Acc 201 ing Cycle Workbook 8w3c
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Asset s Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies s Receivable Accumulated Depreciation Merchandise Inventory
101 102 103 104 105 106 107 108 109
This chart of s should help you identify the appropriate s to record to as y journaling transactions for this workbook. There is nothing to complete on this page; this is you.
Liability s Acct # Notes Payable s Payable Wages Payable Interest Payable
appropriate s to record to as you are analyzing and othing to complete on this page; this is simply a resource for you.
201 202 203 204
Equity s Acct # Common Stock Dividends
301 302
Revenue s Acct # Bakery Sales Merchandise Sales
401 402
Expense s Acct # Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Misc. Supplies Expense Cost of Goods Sold
501 502 503 504 505 506 507 508 509 510 511 512
Peyton Approved General Journal Entries Jul-14 Date 1-Jul
s Cash Comon Stock
3-Jul
Cash Notes Payable
10-Jul
Business Licience Expense Cash
11-Jul
Miscellaneous Exp Cash
13-Jul
Baking Equipment Comon Stock
13-Jul
Advertising Expense Cash
14-Jul
Baking Supplies Cash
14-Jul
Miscellaneous Supplies Cash
15-Jul
Prepaid Rent Cash
30-Jun
Telephone Expense s Payable
31-Jul
Prepaid Insurance Cash
31-Jul
Cash Sales Revenue
31-Jul
Salary and Wages Expense Cash
es
Debit 15000.00
Credit 15,000.00
10,000.00 10,000.00 375.00 375.00 250.00 250.00 5,000.00 5,000.00 200.00 200.00 1,000.00 1,000.00 300.00 300.00 3,000.00 3,000.00 45.00 45.00 1,200.00 1,200.00 5,000.00 5,000.00 120.00 120.00
Peyton Approved General Journal Entries Aug-14 Date s 8-Aug Baking Supplies s Payable 10-Aug s Payable Cash 15-Aug Salary and Wages Expense Cash 15-Aug Rent Expense Prepaid Rent 25-Aug Miscellaneous Supplies Cash 30-Aug s Payable Cash 30-Aug Telephone Expense s Payable 31-Aug Salary and Wages Expense Cash 31-Aug Cash Sales Revenue
es
Debit
Credit 8500 8,500.00
45.00 45.00 480.00 480.00 1,500.00 1,500.00 300.00 300.00 8,500.00 8,500.00 45.00 45.00 420.00 420.00 20,000.00 20,000.00
Peyton Approved General Journal Entries Sep-14 Date
s
10-Sep Baking Supplies s Payable 10-Sep s Payable Cash 15-Sep Salary and Wages Expense Cash 15-Sep Rent Expense Cash Se 19
Miscellaneous Supplies Cash
30-Sep Telephone Expense s Payable 30-Sep Salary and Wages Expense Cash 30-Sep Dividends Cash 30-Sep Cash Sales Revenue
es
Debit
Credit
9,000.00 9,000.00 45.00 45.00 456.00 456.00 1,500.00 1,500.00 325.00 325.00 45.00 45.00 480.00 480.00 2,000.00 2,000.00 22,500.00 22,500.00
FIFO Date 7-Sep
Purchases 10 $ 6.00 $
Sales 60.00
15-Sep 20-Sep
20 $
6.10 $
25 $
55
LIFO 7-Sep
6.05 $
151.25
$
333.25
Purchases 10 $ 6.00 $
20 $
6.10 $
25 $
6.05 $
6.00 6.10
26
60.00 8 $
6.00
18 $
6.10
122.00
24-Sep
30-Sep
2 $ 16 $
Sales
15-Sep 20-Sep
6.00
122.00
24-Sep
30-Sep
8 $
151.25
55
weighted average 7-Sep
$
Purchases 10 $ 6.00 $
333.25
Sales 60.00
15-Sep 20-Sep
20 $
6.10 $
25 $ 55
8 $
6.00
18 $
6.09
122.00
24-Sep 30-Sep
26
6.05 $
151.25
$
333.25
26
Sales
Ending Inventory 10 $ 6.00 $ 60.00 $
$ $ $
$
48.00
12.00 97.60 109.60
157.60
2
$
6.00
$
12.00
2 20 22
$ $
6.00 6.10
$ $ $
12.00 122.00 134.00
7-Sep
15-Sep
15-Sep 4 $
6.10
$
24.40
4 $ 25 $ 29 29
6.10 6.05
$ $ $ $
24.40 151.25 175.65 175.65
