Acc 201 - Final Project Workbook-DeSKTOP-5TE6TIF

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The document provides a chart of accounts and sample journal entries for a bakery business.

The chart of accounts lists the account titles and numbers that are used to record transactions in the general ledger.

The journal entries recorded purchases, expenses, revenues, dividends, and adjusting entries.

Asset Accounts Liability Accounts

Acct # Acct #
Cash 101 Notes Payable 201
Baking Supplies 102 Accounts Payable 202
Prepaid Rent 103 Wages Payable 203
Prepaid Insurance 104 Interest Payable 204
Baking Equipment 105
Office Supplies 106
Accounts Receivable 107
Accumulated Depreciation 108

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.
Equity Accounts
Acct #
Common Stock 301
Dividends 302

Revenue Accounts
Acct #
Bakery Sales 401
Merchandise Sales 402

Expense Accounts
Acct #
Baking Supplies Expense 501
Rent Expense 502
Insurance Expense 503
Misc. Expense 504
Business License Expense 505
Advertising Expense 506
Wages Expense 507
Telephone Expense 508
Interest Expense 509
Depreciation Expense 510
Peyton Approved
General Journal Entries
Jul-18

Date Accounts Debit Credit


1-Jul Cash 10,000.00
Common Stock 10,000.00

1-Jul Baking Supplies 6,500.00


Accounts Payable 6,500.00

3-Jul Cash 10,000.00


Notes Payable 10,000.00

7-Jul Rent Expense 1,500.00


Prepaid Rent 1,500.00
Cash 3,000.00

10-Jul Business License Expense 375.00


Cash 375.00

11-Jul Miscellaneous Expense 250.00


Cash 250.00

13-Jul Baking Equipment 6,000.00


Common Stock 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


Wages Payable 120.00

31-Jul Cash 10,000.00


Accounts Receivable 5,000.00
Bakery Sales 15,000.00

Total 54,220.00 54,220.00

108,440.00 108,440.00
Peyton Approved
General Journal Entries
Aug-18

Date Accounts Debit Credit


5-Aug Wages Payable 120.00
Cash 120.00

8-Aug Cash 3,800.00


Accounts Receivable 3,800.00

10-Aug Accounts Payable 75.00


Cash 75.00

15-Aug Baking Supplies Expense 5,000.00


Accounts Payable 5,000.00

15-Aug Wages Expense 480.00


Wages Payable 480.00

15-Aug Rent Expense 1,500.00


Cash 1,500.00

18-Aug Cash 3,000.00


Accounts Receivable 3,000.00

20-Aug Accounts Payable 8,500.00


Cash 8,500.00

20-Aug Wages Payable 480.00


Cash 480.00
22-Aug Office Supplies 300.00
Cash 300.00

31-Aug Telephone Expense 75.00


Accounts Payable 75.00

31-Aug Wages Expense 420.00


Wages Payable 420.00

31-Aug Cash 12,500.00


Accounts Receivable 7,500.00
Bakery Sales 20,000.00

Total 43,750.00 $ 43,750.00


Peyton Approved
General Journal Entries
Sep-18

Date Accounts Debit Credit


1-Sep Dividends 10,000.00
Cash 10,000.00

5-Sep Wages Payable 420.00


Cash 420.00

7-Sep Merchandise Sales 60.00


Cash 60.00

8-Sep Cash 4,000.00


Accounts Receivable 4,000.00

10-Sep Accounts Payable 75.00


Cash 75.00

11-Sep Baking Supplies 7,000.00


Accounts Payable 7,000.00

13-Sep Accounts Payable 5,000.00


Cash 5,000.00

15-Sep Wages Expense 456.00


Wages Payable 456.00

15-Sep Rent Expense 1,500.00


Cash 1,500.00
15-Sep Cash 68.00
Merchandise Sales 68.00

15-Sep Cost of Goods Sold 48.00


