Company Accounting workbook COMPLETE PDF

Preview

Summary

entire company workbook. used for 3-2, 5-2, and 7-2...

Description

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

101 102 103 104 105 106 107 108 109

Liability Accounts Acct # Notes Payable Accounts Payable Wages Payable Interest Payable

201 202 203 204

Equity Accounts Acct # Common Stock Dividends Cost of Goods Sold

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 1-Oct Baking Supplies Accounts Payable

Accounts

Debit 25,000.00

25,000.00 8,500.00 8,500.00

3-Oct cash Notes Payable

10,000.00

7-Oct Rent Expense Prepaid Rent cash

1,500.00 1,500.00

10,000.00

3,000.00

10-Oct Business License Expense Cash

375.00

11-Oct Misc. Expense cash

250.00

13-Oct Baking Equipment 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 31-Oct Cash Accounts Receivable Bakery Sales

Total

Credit

200.00

300.00 75.00 75.00 1,200.00 1,200.00 120.00 120.00 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 Bakery Sales

Total

Credit

480.00

300.00 75.00 75.00 420.00 420.00 12,500.00 7,500.00 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

24-Dec cash Merchandise Sales

153.00

456.00

122.00

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

109.60

151.25

480.00 19,000.00 6,000.00 25,000.00

55,098.85

55,098.85

date 01-Oct 03-Oct

Cash 25,000.00 10,000.00

31-Oct

10,000.00

08-Nov

3,800.00

18-Nov

30-Nov

08-Dec

15-Dec

date

3,000.00 375.00 250.00 200.00 300.00 1,200.00

07-Oct 10-Oct 11-Oct 13-Oct 14-Oct 31-Oct

120.00

05-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

01-Dec 05-Dec 07-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 #########

date 03-Oct

1,000.00

31-Oct

Accounts Rec. 5,000.00

12,500.00 30-Nov

7,500.00

31-Dec

6,000.00

3,800.00 1,000.00

08-Nov 18-Nov

4,000.00

08-Dec

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 01-Oct 8,500.00 15-Nov 5,000 11-Dec 7,000

Office supplies 14-Oct 300.00 22-Nov 300

20,500.00

07-Oct

600.00

Prepaid rent 1,500

31-Oct

Prepaid insurance 1,200

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

Salary and wages expense 120 480 420 456 480

Accounts payable

10-Nov

75

20-Nov

8,500

10-Dec

75

13-Dec

8,500.00 75.00

01-Oct 31-Oct

5,000.00

15-Nov

75.00

30-Nov

7,000.00

11-Dec

1,956

5,000 13,650

20,650 7,000

Telephone expense 30-Oct 75 30-Nov 75 150

Dividends 01-Dec 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

01-Oct 13-Oct

Rent expense 07-Oct 1,500 15-Nov 1,500 15-Dec 1,500

4,500

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

05-Nov 20-Nov 05-Dec 20-Dec

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

1,476

15-Dec 24-Dec

COGS 48.00 109.60

1,956.00 480.00

31-Oct 30-Nov 31-Dec

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

157.60

07-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

Sales

No. of No. of Date Items Items Unit Price Total Price 07-Dec 10 $ 6.00 $ 60.00 15-Dec 20-Dec

20 $

6.10 $

Net Inventory

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

Unit Price Total Price

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

Date 07-Dec Merchandise Inventory (10 x $6) Cash Purchased inventory

$

6.00 $

12.00

$ $

6.00 $ 6.10 $ $

12.00 122.00 134.00

$

6.10 $

24.40

$ $

6.10 $ 6.05 $ $

24.40 151.25 175.65

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

$

175.65

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

15-Dec Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 15-Dec Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold

24-Dec Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 30-Dec Merchandise Inventory (25 x $6.05) Cash

Purchases Dr 60.00

Cr 60.00

68.00 68.00

48.00 48.00

122.00 122.00

153.00 153.00

109.60 109.60

151.25 151.25

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 entrie 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

es 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 31-Dec Interest Expense Interest Payable 31-Dec Insurance Expense Prepaid Insurance 31-Dec Baking Supplies Expense Baking Supplies 31-Dec 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 Wages Expense Office Supplies Expense Business License Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Misc. Expense

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

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) 22,124.07

0 30,000.00 32,124.07 (10,000.00) 52,124.07

A Company Balance Sheet As of December 31, 20XX

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: Accounts Payable Wages Payable Interest Payable

Total Current Liabilities

7,000.00 480.00 150.00

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 Retained Earnings

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 Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS

28,096.93

31-Dec Retained Earnings Dividends

10,000.00

Credit 60,221.00

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

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 1,100.00 175.65 1,500.00 1,000.00 5,000.00

Total

69,962.40

208.33 50.00 9,700.00 7,000.00 480.00 150.00 10,000.00 30,000.00 22,124.07 69,962.40...