20-Sep
24-Sep
24-Sep
30-Sep
Ending Inventory 10 $ 6.00 $ 60.00 $
48.00
2
$
6.00
$
7-Sep
12.00 15-Sep
2 20 22
$ $
6.00 6.10
$ $ $
12.00 122.00 134.00 15-Sep
$
109.80
2 2 4
$ $
6.00 6.10
$ $ $
12.00 12.20 24.20 20-Sep
2
$
6.00
$
12.00
$
157.80
2 $ 25 $ 29 29
6.10 6.05
$ $ $ $
12.20 151.25 175.45 175.45
24-Sep
24-Sep
30-Sep
Ending Inventory 10 $ 6.00 $60 $
48.00
2
$
6.00
$
7-Sep
12.00 15-Sep
2 $ 20 $ 22
6.00 6.10
$ $ $
12.00 122.00 per unit 134.00 $6.09 15-Sep
$
109.62
157.62
4 4 25 $ 29
$
6.05
$ $ $
24.38 151.25 151.25 $5.22
20-Sep
24-Sep
24-Sep
30-Sep
Merchandise Inventory (10 x $6) Cash Purchased inventory
Dr 60.00
60.00
Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory
68.00
Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold
48.00
68.00
48.00
Merchandise Inventory (20 x $6.10 ) Cash
122.00
Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory
153.00
Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold
109.60
Merchandise Inventory (25 x $6.05) Cash
151.25
122.00
153.00
109.60
151.25
Merchandise Inventory (10 x $6) Cash Purchased inventory
60.00
Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory
68.00
Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale
48.00
Merchandise Inventory (20 x $6.10) Cash
Cr
60.00
68.00
48.00
122.00 122.00
Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory
153.00
Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale
109.80
Merchandise Inventory (25 x $6.05) Cash
151.25
153.00
109.80
151.25
Merchandise Inventory (10 x $6) Cash Purchased inventory
60.00
Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory
68.00
Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale
48.00
60.00
68.00
48.00
Merchandise Inventory (20 x $6.10) Cash
122.00
Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory
153.00
Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale
109.62
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
Cash 15,000.00 10,000.00 5,000.00 20,000.00 22,500.00 27,000.00 68.00 25,000.00 153.00 187.00 204.00 30,000.00
Notes Payable 375.00 250.00 200.00 1,000.00 300.00 3,000.00 1,200.00 120.00 45.00 480.00
300.00 8,500.00 420.00 45.00 456.00 1,500.00 325.00 480.00 2,000.00 9,000.00 45.00 310.00 444.00 1,500.00 2,500.00 480.00 60.00 122.00 10,000.00 45.00 300.00 420.00 1,500.00 360.00 2,500.00 10,000.00
10,000 0
10,000 10,000
300.00 45.00 151.25 180.00 121.60 540.00 1,500.00 2,500.00
155,112.00 89,192.15
65,919.85
Misc. expense 250.00
Baking equipment 5,000
250.00
5,000
Baking supplies 1,000 49400 adj 8500 9,000.00 10,000.00 10,000.00 12,000.00 50,500 49,400 1,100
Prepaid rent 3,000
1,500
1,500
Misc. supplies 300 300.00 325.00 310.00 300.00 300.00 1,835 50
Prepaid insurance 1,200
600
1785
1,785
600
s payable 8500.00 8500.00 9000.00 9000.00 10000.00 10000.00 10000.00 10000.00 45.00 12000.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 37,725 49,770 12,045
Telephone expense 45.00 45.00 45.00 45.00 45.00 45.00 270.00
Salary and Wages expense 120.00 480.00 420.00 456.00 480.00 444.00 480.00 420.00 360.00 540.00 480.00
4,680
Dividends 2,000 2,500 2,500 2,500 9,500
adj
baking supplies expense 49,400
misc supplies expense adj
Merch. Inv. FIFO 60.00 122.00 151.25 180.00
48.00 109.60 133.30 144.35