Merchandise Sales 48.00

20-Sep Wages Payable 456.00


Cash 456.00

20-Sep Merchandise Sales 122.00


Cash 122.00

24-Sep Cash 153.00


Merchandise Sales 153.00

24-Sep Cost of Goods Sold 109.60


Merchandise Sales 109.60

30-Sep Merchandise Sales 151.25


Cash 151.25

30-Sep Wages Expense 480.00


Wages Payable 480.00

30-Sep Cash 14,000.00


Accounts Receivable 6,000.00
Bakery Sales 20,000.00
Total 50,098.85 50,098.85
Debit Credit Debit Credit Debit Credit
date Cash date date Notes Payable date Business License exp
1-Jul 10,000.00 10,000 3-Jul 10-Jul 375.00
3-Jul 10,000.00
3,000.00 7-Jul
375.00 10-Jul
250.00 11-Jul
200.00 13-Jul
300.00 14-Jul
2,400.00 31-Jul
31-Jul 10,000.00
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. Insurance expense
480.00 20-Aug 31-Jul 5,000.00
300.00 22-Aug 3,800.00 8-Aug
31-Aug 12,500.00 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 4,000.00
75.00 10-Sep 18,500.00 10,800.00
5,000.00 13-Sep 7,700.00
1,500.00 15-Sep
15-Sep 68.00
456.00 20-Sep

122.00 20-Sep
24-Sep 153.00
151.25 30-Sep
30-Sep 14,000.00

67,521.00 35,284.25
32,236.75

Misc. expense Baking equipment Advertising expense


11-Jul 250.00 13-Jul 6,000 13-Jul 200.00

Baking supplies Office supplies Rent expense


1-Jul 6,500 14-Jul 300 7-Jul 1,500
15-Aug 5,000 22-Aug 300 15-Aug 1,500
11-Sep 7,000 15-Sep 1,500

18,500 600
4,500

Prepaid rent Prepaid insurance Bakery Sales


7-Jul 1,500 31-Jul 2,400 15,000
20,000
20,000

55,000

Accounts payable Salary and wages expense Salaries and wages payable
6,500.00 1-Jul 31-Jul 120 120
75 30-Jul 15-Aug 480 5-Aug 120
10-Aug 75 31-Aug 420 480
5,000 15-Aug 15-Sep 456 20-Aug 480
20-Aug 8,500 30-Sep 480 420
75 31-Aug 5-Sep 420
10-Sep 75 456.00
7,000.00 11-Sep 20-Sep 456
13-Sep 5,000 480.00
13,650 18,650
5,000

Telephone expense
30-Jul 75 1,956 1,476 1,956
31-Aug 75 480

Dividends depreciation expense


1-Sep 10,000

150

10,000

baking supplies expense Interest expense


adj adj

misc supplies expense COGS FIFO


adj 15-Sep 48.00
24-Sep 109.60

Merchandise Sales
Revenue 157.60
68.00 15-Sep
153.00 24-Sep

221.00
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
175.65
Debit Debit
Common Stock
10,000 1-Jul
6,000 13-Jul

16,000
31-Jul
31-Aug
30-Sep

31-Jul

15-Aug

31-Aug

15-Sep

30-Sep
acc dep

Interest payable
adj
FIFO
Date Purchases Sales Ending Inventory
7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 7-Sep

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 15-Sep


20 $ 6.10 $ 122.00
22 $ 134.00

24-Sep 2 $ 6.00 $ 12.00 15-Sep


16 $ 6.10 $ 97.60 4 $ 6.10 $ 24.40
$ 109.60

30-Sep 25 $ 6.05 $ 151.25 4 $ 6.10 $ 24.40 20-Sep


25 $ 6.05 $ 151.25
29 $ 175.65
55 $ 333.25 26 $ 157.60 29 $ 175.65 24-Sep

24-Sep

30-Sep
LIFO Purchases Sales Ending Inventory 7-Sep
7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00


15-Sep
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00
20 $ 6.10 $ 122.00
22 $ 134.00
15-Sep
24-Sep 18 $ 6.10 $ 109.80 2 $ 6.00 $ 12.00
2 $ 6.10 $ 12.20
4 $ 24.20
20-Sep
30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00 $ 12.00
2 $ 6.10 $ 12.20
25 $ 6.05 $ 151.25 24-Sep
29 $ 175.45
55 $ 333.25 26 $ 157.80 29 $ 175.45

