ACC 201 Final Project Steps 1 - 4

Print this page to use for your journal entries. Only accounts on this page can be used.
Asset Accounts
Acct #
Cash 101
Baking Supplies 102
Prepaid Rent 103
Prepaid Insurance 104
Baking Equipment 105
Office Supplies 106
Accounts Receivable 107
Accumulated Depreciation 108
Merchandise Inventory 109
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.
entries. Only accounts on this page can be used.
Liability Accounts Equity Accounts

Acct #
Notes Payable 201 Common Stock
Accounts Payable 202 Dividends
Wages Payable 203
Interest Payable 204
Revenue Accounts
Bakery Sales
Merchandise Sales
he appropriate accounts to record to as you are analyzing and
is nothing to complete on this page; this is simply a resource
for you. Expense Accounts
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
s
Acct #
301
302
ts
Acct #
401
402
ts
Acct #
501
502
503
504
505
506
507
508
509
510
511
512
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

Account Payable 6,500.00
3-Jul Cash 10,000.00

Notes Payable 10,000.00
2 yr, 6% note payable to parents
7-Jul Prepard Rent 1,500.00
Rent Expense 1,500.00
Cash 3,000.00
Jul 1, 18 - June 30, 19
10-Jul Business License Expense 375.00
Cash 375.00
11-Jul Mics. Expense 250.00

Cash 250.00
13-Jul Baking Equipment 6,000.00

Equipment from home to bakery
13-Jul Advertising Expense 200.00
Cash 200.00
Business cards/flyers/posters/ads
14-Jul Supplies Expanse 300.00
Cash 300.00
30-Jul Telephone Expense 75.00

Accounts Payable 75.00
Due Aug 10
31-Jul Prepaid Insurance 2,400.00
Cash 2,400.00
Aug 1, 18 - July 31, 19
31-Jul Wages Expanses 120.00
Wages Payable 120.00
31-Jul Accounts receivable 5,000.00

Cash 10,000.00
Bakery Sales 15,000.00
Total 54,220.00 54,220.00
108,440.00 108,440.00
Put entries in shaded cells
Peyton Approved
Aug-18

5-Aug Wages Payable 120.00
Cash 120.00
Paid employee for period ending 7/31
8-Aug Cash 3,800.00
Accounts Receivable 3,800.00
Payments from customers
10-Aug Accounts Payable 75.00
Cash 75.00
July phone bill
15-Aug Baking Supplies 5,000.00
Accounts Payable 5,000.00
15-Aug Wage Expense 480.00

Wage Payable 480.00
15-Aug Rent Expense 1,500.00

Cash 1,500.00
18-Aug Cash 3,000.00

20-Aug Accounts Payable 8,500.00

Cash 8,500.00
Payment for supplies
20-Aug Wage 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
Due Sept 10
31-Aug Wage Expense 420.00
Wage Payable 420.00
31-Aug Accounts receivable 7,500.00

Cash 12,500.00
Total 43,750.00 $ 43,750.00

Peyton Approved
Sep-18

1-Sep Dividends 10,000.00
Cash 10,000.00
5-Sep Wages Payable 420.00

Cash 420.00
Pay employee for period ending 8/31
7-Sep Merchandise Inventory 60.00
Cash 60.00
8-Sep Cash 4,000.00

Payments from customer
10-Sep Accounts Payable 75.00
Cash 75.00
Aug phone bill
11-Sep Baking Supplies 7,000.00
13-Sep Accounts Payable 5,000.00

Cash 5,000.00
15-Sep Wages Expense 456.00

15-Sep Rent Expense 1,500.00

Cash 1,500.00
15-Sep Cash 48.00

Merchandise Sales 48.00
15-Sep Cost of Goods Sold 48.00

Merchandise Inventory 48.00
20-Sep Wages Payable 456.00

Cash 456.00
Employee for period ending 9/15
Cash 122.00
24-Sep Cash 153.00
24-Sep Cost of Goods Sold 109.60


Cash 151.25
30-Sep Wages Expense 480.00

30-Sep Cash 19,000.00

Total 55,078.85 55,078.85
FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES
Date Purchases Sales Ending Inventory
7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00
15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

