7-2 Final Project I Submission - Final Accounting Workbook (100%) PDF

Preview

Summary

Grade A (100%)...

Description

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

Peyton Approved Income Statement For Qtr. Ending 9/30/2018 Revenues: Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit (FIFO)

$

55,000.00 221.00 55,221.00 $157.60 55,063.40

Operating Expenses: Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Insurance Expense Busines License Expense Depreciation Expense Advertising Expense Interest Expense Telephone Expense Misc. Expense Total Operating Expenses:

17,400.00 4,500.00 1,956.00 550.00 400.00 375.00 250.00 200.00 150.00 150.00 250.00 26,181.00

Net Income (FIFO)

28,882.40

Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2018 Beginning Balance: plus Net Income (FIFO) less Dividends: Ending Balance (FIFO):

-

28,882.40 (10,000.00) 18,882.40

Peyton Approved Balance Sheet As of September 30, 2018 Assets Current Assets: Cash Accounts Receivable Prepaid Insurance Prepaid Rent Baking Supplies Merchandise Inventory (FIFO) Office Supplies

32,236.75 7,700.00 2,000.00 1,500.00 1,100.00 175.65 50.00

Total Current Assets

Long-Term/Fixed Assets: Baking Equipment Less Accumulated Depreciation Total Long-Term/Fixed Assets Total Assets:

Liabilities and Owners' Equity Current Liabilities: Accounts Payable 5,000.00 Wages Payable 480.00 Interest Payable 150.00 Total Current Liabilities 5,630.00

44,762.40

6,000.00 250.00

Long-Term Liabilities: Notes Payable Total Long-Term Liabilities:

10,000.00 10,000.00

Total Liabilities:

15,630.00

Equity: Common Stock Retained Earnings

16,000.00 18,882.40

Total Equity

34,882.40

Total Liabilities & Equity

50,512.40

5,750.00

50,512.40

Peyton Approved Closing Entries Qtr ending 9/30/2018 Date Accounts 30-Sep Bakery Sales Merchandise Sales Income Summary

Debit 55,000.00 221.00

30-Sep Income Summary (FIFO) Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS FIFO

26,338.60

30-Sep Income Summary (FIFO) Retained Earnings FIFO

28,882.40

30-Sep Retained Earnings Dividends

10,000.00

Credit

55,221.00

17,400.00 4,500.00 1,956.00 550.00 375.00 250.00 250.00 400.00 200.00 150.00 150.00 157.60

28,882.40

10,000.00

Peyton Approved Post Closing Trial Balance Qtr. Ending 9/30/2018 Account

Unadjusted Trial Balance Debit Credit

Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings FIFO

32,236.75 1,100.00 175.65 1,500.00 2,000.00 6,000.00 (250.00) 50.00 7,700.00

Totals

50,512.40

5,000.00 480.00 150.00 10,000.00 16,000.00 18,882.40 50,512.40

Peyton Approved Reversing Entries Qtr ending 9/30/2018 Date Accounts 30-Sep Interest Payable Interest Expense

Debit 150.00

Credit 150.00...