24-Sep

30-Sep

weighted average Purchases Sales Ending Inventory 7-Sep


7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $60

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00


15-Sep
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00
20 $ 6.10 $ 122.00 per unit
22 $ 134.00 $6.09
15-Sep
24-Sep 18 $ 6.09 $ 109.62 4 $ 24.38

30-Sep 25 $ 6.05 $ 151.25 4 $ -


25 $ 6.05 $ 151.25 20-Sep
55 $ 333.25 26 157.62 29 $ 151.25 $5.22

24-Sep

24-Sep

30-Sep
Purchases
Dr Cr 9/7: 10 bottles purchased at $6
Merchandise Inventory (10 x $6) 60.00 9/20: 20 bottles purchased at $6.10
Cash 60.00 9/30: 25 bottles purchased at $6.05
Purchased inventory Sales – selling price, $8.50 a bottle
9/15: 8 bottles
Cash (8 x $8.50) 68.00 9/24: 18 bottles
Merchandise Sales Revenue 68.00
Record sale of inventory

Cost of Goods Sold (8 X $6) 48.00


Merchandise Inventory 48.00
Recorded the cost of goods sold

Merchandise Inventory (20 x $6.10 ) 122.00


Cash 122.00

Cash (18 x 8.50) 153.00


Merchandise Sales Revenue 153.00
Record sale of inventory

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


Merchandise Inventory 109.60
Recorded the cost of goods sold

Merchandise Inventory (25 x $6.05) 151.25


Cash 151.25
Merchandise Inventory (10 x $6) 60.00
Cash 60.00
Purchased inventory

Cash (8 x $8.50) 68.00


Merchandise Sales Revenue 68.00
Record sale of inventory

Cost of Goods Sold (8 X $6) 48.00


Merchandise Inventory 48.00
Record inventory reduction due to sale

Merchandise Inventory (20 x $6.10) 122.00


Cash 122.00

Cash (18 x 8.50) 153.00


Merchandise Sales Revenue 153.00
Record sale of inventory

Cost of Goods Sold (18 x $6.10) 109.80


Merchandise Inventory 109.80
Record inventory reduction due to sale

Merchandise Inventory (25 x $6.05) 151.25


Cash 151.25

Merchandise Inventory (10 x $6) 60.00


Cash 60.00
Purchased inventory
Cash (8 x $8.50) 68.00
Merchandise Sales Revenue 68.00
Record sale of inventory

Cost of Goods Sold (8 X $6) 48.00


Merchandise Inventory 48.00
Record inventory reduction due to sale

Merchandise Inventory (20 x $6.10) 122.00


Cash 122.00

Cash (18 x 8.50) 153.00


Merchandise Sales Revenue 153.00
Record sale of inventory

Cost of Goods Sold (18 x $6.09) 109.62


Merchandise Inventory 109.62
Record inventory reduction due to sale

Merchandise Inventory (25 x $6.05) 151.25


Cash 151.25
Peyton Approved
Trial Balance
2018
Unadjusted trial balance Adjusting entries Adjusted trial balance
Account Debit Credit Debit Credit Debit Credit
Cash 32,236.75 32,236.75
Baking Supplies 18,500.00 17,400.00 1,100.00
Merchandise Inventory (FIFO) 175.65 175.65
Prepaid Rent 1,500.00 1,500.00
Prepaid Insurance 2,400.00 400.00 2,000.00
Baking Equipment 6,000.00 6,000.00
Accumulated Depreciation 250.00 250.00
Office Supplies 600.00 550.00 50.00
Accounts Receivable 7,700.00 7,700.00
Notes Payable 10,000.00 10,000.00
Interest Payable 150.00 150.00
Accounts Payable 5,000.00 5,000.00
Wages Payable 480.00 480.00
Common Stock 16,000.00 16,000.00
Dividends 10,000.00 10,000.00
Bakery Sales 55,000.00 55,000.00
Merchandise Sales 221.00 221.00
Baking Supplies Expense 17,400.00 17,400.00
Rent Expense 4,500.00 4,500.00
Interest Expense 150.00 150.00
Insurance Expense 400.00 400.00
Depreciation Expense 250.00 250.00
Misc. Expense 250.00 250.00
Office Supplies Expense 550.00 550.00
Business License Expense 375.00 375.00
Advertising Expense 200.00 200.00
Wages Expense 1,956.00 1,956.00
Telephone Expense 150.00 150.00
COGS (FIFO) 157.60 157.60
Total: (FIFO) 86,701.00 86,701.00 18,750.00 18,750.00 87,101.00 87,101.00
Peyton Approved
Adjusting Journal Entries
2018