Merchandise Sales Revenue 68.00 153.00 187.00 204.00 612.00
121.60 634.85 199.60
COGS FIFO 48.00 109.60 133.30 144.35 435.25
435.25
Business License exp 375.00 375.00 375.00
0
Common Stock 15,000 5,000 0 20,000 20,000
Advertising expense 200.00
200.00
adj
Rent expense 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
adj
7,500.00
Bakery revenue adj
5,000 20,000 22,500 27,000 25,000
Insurance expense 600.00
30,000
129,500
Salaries and Wages payable 480
480 480 Acc dep
adj
Depreciation expense 458
Interest payable
adj
Interest expense 300
Merch. Inv. LIFO 60.00 48.00 122.00 109.80 151.25 132.00 180.00 144.80
Merch. Inv. Weighted average 60.00 122.00 151.25 180.00
121.60 634.85 200.25
COGS LIFO 48.00 109.80 132.00 144.80 434.60
434.60
121.60 634.85 199.95
COGS Weighted average 48.00 109.64 132.60 144.66 434.90
Acc dep 458 adj
Interest payable 300 adj
Merch. Inv. Weighted average 48.00 109.64 132.60 144.66
434.90
GS Weighted average
Cash Notes Payable Business Licence Expense Common Stock Miscellaneous Expense Baking Equipment Advertising Expense Baking Supplies Miscellaneous Supplies Rent Expense Prepaid Rent Prepaid Insurance Bakery Revenue s Payable Salary and Wages Expense Salary and Wages Payable Telephone Expense Dividends Depreciation Expense Accumulated Depreciation Baking Supplies Expense Interest Expese Interest Payable Insurance Expense Miscellaneous Supplies Expense Merchandise Inventory Merchandise sales Cost of Goods Sold
Total
Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit 89,192.15 375.00 250.00 5,000.00 200.00 50,500.00 1,835.00 7,500.00 1,500.00 1,200.00
4,680.00 270.00 9,500.00
199.60 435.25
172,637.00
Peyton Approved Trial Balance 2014 ed trial balance Credit
Adjusting entries Debit Credit
10,000.00 20,000.00
49,400.00 1,785.00
600.00 129,500.00 12,045.00 480.00
458.00 458.00 49,400.00 300.00 300.00 600.00 1,785.00 612.00
172,637.00 -
52,543.00
52,543.00
Adjusted trial balance Debit Credit 89,192.15 10,000.00 375.00 20,000.00 250.00 5,000.00 200.00 1,100.00 50.00 7,500.00 1,500.00 600.00 129,500.00 12,045.00 4,680.00 480.00 270.00 9,500.00 458.00 458.00 49,400.00 300.00 300.00 600.00 1,785.00 199.60 612.00 435.25
173,395.00
173,395.00
Peyton Approved Adjusting Journal Entries 2014 Date s 31-Dec Depreciation Expense Accumulated Depreciation
Debit 458
31-Dec Interest Expense Interest Payable
300
31-Dec Insurance Expense Prepaid Insurance
600
31-Dec Baking Supplies Expense Baking Supplies
49,400
31-Dec Miscellaneous Supplies Expense Miscellaneous Supplies
1,785
Credit 458
300
600
49,400
1,785
Peyton Approved Income Statement For the Year Ended 12/31/2014 Bakery Revenue Merchandise sales Total Revenue Less: Expenses Baking Supplies Expense Cost of Goods Sold Business Licence Expense Miscellaneous Expense Advertising Expense Rent Expense Salary and Wages Expense Telephone Expense Depreciation Expense Interest Expese Insurance Expense Miscellaneous Supplies Expense Total Expenses Net Income
oved ment 12/31/2014
$
129,500.00 612.00 130,112.00
49,400.00 435.25 375.00 250.00 200.00 7,500.00 4,680.00 270.00 458.00 300.00 600.00 1,785.00 66,253.25 63,858.75
Peyton Approved Statement of Retained Earnings For the Year Ended 12/31/2014 Opening Balance Add: Net Income Less: Dividends Closing Balance
