent Expense Cash
Credit
7,000.00
5,000.00
456.00 1,500.00 1,500.00
15-Sep Cash Merchandise Sales
68.00
15-Sep Cost of Goods Sold Merchandise Inventory
48.00
68.00
48.00
20-Sep Wages Payable Cash
456.00
20-Sep Merchandise Inventory Cash
122.00
456.00
122.00
24-Sep Cash Merchandise Sales
153.00
24-Sep Cost of Goods Sold Merchandise Inventory
109.60
30-Sep Merchandise Inventory Cash
151.25
30-Sep Wages Expense Wages Payable
480.00
30-Sep Cash Accounts Receivable Bakery Sales Total
153.00
109.60
151.25
480.00 14,000.00 6,000.00 50,098.85
20,000.00 50,098.85
FIFO
USE THIS ONE FOR THE SEPTEMBER ENTRIE Purchases Date 7-Sep 10 $ 6.00 $ 60.00 15-Sep 20-Sep
6.10
$
25 $
6.05
7-Sep
Purchases 10 $ 6.00
$
151.25
$
333.25
6.10
$
6.05
55
weighted average 7-Sep
$
$
Purchases 10 $ 6.00
6.10
333.25
55
6.05
6.10
26
$
48.00
$ 109.80
$ 157.80
60.00
$
$ $
6.00
$
48.00
122.00
$
12.00
$ 6.00 $ 6.10
$ $ $
12.00 122.00 134.00
4 $ 6.10
$
24.40
4 $ 6.10 25 $ 6.05 29 29
$ $ $ $
24.40 151.25 175.65 175.65
10
Ending Inventory $ 6.00 $ 60.00
2
$ 6.00
2 2 4 2 2 25 29 29
6.09
$ 109.62
151.25 333.25
26
157.62
$ 6.00 $ 6.10
$ 6.00 $ 6.10
$ 6.00 $ 6.10 $ 6.05
$ $ $ $ $ $ $ $ $ $ $ $
12.00 122.00 134.00 12.00 12.20 24.20 12.00 12.20 151.25 175.45 175.45
Ending Inventory $ 6.00 $60
2
$ 6.00 $ 6.00 $ 6.10
4 4 25 29
$ $ $ $ $
$ 6.05
$ $ $
7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory
Dr 60.00
60.00
15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold
48.00
68.00
48.00
20-Sep Merchandise Inventory (20 x $6.10 ) Cash
122.00
24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory
153.00
24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold
109.60
30-Sep Merchandise Inventory (25 x $6.05) Cash
151.25
7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory
Cr
122.00
153.00
109.60
151.25
60.00 60.00
12.00
10
2 20 22 18 $
25 $
$ 6.00
Sales $
24-Sep 30-Sep
2
2 20 22
8 $ 20 $
6.00
151.25
15-Sep 20-Sep
$ 157.60
Ending Inventory $ 6.00 $ 60.00
2 20 22 $ 12.00 $ 97.60 $ 109.60
122.00
18 $
25 $
48.00
60.00
24-Sep
30-Sep
6.00 6.10
26
8 $ 20 $
$
Sales $
15-Sep 20-Sep
6.00
122.00
2 $ 16 $
55
LIFO
10 8 $
20 $
24-Sep
30-Sep
Sales
15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale
48.00
68.00
48.00
20-Sep Merchandise Inventory (20 x $6.10) Cash
122.00
24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory
153.00
24-Sep Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale
109.80
30-Sep Merchandise Inventory (25 x $6.05) Cash
151.25
7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory
122.00
153.00
109.80
151.25
60.00 60.00
12.00 12.00 122.00 per unit 134.00 $6.09 24.38 151.25 151.25 $5.22
15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale
48.00
68.00
48.00
20-Sep Merchandise Inventory (20 x $6.10) Cash
122.00
24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory
153.00
24-Sep Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale
109.62
30-Sep Merchandise Inventory (25 x $6.05) Cash
151.25
122.00
153.00
109.62
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 1-Jul 3-Jul
Cash 10,000.00 10,000.00
date
31-Jul
10,000.00
8-Aug
3,800.00
18-Aug
3,000.00
31-Aug
12,500.00
8-Sep
15-Sep
30-Sep
14,000.00
Balance
67,521.00 32,236.75
120.00
5-Aug
75.00
10-Aug
1,500.00 8,500.00 480.00 300.00
