ACC 201 Company Accounting Workbook Complete. 2 PDF

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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.

Asset Accounts

Liability Accounts Acct #

Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory

101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 109

Equity Accounts Acct #

Acct # 201 Common Stock 202 Dividends 203 Cost of Goods Sold 204

301 302 303

Revenue Accounts Acct # Bakery Sales Merchandise Sales

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

501 502 503 504 505 506 507 508 509 510 511

A Company General Journal Entries October, 20xx Date 1-Oct Cash Common Stock

Accounts

1-Oct Baking Supplies Accounts Payable 3-Oct Cash Notes Payable 7-Oct Prepaid Rent Rent Expense Cash

Debit $25,000

$25,000 8,500.00 8,500.00 10,000.00 10,000.00 1,500.00 1,500.00 3,000.00

10-Oct Business License Expense Cash

375.00

11-Oct Misc. Expense Cash

250.00

13-Oct Baking Supplies Common Stock

375.00

250.00 5,000.00 5,000.00

13-Oct Advertising Expense Cash

200.00

14-Oct Office Supplies Cash

300.00

30-Oct Telephone Expense Accounts Payable 31-Oct Prepaid Insurance Cash 31-Oct Wages Expense Wages Payable

Credit

200.00

300.00 75.00 75.00 1,200.00 1,200.00 120.00 120.00

31-Oct Cash Accounts Receivable Bakery Sales

Total

10,000.00 5,000.00 15,000.00

69,020.00

69,020.00

A Company General Journal Entries November, 20xx Date 5-Nov Wages Payable Cash 8-Nov Cash Accounts Receivable

Accounts

Debit 120.00

120.00 3,800.00 3,800.00

10-Nov Accounts Payable Cash

75.00

15-Nov Baking Supplies Accounts Payable

5,000.00

15-Nov Wages Expense Wages Payable

75.00

5,000.00 480.00 480.00

15-Nov Rent Expense Cash

1,500.00

18-Nov Cash Accounts Receivable

1,000.00

20-Nov Accounts Payable Cash

8,500.00

1,500.00

1,000.00

8,500.00

20-Nov Wages Payable Cash

480.00

22-Nov Office Supplies Cash

300.00

30-Nov Telephone Expense Accounts Payable 30-Nov Wages Expense Wages Payable 30-Nov Cash Accounts Receivable

Credit

480.00

300.00 75.00 75.00 420.00 420.00 12,500.00 7,500.00

Bakery Sales

Total

20,000.00 41,750.00

41,750.00

A Company General Journal Entries December, 20xx Date 1-Dec Dividends Cash 5-Dec Wages Payable Cash 7-Dec Merchandise Inventory Cash 8-Dec Cash Accounts Receivable