$ $ $ $ $
63,858.75 63,858.75 9,500.00 54,358.75
Peyton Approved Balance Sheet For the Period Ended December 31, 2 Assets Cash Prepaid Rent Prepaid Insurance Merchandise Inventory Baking Supplies Miscellaneous Supplies Total Current Assets Baking Equipment Accumulated Depreciation Total Assets
$ $ $ $ $ $ $ $ $ $
89,192.15 1,500.00 600.00 199.60 1,100.00 50.00 92,641.75 5,000.00 (458.00) 97,183.75
n Approved nce Sheet ded December 31, 2014 Liabilities and Owners' Equity s Payable Salary and Wages Payable Interest Payable Total Current Liabilities Notes Payable Total Liabilities Retained Earnings Common Stock Total Liabilities and Equity
$
$
12,045.00 480.00 300.00 12,825.00 10,000.00 22,825.00 54,358.75 20,000.00 97,183.75
Peyton Approved Closing Entries 2014 Date
s
31-Dec Bakery Revenue Merchandise sales Income Summary 31-Dec Income Summary Baking Supplies Expense Cost of Goods Sold Business Licence Expense Miscellaneous Expense Advertising Expense Rent Expense Salary and Wages Expense Telephone Expense Depreciation Expense Interest Expese Insurance Expense Miscellaneous Supplies Expense 31-Dec Income Summary Retained Earnings 31-Dec Retained Earnings Dividends
pproved Entries 14 Debit
Credit
129,500.00 612.00 130,112.00 66,253.25 49,400.00 435.25 375.00 250.00 200.00 7,500.00 4,680.00 270.00 458.00 300.00 600.00 1,785.00 63,858.75 63,858.75 $
9,500.00 $
9,500.00
Peyton Approved Post Closing Trial Balance 9/30/2014
ved Balance Unadjusted Trial Balance Debit Credit
Peyton Approved Reversing Entries 9/30/2014 Date
s
pproved Entries 014 Debit 15000.00
Credit
COMPLETION OF STEPS 8-11 DELIVERABLE:
CONGRATULATIONS! YOU ARE NOW R COMPLETED WORKBOOK (STEPS 1 - 11)TO REQUIREMENT
8-11 DELIVERABLE:
S! YOU ARE NOW READY TO SUBMIT YOUR
K (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT
101 102 103 104 105 106 107 108 109
This chart of s should help you identify the appropriate s to record to as y journaling transactions for this workbook. There is nothing to complete on this page; this is you.
Liability s Acct # Notes Payable s Payable Wages Payable Interest Payable
appropriate s to record to as you are analyzing and othing to complete on this page; this is simply a resource for you.
201 202 203 204
Equity s Acct # Common Stock Dividends
301 302
Revenue s Acct # Bakery Sales Merchandise Sales
401 402
Expense s Acct # Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Misc. Supplies Expense Cost of Goods Sold
501 502 503 504 505 506 507 508 509 510 511 512
Peyton Approved General Journal Entries Jul-14 Date 1-Jul
s Cash Comon Stock
3-Jul
Cash Notes Payable
10-Jul
Business Licience Expense Cash
11-Jul
Miscellaneous Exp Cash
13-Jul
Baking Equipment Comon Stock
13-Jul
Advertising Expense Cash
14-Jul
Baking Supplies Cash
14-Jul
Miscellaneous Supplies Cash
15-Jul
Prepaid Rent Cash
30-Jun
Telephone Expense s Payable
31-Jul
Prepaid Insurance Cash
31-Jul
Cash Sales Revenue
31-Jul
Salary and Wages Expense Cash
es
Debit 15000.00
Credit 15,000.00
10,000.00 10,000.00 375.00 375.00 250.00 250.00 5,000.00 5,000.00 200.00 200.00 1,000.00 1,000.00 300.00 300.00 3,000.00 3,000.00 45.00 45.00 1,200.00 1,200.00 5,000.00 5,000.00 120.00 120.00
