Acc 201 - Final Project Workbook-DeSKTOP-5TE6TIF

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

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
Aug-18

5-Aug Wages Payable 120.00
Cash 120.00
8-Aug Cash 3,800.00

10-Aug Accounts Payable 75.00

Cash 75.00
15-Aug Baking Supplies Expense 5,000.00

15-Aug Wages Expense 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
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

31-Aug 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
7-Sep Merchandise Sales 60.00

Cash 60.00
8-Sep Cash 4,000.00

10-Sep Accounts Payable 75.00

Cash 75.00
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 68.00
Merchandise Sales 68.00
15-Sep Cost of Goods Sold 48.00

20-Sep Wages Payable 456.00

Cash 456.00

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 14,000.00

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

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


Record inventory reduction due to sale

Cash 122.00
Cash (18 x 8.50) 153.00

Cost of Goods Sold (18 x $6.10) 109.80


Cash 151.25
Merchandise Inventory (10 x $6) 60.00

Cash 60.00
Purchased inventory
Cash (8 x $8.50) 68.00


Cash 122.00
Cash (18 x 8.50) 153.00

Cost of Goods Sold (18 x $6.09) 109.62


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

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 Insurance 2,000.00
Misc. Supplies 50.00
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:
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

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

30-Sep Bakery Sales 55,000.00
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
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 Insurance 2,000.00
Baking Equipment 6,000.00
Accumulated Depreciation (250.00)
Misc. Supplies 50.00
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

30-Sep Interest Payable 150.00

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Asset Accounts Liability Accounts

Date Accounts Debit Credit

1-Jul Baking Supplies 6,500.00

3-Jul Cash 10,000.00

7-Jul Rent Expense 1,500.00

10-Jul Business License Expense 375.00

11-Jul Miscellaneous Expense 250.00

13-Jul Baking Equipment 6,000.00

13-Jul Advertising Expense 200.00

14-Jul Office Supplies 300.00

31-Jul Prepaid Insurance 2,400.00

31-Jul Wages Expense 120.00

31-Jul Cash 10,000.00

Total 54,220.00 54,220.00

Date Accounts Debit Credit

8-Aug Cash 3,800.00

10-Aug Accounts Payable 75.00

15-Aug Baking Supplies Expense 5,000.00

15-Aug Wages Expense 480.00

15-Aug Rent Expense 1,500.00

18-Aug Cash 3,000.00

20-Aug Accounts Payable 8,500.00

20-Aug Wages Payable 480.00

31-Aug Telephone Expense 75.00

31-Aug Wages Expense 420.00

31-Aug Cash 12,500.00

Total 43,750.00 $ 43,750.00

Date Accounts Debit Credit

5-Sep Wages Payable 420.00

7-Sep Merchandise Sales 60.00

8-Sep Cash 4,000.00

10-Sep Accounts Payable 75.00

11-Sep Baking Supplies 7,000.00

13-Sep Accounts Payable 5,000.00

15-Sep Wages Expense 456.00

15-Sep Rent Expense 1,500.00

15-Sep Cost of Goods Sold 48.00

20-Sep Wages Payable 456.00

20-Sep Merchandise Sales 122.00

24-Sep Cash 153.00

24-Sep Cost of Goods Sold 109.60

30-Sep Merchandise Sales 151.25

30-Sep Wages Expense 480.00

30-Sep Cash 14,000.00

Misc. expense Baking equipment Advertising expense

Baking supplies Office supplies Rent expense

Prepaid rent Prepaid insurance Bakery Sales

Dividends depreciation expense

baking supplies expense Interest expense

misc supplies expense COGS FIFO

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

24-Sep 2 $ 6.00 $ 12.00 15-Sep

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

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

weighted average Purchases Sales Ending Inventory 7-Sep

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

30-Sep 25 $ 6.05 $ 151.25 4 $ -

Cost of Goods Sold (8 X $6) 48.00

Merchandise Inventory (20 x $6.10 ) 122.00

Cash (18 x 8.50) 153.00

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

Merchandise Inventory (25 x $6.05) 151.25

Cash (8 x $8.50) 68.00