Date Accounts Debit Credit


30-Sep Depreciation Expense 250
accumulated depreciation 250.00

30-Sep Notes Payable 150.00


Interest Expense 150.00

30-Sep Insurance Expense 400.00


Prepaid Insurance 400.00

30-Sep Baking Supplies Expense 17,400.00


Baking Suppliles 17,400.00

30-Sep Miscellaneous Supplies Expense 550.00


Office Supplies 550.00

18,750.00 18,750.00
Peyton Approved
Income Statement
For Qtr. Ending 9/30/2018

Bakery Sales $55,000.00


Merchandise Sales $221.00
Total Revenues 55,221.00

Gross Profit (FIFO) 55,221.00

Operating Expenses:
Baking Supplies Expense $17,400.00
Rent Expense $4,500.00
Insurance Expense $400.00
Misc. Expense $250.00
Business License Expense $375.00
Advertising Expense $200.00
Wages Expense $1,956.00
Telephone Expense $150.00
Interest Expense $150.00
Depreciation Expense $250.00
Office Supplies Expense $550.00
COGS $157.60
Total Operating Expenses: 26,338.60

Net Income (FIFO) 28,882.40


Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018

Beginning Balance: -
plus Net Income (FIFO) 28,882.40
less Dividends: (10,000.00)
Ending Balance (FIFO): 18,882.40
Peyton Approved
Balance Sheet
As of September 30, 2018

Assets
Current Assets:
Cash 32,236.75
Baking Supplies 1,100.00
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,000.00
Misc. Supplies 50.00
Accounts Receivable 7,700.00

44,762.40 FIFO

Long-Term/Fixed Assets:
Baking Equipment 6,000.00
Accumulated Depreciation 250.00

Total Assets: 50,512.40 FIFO


Approved
ce Sheet
mber 30, 2018

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

Long-Term Liabilities:
Notes Payable 10,000.00
Total Long-Term Liabilities: 10,000.00

Total Liabilities: 15,630.00

Common Stock 16,000.00


Retained Earnings (FIFO): 18882.40

Total Equity FIFO 34,882.40

Total Liabilities & Equity FIFO 50,512.40


Peyton Approved
Closing Entries
Qtr ending 9/30/2018

Date Accounts Debit Credit


30-Sep Bakery Sales 55,000.00
Merchandise Sales 221.00
Income Summary 55,221.00

30-Sep Income Summary (FIFO) 26,338.60


Baking Supplies Expense 17,400.00
Rent Expense 4,500.00
Wages Expense 1,956.00
Misc. Supplies Expense 550.00
Business License Expense 375.00
Misc. Expense 250.00
Depreciation Expense 250.00
Insurance Expense 400.00
Advertising Expense 200.00
Interest Expense 150.00
Telephone Expense 150.00
COGS FIFO 157.60

30-Sep Income Summary (FIFO) 28,882.40


Retained Earnings FIFO 28,882.40

30-Sep Retained Earnings 10,000.00


Dividends 10,000.00
Peyton Approved
Closing Entries
Qtr ending 9/30/2018
Unadjusted Trial Balance
Account Debit
Cash 32,236.75
Baking Supplies 1,100.00
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,000.00
Baking Equipment 6,000.00
Accumulated Depreciation (250.00)
Misc. Supplies 50.00
Accounts Receivable 7,700.00
Accounts Payable
Wages Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings FIFO

FIFO 50,512.40
adjusted Trial Balance
Credit

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

50,512.40
Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018

Date Accounts Debit Credit


30-Sep Interest Payable 150.00
Interest Expense 150.00

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