15-Aug 20-Aug 20-Aug 22-Aug
10,000.00 420.00 60.00
1-Sep 5-Sep 7-Sep
75.00 5,000.00 1,500.00
10-Sep 13-Sep 15-Sep
456.00
20-Sep
122.00
20-Sep
151.25
30-Sep
Misc. Expense 250.00
Balance
1-Jul 15-Aug 11-Sep
Baking Supplies 6,500 5,000 7,000
Balance
10-Aug 20-Aug 10-Sep 13-Sep
31-Jul
31-Aug 30-Sep
Balance
13-Jul Balance
14-Jul 22-Aug
18,500.00 18,500.00
Balance
Prepaid Rent 1,500
31-Jul
1,500.00 1,500.00
Balance
Accounts Payable 6,500.00 75 75 5,000 8,500 75 75 7,000.00 5,000
13,650
30-Jul 31-Aug
-
1-Jul 30-Jul 15-Aug
31-Jul 15-Aug 31-Aug 15-Sep 30-Sep
Accounts Receivable 5,000.00 3,800.00 3,000.00 7,500.00 4,000.00 6,000.00
10-Jul
Business License Expense 375.00 375.00 375.00
Balance
Common Stock 10,000 6,000 16,000.00 16,000.00 Balance
-
1-Jul 13-Jul
-
Insurance Expense 8-Aug 18-Aug
18,500.00 7,700.00
8-Sep
10,800.00
13-Jul -
600.00 600.00
200.00 200.00
Balance
Office Supplies 300 300
7-Jul 15-Aug 15-Sep
-
Rent Expense 1,500 1,500 1,500
-
-
120 480
5-Sep
420 456
Balance
1-Sep
-
1,476
Dividends 10,000
10,000 10,000
15,000 31-Jul 20,000 31-Aug 20,000 30-Sep 55,000.00 55,000.00 Balance
Wages Payable 5-Aug 20-Aug
20-Sep
Telephone Expense 75 75
-
Bakery Sales
Wages Expense 120 480 420 456 480
1,956 1,956
-
4,500.00 4,500.00
Balance
Prepaid Insurance 2,400
2,400.00 2,400.00
Advertising Expense 200.00
11-Sep
18,650 5,000 Balance
150 150
Baking Equipment 6,000 6,000.00 6,000.00
31-Aug
Balance
Balance
date 3-Jul
10,000.00 10,000.00 Balance
35,284.25
250.00 250.00
7-Jul
Notes Payable
68.00
153.00
Balance
7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul
4,000.00
24-Sep
11-Jul
date
10,000 3,000.00 375.00 250.00 200.00 300.00 2,400.00
120
31-Jul
480
15-Aug
420
31-Aug
456.00
15-Sep
480.00
30-Sep
1,956 480 Balance
Depreciation Expense
-
Accumulated Depreciation
-
Interest Expense
Baking Supplies Expense 15-Sep 24-Sep
COGS FIFO 48.00 109.60
Interest Payable
Misc. Supplies Expense Balance
157.60 157.60
-
Merchandise Sales 68.00 153.00
15-Sep 24-Sep
7-Sep 20-Sep
-
221 221 Balance
30-Sep Balance
Merchandise Inventory FIFO 60.00 48.00 122.00 109.60 151.25 333.25 157.60 175.65
15-Sep 24-Sep
Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS (FIFO) Total: (FIFO)
Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00
Adjusting entries Debit Credit 17,400.00
400.00 250.00 550.00
600.00 7,700.00 10,000.00
150.00 5,000.00 480.00 16,000.00 10,000.00 55,000.00 221.00 17,400.00 4,500.00 150.00 400.00 250.00 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 86,701.00
86,701.00
18,750.00
18,750.00
Adjusted trial balance Debit Credit 32,236.75 1,100.00 175.65 1,500.00 2,000.00 6,000.00 250.00 50.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 10,000.00 55,000.00 221.00 17,400.00 4,500.00 150.00 400.00 250.00 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 87,101.00
87,101.00
Peyton Approved Adjusting Journal Entries 2018 Date Accounts 30-Sep Depreciation Expense Accumulated Depreciation
Debit
Credit 250 250.00
30-Sep Interest Expense Interest Payable
150.00
30-Sep Insurance Expense Prepaid Insurance
400.00
30-Sep Baking Supplies Expense Baking Supplies 30-Sep Office Supplies Expense Office Supplies
150.00
400.00 17,400.00 17,400.00 550.00 550.00
18,750.00
18,750.00...