Accounts

Debit 10,000.00

10,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00

10-Dec Accounts Payable Cash

75.00

11-Dec Baking Supplies Accounts Payable

7,000.00

13-Dec Accounts Payable Cash

5,000.00

15-Dec Wages Expense Wages Payable 15-Dec Rent Expense Cash

Credit

75.00

7,000.00

5,000.00 456.00 456.00 1,500.00 1,500.00

15-Dec Cash Merchandise Sales

68.00

15-Dec Cost of Goods Sold Merchandise Inventory

48.00

68.00

48.00

20-Dec Wages Payable Cash

456.00

20-Dec Merchandise Inventory Cash

122.00

456.00

122.00

24-Dec Cash Merchandise Sales

153.00

24-Dec Cost of Goods Sold Merchandise Inventory

109.60

30-Dec Merchandise Inventory Cash

151.25

31-Dec Wages Expense Wages Payable

480.00

31-Dec Cash Accounts Receivable Bakery Sales

Total

153.00

109.60

151.25

480.00 19,000.00 6,000.00 25,000.00

55,098.85

55,098.85

date 1-Oct 3-Oct

31-Oct 8-Nov 18-Nov

30-Nov

8-Dec

15-Dec

Cash 25,000.00 10,000.00

date

3,000.00 375.00 250.00 200.00 300.00 1,200.00

7-Oct 10-Oct 11-Oct 13-Oct 14-Oct 31-Oct

120.00

5-Nov

75.00

10-Nov

1,500.00 8,500.00 480.00 300.00

15-Nov 20-Nov 20-Nov 22-Nov

10,000.00 420.00 60.00

1-Dec 5-Dec 7-Dec

75.00 5,000.00 1,500.00

10-Dec 13-Dec 15-Dec

456.00

20-Dec

122.00

20-Dec

151.25

30-Dec

date

Notes Payable 10,000.00

date 3-Oct

10,000.00 3,800.00 1,000.00 Accounts Rec. 31-Oct 5,000.00

12,500.00 30-Nov 31-Dec

3,800.00 1,000.00

8-Nov 18-Nov

4,000.00

8-Dec

7,500.00 6,000.00

4,000.00 18500 9700

68.00

24-Dec

153.00

31-Dec

19,000.00 85,521.00 51,436.75

Misc. expense 11-Oct 250.00

34,084.25

Baking equipment 13-Oct 5,000.00

8800

Baking supplies 1-Oct 8,500.00 15-Nov 5,000 11-Dec 7,000

Office supplies 14-Oct 300.00 22-Nov 300

20,500.00

600.00

Prepaid rent 7-Oct 1,500

Prepaid insurance 31-Oct 1,200

Accounts payable

10-Nov

75

20-Nov

8,500

10-Dec 13-Dec

30-Oct 30-Nov

8,500.00 75.00

1-Oct 31-Oct

5,000.00

15-Nov

75.00

30-Nov

7,000.00

11-Dec

Salary and wages expense 31-Oct 120 15-Nov 480 30-Nov 420 15-Dec 456 31-Dec 480

75

1,956

5,000 13,650

20,650 7,000

Telephone expense 75 75 150 1-Dec

Dividends 10,000 10,000

Merchandise 68.00 153.00

221.00

15-Dec 24-Dec

10-Oct

Business License exp 375.00

Common Stock 25,000 5,000 30,000

Insurance expense

Advertising expense 13-Oct 200.00

1-Oct 13-Oct

Rent expense 7-Oct 1,500 15-Nov 1,500 15-Dec 1,500

4,500

Bakery Sales 15,000 20,000 25,000 60,000

5-Nov 20-Nov 5-Dec 20-Dec

Salaries and wages payable 120 120 480 480 420 420 456.00 456 480.00

1,476

15-Dec

COGS 48.00

1,956.00 480.00

31-Oct 30-Nov 31-Dec

31-Oct 15-Nov 30-Nov 15-Dec 31-Dec

24-Dec

109.60 157.60

7-Dec

Merch. Inv. FIFO 60.00

20-Dec

122.00

30-Dec

151.25 333.25 175.65

48.00

15-Dec

109.60

24-Dec

157.60

FIFO Purchases Date 7-Dec

No. of Items

Sales

Unit Price Total Price 10 $ 6.00 $ 60.00

15-Dec 20-Dec

Net Inventory

Unit Price Total Price

20 $

6.10 $

55

6.00 $

48.00

122.00

6.05 $

151.25

$

333.25

2 2 20 22

2 $ 16 $ 18 25 $

No. of Items 10

8 $

24-Dec

30-Dec

No. of Items

6.00 $ 6.10 $ $

12.00 97.60 109.60

4

4 25 29

26

$

157.60

29

Ending Inventory Unit Price Total Price $ 6.00 $ 60.00 $

6.00 $

12.00

$ $

6.00 $ 6.10 $ $

12.00 122.00 134.00

Date 7-Dec Merchandise Inventory (10 x $6) Cash Purchased inventory

Dr 60.00

15-Dec Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory

68.00

15-Dec Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold

48.00

$

6.10 $

24.40

$ $

6.10 $ 6.05 $ $

24.40 151.25 175.65

20-Dec Merchandise Inventory (20 x $6.10 ) Cash

122.00

$

175.65

24-Dec Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory

153.00

24-Dec Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold

109.60

30-Dec Merchandise Inventory (25 x $6.05) Cash

151.25

Purchases Cr 60.00

68.00

48.00

122.00

153.00

109.60

151.25

12/7: 10 boxes purchased at $6 12/20: 20 boxes purchased at $6.10 12/30 : 25 boxes purchased at $6.05 Sales – selling price, $8.50 a box 12/15: 8 boxes 12/24: 18 boxes

