Asset Accounts

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

101
102
103
104
105
106
107
108
109

This chart of accounts should help you identify the appropriate accounts to record to as y
journaling transactions for this workbook. There is nothing to complete on this page; this is
you.

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

appropriate accounts 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 Accounts
Acct #
Common Stock
Dividends

301
302

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
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

Accounts
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
Accounts 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
Accounts
8-Aug Baking Supplies
Accounts Payable
10-Aug Accounts Payable
Cash
15-Aug Salary and Wages Expense
Cash
15-Aug Rent Expense
Prepaid Rent
25-Aug Miscellaneous Supplies
Cash
30-Aug Accounts Payable
Cash
30-Aug Telephone Expense
Accounts 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

Accounts

10-Sep Baking Supplies

Accounts Payable
10-Sep Accounts Payable
Cash
15-Sep Salary and Wages Expense
Cash
15-Sep Rent Expense
Cash
Se 19

Miscellaneous Supplies
Cash

30-Sep Telephone Expense

Accounts 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

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

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

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

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

Accounts 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

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

Account
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
Accounts 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
Accounts
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
Accounts 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

Accounts

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
Account

ved
Balance
Unadjusted Trial Balance
Debit
Credit

Peyton Approved
Reversing Entries
9/30/2014
Date

Accounts

pproved
Entries
014
Debit
15000.00

Credit

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