Peyton Approved General Journal Entries Aug-14 Date s 8-Aug Baking Supplies s Payable 10-Aug s Payable Cash 15-Aug Salary and Wages Expense Cash 15-Aug Rent Expense Prepaid Rent 25-Aug Miscellaneous Supplies Cash 30-Aug s Payable Cash 30-Aug Telephone Expense s Payable 31-Aug Salary and Wages Expense Cash 31-Aug Cash Sales Revenue
es
Debit
Credit 8500 8,500.00
45.00 45.00 480.00 480.00 1,500.00 1,500.00 300.00 300.00 8,500.00 8,500.00 45.00 45.00 420.00 420.00 20,000.00 20,000.00
Peyton Approved General Journal Entries Sep-14 Date
s
10-Sep Baking Supplies s Payable 10-Sep s Payable Cash 15-Sep Salary and Wages Expense Cash 15-Sep Rent Expense Cash Se 19
Miscellaneous Supplies Cash
30-Sep Telephone Expense s Payable 30-Sep Salary and Wages Expense Cash 30-Sep Dividends Cash 30-Sep Cash Sales Revenue
es
Debit
Credit
9,000.00 9,000.00 45.00 45.00 456.00 456.00 1,500.00 1,500.00 325.00 325.00 45.00 45.00 480.00 480.00 2,000.00 2,000.00 22,500.00 22,500.00
FIFO Date 7-Sep
Purchases 10 $ 6.00 $
Sales 60.00
15-Sep 20-Sep
20 $
6.10 $
25 $
55
LIFO 7-Sep
6.05 $
151.25
$
333.25
Purchases 10 $ 6.00 $
20 $
6.10 $
25 $
6.05 $
6.00 6.10
26
60.00 8 $
6.00
18 $
6.10
122.00
24-Sep
30-Sep
2 $ 16 $
Sales
15-Sep 20-Sep
6.00
122.00
24-Sep
30-Sep
8 $
151.25
55
weighted average 7-Sep
$
Purchases 10 $ 6.00 $
333.25
Sales 60.00
15-Sep 20-Sep
20 $
6.10 $
25 $ 55
8 $
6.00
18 $
6.09
122.00
24-Sep 30-Sep
26
6.05 $
151.25
$
333.25
26
Sales
Ending Inventory 10 $ 6.00 $ 60.00 $
$ $ $
$
48.00
12.00 97.60 109.60
157.60
2
$
6.00
$
12.00
2 20 22
$ $
6.00 6.10
$ $ $
12.00 122.00 134.00
7-Sep
15-Sep
15-Sep 4 $
6.10
$
24.40
4 $ 25 $ 29 29
6.10 6.05
$ $ $ $
24.40 151.25 175.65 175.65
20-Sep
24-Sep
24-Sep
30-Sep
Ending Inventory 10 $ 6.00 $ 60.00 $
48.00
2
$
6.00
$
7-Sep
12.00 15-Sep
2 20 22
$ $
6.00 6.10
$ $ $
12.00 122.00 134.00 15-Sep
$
109.80
2 2 4
$ $
6.00 6.10
$ $ $
12.00 12.20 24.20 20-Sep
2
$
6.00
$
12.00
$
157.80
2 $ 25 $ 29 29
6.10 6.05
$ $ $ $
12.20 151.25 175.45 175.45
24-Sep
24-Sep
30-Sep
Ending Inventory 10 $ 6.00 $60 $
48.00
2
$
6.00
$
7-Sep
12.00 15-Sep
2 $ 20 $ 22
6.00 6.10
$ $ $
12.00 122.00 per unit 134.00 $6.09 15-Sep
$
109.62
157.62
4 4 25 $ 29
$
6.05
$ $ $
24.38 151.25 151.25 $5.22
20-Sep
24-Sep
24-Sep
30-Sep
Merchandise Inventory (10 x $6) Cash Purchased inventory
Dr 60.00
60.00
Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory
68.00
Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold
48.00
68.00
48.00
Merchandise Inventory (20 x $6.10 ) Cash
122.00
Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory
153.00
Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold
109.60
Merchandise Inventory (25 x $6.05) Cash
151.25
122.00
153.00
109.60
151.25
Merchandise Inventory (10 x $6) Cash Purchased inventory
60.00
Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory
68.00
Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale
48.00
Merchandise Inventory (20 x $6.10) Cash
Cr
60.00
68.00
48.00
122.00 122.00
Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory
153.00
Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale
109.80
Merchandise Inventory (25 x $6.05) Cash
151.25
153.00
109.80
151.25
Merchandise Inventory (10 x $6) Cash Purchased inventory
60.00
Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory
68.00
Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale
48.00
60.00
68.00
48.00
Merchandise Inventory (20 x $6.10) Cash
122.00
Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory
153.00
Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale
109.62
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
Cash 15,000.00 10,000.00 5,000.00 20,000.00 22,500.00 27,000.00 68.00 25,000.00 153.00 187.00 204.00 30,000.00
Notes Payable 375.00 250.00 200.00 1,000.00 300.00 3,000.00 1,200.00 120.00 45.00 480.00
300.00 8,500.00 420.00 45.00 456.00 1,500.00 325.00 480.00 2,000.00 9,000.00 45.00 310.00 444.00 1,500.00 2,500.00 480.00 60.00 122.00 10,000.00 45.00 300.00 420.00 1,500.00 360.00 2,500.00 10,000.00
10,000 0
10,000 10,000
300.00 45.00 151.25 180.00 121.60 540.00 1,500.00 2,500.00
155,112.00 89,192.15
65,919.85
Misc. expense 250.00
Baking equipment 5,000
250.00
5,000
Baking supplies 1,000 49400 adj 8500 9,000.00 10,000.00 10,000.00 12,000.00 50,500 49,400 1,100
Prepaid rent 3,000
1,500
1,500
Misc. supplies 300 300.00 325.00 310.00 300.00 300.00 1,835 50
Prepaid insurance 1,200
600
1785
1,785
600
s payable 8500.00 8500.00 9000.00 9000.00 10000.00 10000.00 10000.00 10000.00 45.00 12000.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 45.00 37,725 49,770 12,045
Telephone expense 45.00 45.00 45.00 45.00 45.00 45.00 270.00
Salary and Wages expense 120.00 480.00 420.00 456.00 480.00 444.00 480.00 420.00 360.00 540.00 480.00
4,680
Dividends 2,000 2,500 2,500 2,500 9,500
adj
baking supplies expense 49,400
misc supplies expense adj
Merch. Inv. FIFO 60.00 122.00 151.25 180.00
48.00 109.60 133.30 144.35
Merchandise Sales Revenue 68.00 153.00 187.00 204.00 612.00
121.60 634.85 199.60
COGS FIFO 48.00 109.60 133.30 144.35 435.25
435.25
Business License exp 375.00 375.00 375.00
0
Common Stock 15,000 5,000 0 20,000 20,000
Advertising expense 200.00
200.00
adj
Rent expense 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
adj
7,500.00
Bakery revenue adj
5,000 20,000 22,500 27,000 25,000
Insurance expense 600.00
30,000
129,500
Salaries and Wages payable 480
480 480 Acc dep
adj
Depreciation expense 458
Interest payable
adj
Interest expense 300
Merch. Inv. LIFO 60.00 48.00 122.00 109.80 151.25 132.00 180.00 144.80
Merch. Inv. Weighted average 60.00 122.00 151.25 180.00
121.60 634.85 200.25
COGS LIFO 48.00 109.80 132.00 144.80 434.60
434.60
121.60 634.85 199.95
COGS Weighted average 48.00 109.64 132.60 144.66 434.90
Acc dep 458 adj
Interest payable 300 adj
Merch. Inv. Weighted average 48.00 109.64 132.60 144.66
434.90
GS Weighted average
Cash Notes Payable Business Licence Expense Common Stock Miscellaneous Expense Baking Equipment Advertising Expense Baking Supplies Miscellaneous Supplies Rent Expense Prepaid Rent Prepaid Insurance Bakery Revenue s Payable Salary and Wages Expense Salary and Wages Payable Telephone Expense Dividends Depreciation Expense Accumulated Depreciation Baking Supplies Expense Interest Expese Interest Payable Insurance Expense Miscellaneous Supplies Expense Merchandise Inventory Merchandise sales Cost of Goods Sold
Total
Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit 89,192.15 375.00 250.00 5,000.00 200.00 50,500.00 1,835.00 7,500.00 1,500.00 1,200.00
4,680.00 270.00 9,500.00
199.60 435.25
172,637.00