A Company Trial Balance 20xx

Account Cash Baking Supplies Merchandise Inventory 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 Total:

Unadjusted trial balance Debit Credit

Adjusting entri Debit

51,436.75 20,500.00 175.65 1,500.00 1,200.00 5,000.00 600.00 9,700.00 10,000.00 7,000.00 480.00 30,000.00 10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 107,701.00

107,701.00

20,508.33

ies Credit 19,400.00

200.00 208.33 550.00

Adjusted trial balance Debit Credit 51,436.75 1,100.00 175.65 1,500.00 1,000.00 5,000.00 208.33 50.00 9,700.00 10,000.00 150.00 7,000.00 480.00 30,000.00

150.00

10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 20,508.33

108,059.33

108,059.33

A Company Adjusting Journal Entries 20XX

Date

Accounts

31-Dec Depreciation Expense Accumulated Depreciation Interest Expense Interest Payable Insurance Expense Prepaid Insurance Baking Supplies Expense Baking Supplies Office Supplies Expense Office Supplies

Debit

Credit

208.33 208.33 150.00 150.00 200.00 200.00 19,400.00 19,400.00 550.00 550.00

20,508.33

20,508.33

A Company Income Statement For Qtr. Ending 12/31/20XX

Revenues Bakery Sales Merchandise Sales

Total Revenues Cost of Goods Sold

Gross Profit

60,000.00 221.00

60,221.00 157.60

60,063.40

Operating Expenses: 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

19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00

Total Operating Expenses:

27,939.33

Net Income

32,124.07

A Company Statement of Stockholder's Equity For Qtr. Ending 12/31/20xx Common Stock

Beginning Balances, September 30 Issued Common Stock Net Income Dividends

Ending Balances, December 31:

0 30,000.00

30,000.00

Retained Earnings

Total 0

32,124.07 (10,000.00)

0 30,000.00 32,124.07 (10,000.00)

22,124.07

52,124.07

A Company Balance Sheet As of December 31, 20X

Assets Current Assets: Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Office Supplies Accounts Receivable

Total Current Assets

51,436.75 1,100.00 175.65 1,500.00 1,000.00 50.00 9,700.00

64,962.40

Non-Current Assets: Baking Equipment Accumulated Depreciation

Baking Equipment (Net) Total Assets:

5,000.00 (208.33)

4,791.67 69,754.07

X

Liabilities and Owners' Equity Current Liabilities: Interest Payable Accounts Payable Wages Payable

Total Current Liabilities

150.00 7,000.00 480.00

7,630.00

Long Term Liabilities: Notes Payable

10,000.00

Total Long Term Liabilities:

10,000.00

Total Liabilities:

17,630.00

Shareholder's Equity: Common Stock Accounts Receivable

30,000.00 22,124.07

Total Equity

52,124.07

Total Liabilities & Equity

69,754.07

A Company Closing Entries Qtr ending 12/31/20xx

Date

Accounts

Debit

31-Dec Bakery Sales Merchandise Sales Retained Earnings

60,000.00 221.00

31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS

28,096.60

31-Dec Retained Earnings Dividends

10,000.00

Credit

60,221.00

19,400.00 4,500.00 1,956.00 550.00 375.00 250.00 208.33 200.00 200.00 150.00 150.00 157.60

10,000.00

A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx

Account

Unadjusted Trial Balance Debit Credit

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

51,436.75 1,100.00 175.00 1,500.00 1,000.00 5,000.00

Total

69,961.75

208.33 50.00 9,700.00 7,000.00 480.00 150.00 10,000.00 30,000.00 22,124.40 69,754.40...