20 $ 6.10
22
24-Sep 2 $ 6.00 $ 12.00

16 $ 6.10 $ 97.60 4 $ 6.10
$ 109.60
30-Sep 25 $ 6.05 $ 151.25 4 $ 6.10

25 $ 6.05
29
55 $ 333.25 26 $ 157.60 29
LIFO Purchases Sales Ending Inventory

7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00
15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

20 $ 6.10
22
24-Sep 18 $ 6.10 $ 109.80 2 $ 6.00

2 $ 6.10
4
30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00

2 $ 6.10
25 $ 6.05
29
55 $ 333.25 26 $ 157.80 29
weighted average Purchases Sales Ending Inventory

7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00
15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

20 $ 6.10
22
24-Sep 18 $ 6.09 $ 109.62 4
30-Sep 25 $ 6.05 $ 151.25 4

25 $ 6.05
55 $ 333.25 26 157.62 29
Ending Inventory Dr Cr
$ 60.00 7-Sep Merchandise Inventory (10 x $6) 60.00
Cash 60.00
$ 12.00 Purchased inventory
$ 12.00 15-Sep Cash (8 x $8.50) 68.00

$ 122.00 Merchandise Sales 68.00
$ 134.00 Record sale of inventory
15-Sep Cost of Goods Sold (8 X $6) 48.00

$ 24.40 Merchandise Inventory 48.00
Recorded the cost of goods sold
$ 24.40 20-Sep Merchandise Inventory (20 x $6.10 ) 122.00

$ 151.25 Cash 122.00
$ 175.65
$ 175.65 24-Sep Cash (18 x 8.50) 153.00
Record sale of inventory
24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) 109.60

Recorded the cost of goods sold
30-Sep Merchandise Inventory (25 x $6.05) 151.25

Cash 151.25
Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

$ 60.00 Cash 60.00
Purchased inventory
$ 12.00
15-Sep Cash (8 x $8.50) 68.00
$ 134.00
$ 12.20 Record inventory reduction due to sale
$ 24.20
$ 12.00 Cash 122.00
$ 12.20
$ 151.25 24-Sep Cash (18 x 8.50) 153.00
24-Sep Cost of Goods Sold (18 x $6.10) 109.80

Record inventory reduction due to sale

Cash 151.25
Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

$60 Cash 60.00
Purchased inventory
$ 12.00
15-Sep Cash (8 x $8.50) 68.00
$ 122.00 per unit Record sale of inventory
$ 134.00 $6.09
$ -
$ 151.25 20-Sep Merchandise Inventory (20 x $6.10) 122.00
$ 151.25 $5.22 Cash 122.00
24-Sep Cash (18 x 8.50) 153.00

Record sale of inventory
24-Sep Cost of Goods Sold (18 x $6.09) 109.62


Cash 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 Cash date date Notes Payable date
1-Jul $10,000.00 10,000 3-Jul 10-Jul
3-Jul $10,000.00
$3,000.00 7-Jul - 10,000.00
$375.00 10-Jul 10,000.00 Balance Balance
$250.00 11-Jul
$200.00 13-Jul
$300.00 14-Jul
$10,000.00 31-Jul
31-Jul $2,400.00
$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.
$480.00 20-Aug 31-Jul 5,000.00
$300.00 22-Aug 3,800.00 8-Aug
31-Aug $5,500.00 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 Balance 7,700.00
$1,500.00 15-Sep
15-Sep $68.00
$456.00 20-Sep
$122.00 20-Sep
24-Sep $153.00
$153.00 30-Sep
30-Sep $19,000.00
57,921.00 42,886.00
Balance 15,035.00
Misc. expense Baking equipment

11-Jul 250.00 13-Jul 6,000
250.00 - 6,000.00 -
Balance 250.00 Balance 6,000.00
Baking supplies Office supplies
1-Jul 6,500 14-Jul 300
15-Aug 5,000 22-Aug 300
11-Sep 7,000
18,500.00 - 600.00 -
Balance 18,500.00 Balance 600.00
Prepaid rent Prepaid insurance