Peyton Approved Trial Balance 2014 ed trial balance Credit
Adjusting entries Debit Credit
10,000.00 20,000.00
49,400.00 1,785.00
600.00 129,500.00 12,045.00 480.00
458.00 458.00 49,400.00 300.00 300.00 600.00 1,785.00 612.00
172,637.00 -
52,543.00
52,543.00
Adjusted trial balance Debit Credit 89,192.15 10,000.00 375.00 20,000.00 250.00 5,000.00 200.00 1,100.00 50.00 7,500.00 1,500.00 600.00 129,500.00 12,045.00 4,680.00 480.00 270.00 9,500.00 458.00 458.00 49,400.00 300.00 300.00 600.00 1,785.00 199.60 612.00 435.25
173,395.00
173,395.00
Peyton Approved Adjusting Journal Entries 2014 Date s 31-Dec Depreciation Expense Accumulated Depreciation
Debit 458
31-Dec Interest Expense Interest Payable
300
31-Dec Insurance Expense Prepaid Insurance
600
31-Dec Baking Supplies Expense Baking Supplies
49,400
31-Dec Miscellaneous Supplies Expense Miscellaneous Supplies
1,785
Credit 458
300
600
49,400
1,785
Peyton Approved Income Statement For the Year Ended 12/31/2014 Bakery Revenue Merchandise sales Total Revenue Less: Expenses Baking Supplies Expense Cost of Goods Sold Business Licence Expense Miscellaneous Expense Advertising Expense Rent Expense Salary and Wages Expense Telephone Expense Depreciation Expense Interest Expese Insurance Expense Miscellaneous Supplies Expense Total Expenses Net Income
oved ment 12/31/2014
$
129,500.00 612.00 130,112.00
49,400.00 435.25 375.00 250.00 200.00 7,500.00 4,680.00 270.00 458.00 300.00 600.00 1,785.00 66,253.25 63,858.75
Peyton Approved Statement of Retained Earnings For the Year Ended 12/31/2014 Opening Balance Add: Net Income Less: Dividends Closing Balance
$ $ $ $ $
63,858.75 63,858.75 9,500.00 54,358.75
Peyton Approved Balance Sheet For the Period Ended December 31, 2 Assets Cash Prepaid Rent Prepaid Insurance Merchandise Inventory Baking Supplies Miscellaneous Supplies Total Current Assets Baking Equipment Accumulated Depreciation Total Assets
$ $ $ $ $ $ $ $ $ $
89,192.15 1,500.00 600.00 199.60 1,100.00 50.00 92,641.75 5,000.00 (458.00) 97,183.75
n Approved nce Sheet ded December 31, 2014 Liabilities and Owners' Equity s Payable Salary and Wages Payable Interest Payable Total Current Liabilities Notes Payable Total Liabilities Retained Earnings Common Stock Total Liabilities and Equity
$
$
12,045.00 480.00 300.00 12,825.00 10,000.00 22,825.00 54,358.75 20,000.00 97,183.75
Peyton Approved Closing Entries 2014 Date
s
31-Dec Bakery Revenue Merchandise sales Income Summary 31-Dec Income Summary Baking Supplies Expense Cost of Goods Sold Business Licence Expense Miscellaneous Expense Advertising Expense Rent Expense Salary and Wages Expense Telephone Expense Depreciation Expense Interest Expese Insurance Expense Miscellaneous Supplies Expense 31-Dec Income Summary Retained Earnings 31-Dec Retained Earnings Dividends
pproved Entries 14 Debit
Credit
129,500.00 612.00 130,112.00 66,253.25 49,400.00 435.25 375.00 250.00 200.00 7,500.00 4,680.00 270.00 458.00 300.00 600.00 1,785.00 63,858.75 63,858.75 $
9,500.00 $
9,500.00
Peyton Approved Post Closing Trial Balance 9/30/2014
ved Balance Unadjusted Trial Balance Debit Credit
Peyton Approved Reversing Entries 9/30/2014 Date
s
pproved Entries 014 Debit 15000.00
Credit
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