7-Jul 1,500 31-Jul 2,400
1,500.00 - 2,400.00 -
Balance 1,500.00 Balance 2,400.00
Accounts payable Wages expense

6,500.00 1-Jul 31-Jul 120
75 30-Jul 15-Aug 480
10-Aug 75 31-Aug 420
5,000 15-Aug 15-Sep 456
20-Aug 8,500 30-Sep 480
75 31-Aug
10-Sep 75
7,000.00 11-Sep
13-Sep 5,000
13,650 18,650 1,956 -

5,000 Balance Balance 1,956
Dividends
Telephone expense 1-Sep 10,000
30-Jul 75
31-Aug 75
10,000 -
Balance 10,000
150 -
Balance 150
baking supplies expense
misc supplies expense
Merchandise Sales
68.00 15-Sep
153.00 24-Sep 7-Sep
20-Sep
- 221
221 Balance 30-Sep
Balance
Business License exp Common Stock
375.00 10,000 1-Jul
6,000 13-Jul
375.00 - - 16000.00
375.00 16000.00 Balance
Insurance expense
Advertising expense
13-Jul 200.00
200.00 -
Balance 200.00
Rent expense
7-Jul 1,500
15-Aug 1,500
15-Sep 1,500
4,500.00 -
Balance 4,500.00
Bakery Sales
15,000 31-Jul
20,000 31-Aug
25,000 30-Sep
- 60,000.00
60,000.00 Balance
Wages payable
120 31-Jul
5-Aug 120
480 15-Aug
20-Aug 480
420 31-Aug
5-Sep 420
456.00 15-Sep
20-Sep 456
480.00 30-Sep
1,476 1,956
480 Balance
depreciation expense
acc dep
Interest expense
COGS FIFO Interest payable

15-Sep 48.00
24-Sep 109.60
157.60 -
Balance 157.60
Merch. Inv. FIFO

60.00
48.00 15-Sep
122.00
109.60 24-Sep
151.25
333.25 157.60
175.65
Peyton Approved
Trial Balance
2018
Unadjusted trial balance
Account Debit Credit
Cash 15,035.00
Baking Supplies 18,500.00
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,400.00
Baking Equipment 6,000.00
Accumulated Depreciation
Office Supplies 600.00
Notes Payable 10,000.00
Interest Payable
Dividends 10,000.00
Rent Expense 4,500.00
Interest Expense
Insurance Expense
Misc. Expense 250.00
Business License Expense 375.00
Advertising Expense 200.00
Wages Expense 1,956.00
Telephone Expense 150.00
COGS (FIFO) 157.60
Total: (FIFO) 69,499.25 91,701.00

Approved
Balance
018
Adjusting entries Adjusted trial balance
Debit Credit Debit Credit
15,035.00
17,400.00 1,100.00
175.65
1,500.00
2,400.00 -
6,000.00
250.00 250.00
50.00 550.00
7,700.00
10,000.00
150.00 150.00
5,000.00
480.00
16,000.00
10,000.00
60,000.00
221.00
17,400.00 17,400.00
4,500.00
150.00 150.00
2,400.00 2,400.00
250.00 250.00
250.00
50.00 50.00
375.00
200.00
1,956.00
150.00
157.60
20,250.00 20,250.00 69,899.25 92,101.00

Peyton Approved
Adjusting Journal Entries Put entries in shaded c
2018

30-Sep Depreciation Expense 250
accumulated depreciation 250.00
30-Sep Interest Expense 150.00

Interest Payable 150.00
30-Sep Insurance Expanse 2,400.00

Prepaid Insurance 2,400.00
30-Sep Baking Supplies Expense 17,400.00

Baking Supplies 17,400.00
30-Sep Office Supplies Expense 50.00

Office Supplies 50.00
20,250.00 20,250.00
Peyton Approved
Income Statement
For Qtr. Ending 9/30/2018
Revenues:
Total Revenues -
Cost of Goods Sold
Gross Profit (FIFO) -
Operating Expenses:
Total Operating Expenses: -
Net Income (FIFO) -

Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018
Beginning Balance: -
plus Net Income (FIFO)
less Dividends:
Ending Balance (FIFO): -
Peyton Approved
Balance Sheet
As of September 30, 2018
Assets
Current Assets:
Total Current Assets -
Long-Term/Fixed Assets:
Less Accumulated Depreciation
Total Long-Term/Fixed Assets -
Total Assets: -
Approved
ce Sheet
mber 30, 2018
Liabilities and Owners' Equity

Current Liabilities:
Total Current Liabilities -
Long-Term Liabilities:
Total Long-Term Liabilities: -
Total Liabilities: -
Equity:
Total Equity -
Total Liabilities & Equity -

Peyton Approved
Closing Entries
Qtr ending 9/30/2018

30-Sep Bakery Sales
Merchandise Sales
Income Summary
30-Sep Income Summary (FIFO)

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

Retained Earnings FIFO
30-Sep Retained Earnings

Dividends
Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
Unadjusted Trial Balance
Account Debit
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
Totals -
adjusted Trial Balance
Credit
-
Peyton Approved
Reversing Entries
Qtr ending 9/30/2018

30-Sep Interest Payable 150.00
Interest Expense 150.00
These are given to you. No other entries are needed.

ACC 201 Final Project Steps 1 - 4

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ACC 201 Final Project Steps 1 - 4

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Print this page to use for your journal entries. Only accounts on this page can be used.

Liability Accounts Equity Accounts

Baking Supplies Expense

Date Accounts Debit Credit

1-Jul Baking Supplies 6,500.00

3-Jul Cash 10,000.00

11-Jul Mics. Expense 250.00

13-Jul Baking Equipment 6,000.00

30-Jul Telephone Expense 75.00

31-Jul Accounts receivable 5,000.00

Total 54,220.00 54,220.00

Date Accounts Debit Credit

15-Aug Wage Expense 480.00

15-Aug Rent Expense 1,500.00

18-Aug Cash 3,000.00

20-Aug Accounts Payable 8,500.00

22-Aug Office Supplies 300.00

31-Aug Telephone Expense 75.00

31-Aug Accounts receivable 7,500.00

Total 43,750.00 $ 43,750.00

Date Accounts Debit Credit

5-Sep Wages Payable 420.00

8-Sep Cash 4,000.00

13-Sep Accounts Payable 5,000.00

15-Sep Wages Expense 456.00

15-Sep Rent Expense 1,500.00

15-Sep Cash 48.00

15-Sep Cost of Goods Sold 48.00

20-Sep Wages Payable 456.00

24-Sep Cost of Goods Sold 109.60

30-Sep Merchandise Inventory 151.25

30-Sep Wages Expense 480.00

30-Sep Cash 19,000.00

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

24-Sep 2 $ 6.00 $ 12.00

30-Sep 25 $ 6.05 $ 151.25 4 $ 6.10

LIFO Purchases Sales Ending Inventory

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

24-Sep 18 $ 6.10 $ 109.80 2 $ 6.00

30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00

weighted average Purchases Sales Ending Inventory

15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00

24-Sep 18 $ 6.09 $ 109.62 4

30-Sep 25 $ 6.05 $ 151.25 4

$ 12.00 15-Sep Cash (8 x $8.50) 68.00

15-Sep Cost of Goods Sold (8 X $6) 48.00

$ 24.40 20-Sep Merchandise Inventory (20 x $6.10 ) 122.00

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

30-Sep Merchandise Inventory (25 x $6.05) 151.25

Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

24-Sep Cost of Goods Sold (18 x $6.10) 109.80

30-Sep Merchandise Inventory (25 x $6.05) 151.25

Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00

24-Sep Cash (18 x 8.50) 153.00

24-Sep Cost of Goods Sold (18 x $6.09) 109.62

30-Sep Merchandise Inventory (25 x $6.05) 151.25

Misc. expense Baking equipment

Prepaid rent Prepaid insurance

Accounts payable Wages expense

13,650 18,650 1,956 -

baking supplies expense