How to fill out this final project workbook given the instructions in the link below. And how to do the calculation and work using the LIFO or weighted average method.
Print this page to use for your journal entries. Only accounts on this page can be used.
Asset Accounts
Acct #
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office 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 you are analyzing and
journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource
for you.
ntries. Only accounts on this page can be used.
Liability Accounts
Equity Accounts
Acct #
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
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.
201 Common Stock
202 Dividends
203
204
Revenue Accounts
Bakery Sales
Merchandise Sales
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
1-Jul Cash
Common Stock
1-Jul Banking Supplies
Accounts Payable
Cash
Notes payable
Rent expense
Prepaid rent
cash
business liscense expense
cash
miscellaneous expense
cash
baking equipment
common stock
Debit
10,000.00
6,500.00
Total
16,500.00
33,000.00
Put entries in shaded cells
Credit
10,000.00
10,000.00
20,000.00
Peyton Approved
General Journal Entries
Aug-18
Date
Accounts
Debit
Total
–
Put entries in shaded cells
Credit
$
–
Peyton Approved
General Journal Entries
Sep-18
Date
Accounts
Debit
Credit
Total
–
–
Put entries in shaded cells
FIFO
USE THIS ONE FOR THE SEPTEMBER ENTRIES
Date
Purchases
7-Sep
10 $ 6.00 $
60.00
15-Sep
20-Sep
20 $
6.10 $
25 $
7-Sep
6.05 $
151.25
$
333.25
Purchases
10 $ 6.00 $
24-Sep
6.10 $
2
2
20
22
26
6.00 $
6.10 $
$
$
12.00
97.60
109.60
157.60
60.00
4
4
25
29
29
10
8 $
20 $
48.00
Sales
15-Sep
20-Sep
6.00 $
122.00
2 $
16 $
55
LIFO
10
8 $
24-Sep
30-Sep
Sales
6.00 $
48.00
122.00
2
2
20
22
18 $
6.10 $
109.80
2
2
4
30-Sep
25 $
55
weighted average
7-Sep
6.05 $
151.25
$
333.25
Purchases
10 $ 6.00 $
6.10 $
10
55
48.00
6.05 $
151.25
$
333.25
2
2
20
22
18 $
25 $
6.00 $
122.00
24-Sep
30-Sep
157.80
60.00
8 $
20 $
$
Sales
15-Sep
20-Sep
26
2
2
25
29
29
26
6.09 $
109.62
157.62
4
4
25
29
$
Ending Inventory
6.00 $
60.00
$
6.00 $
12.00
$
$
6.00 $
6.10 $
$
12.00
122.00
134.00
$
6.10 $
24.40
$
$
6.10 $
6.05 $
$
$
24.40
151.25
175.65
175.65
Ending Inventory
$ 6.00 $
60.00
$
6.00 $
12.00
$
$
6.00 $
6.10 $
$
12.00
122.00
134.00
$
$
6.00 $
6.10 $
$
12.00
12.20
24.20
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
Dr
60.00
15-Sep Cash (8 x $8.50)
Merchandise Sales
Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6)
Merchandise Inventory
Recorded the cost of goods sold
48.00
20-Sep Merchandise Inventory (20 x $6.10 )
Cash
122.00
24-Sep Cash (18 x 8.50)
Merchandise Sales
Record sale of inventory
153.00
24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10)
Merchandise Inventory
Recorded the cost of goods sold
109.60
30-Sep Merchandise Inventory (25 x $6.05)
Cash
151.25
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
60.00
15-Sep Cash (8 x $8.50)
Merchandise Sales
Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6)
Merchandise Inventory
Record inventory reduction due to sale
48.00
20-Sep Merchandise Inventory (20 x $6.10)
122.00
$
$
$
6.00 $
6.10 $
6.05 $
$
$
12.00
12.20
151.25
175.45
175.45
Ending Inventory
$ 6.00
$60
$
$
$
6.00 $
6.00 $
6.10 $
$
$
$
$
6.05 $
$
Cash
24-Sep Cash (18 x 8.50)
Merchandise Sales
Record sale of inventory
153.00
24-Sep Cost of Goods Sold (18 x $6.10)
Merchandise Inventory
Record inventory reduction due to sale
109.80
30-Sep Merchandise Inventory (25 x $6.05)
Cash
151.25
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
60.00
12.00
12.00
122.00 per unit
134.00 $6.09
24.38
151.25
151.25 $5.22
15-Sep Cash (8 x $8.50)
Merchandise Sales
Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6)
Merchandise Inventory
Record inventory reduction due to sale
48.00
20-Sep Merchandise Inventory (20 x $6.10)
Cash
122.00
24-Sep Cash (18 x 8.50)
Merchandise Sales
Record sale of inventory
153.00
24-Sep Cost of Goods Sold (18 x $6.09)
Merchandise Inventory
Record inventory reduction due to sale
109.62
30-Sep Merchandise Inventory (25 x $6.05)
Cash
151.25
Cr
60.00
68.00
48.00
122.00
153.00
109.60
151.25
60.00
68.00
48.00
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
122.00
153.00
109.80
151.25
60.00
68.00
48.00
122.00
153.00
109.62
151.25
date
Cash
date
date
Notes Payable
date
3-Jul
1-Jul
3-Jul
7-Jul
10-Jul
11-Jul
13-Jul
14-Jul
31-Jul
–
–
Balance
31-Jul
5-Aug
8-Aug
10-Aug
18-Aug
15-Aug
20-Aug
20-Aug
22-Aug
Accounts Rec.
31-Jul
8-Aug
18-Aug
31-Aug
1-Sep
5-Sep
7-Sep
31-Aug
8-Sep
30-Sep
8-Sep
10-Sep
13-Sep
15-Sep
Balance
–
–
15-Sep
20-Sep
20-Sep
24-Sep
30-Sep
30-Sep
Balance
–
–
Misc. expense
Baking equipment
11-Jul
Balance
13-Jul
–
Balance
–
–
Baking supplies
Office supplies
1-Jul
15-Aug
11-Sep
Balance
14-Jul
22-Aug
–
Balance
Prepaid rent
–
Prepaid insurance
7-Jul
Balance
–
31-Jul
–
Balance
Accounts payable
–
–
Wages expense
1-Jul
30-Jul
10-Aug
15-Aug
20-Aug
31-Jul
15-Aug
31-Aug
15-Sep
30-Sep
31-Aug
10-Sep
11-Sep
13-Sep
–
–
Balance
Balance
–
–
Dividends
Telephone expense
1-Sep
30-Jul
31-Aug
Balance
Balance
–
–
–
–
baking supplies expense
misc supplies expense
Merchandise Sales
15-Sep
24-Sep
–
–
Balance
Business License exp
Common Stock
10-Jul
Balance
1-Jul
13-Jul
–
–
–
Insurance expense
Advertising expense
13-Jul
Balance
–
–
–
Balance
Rent expense
7-Jul
15-Aug
15-Sep
Balance
–
–
Bakery Sales
31-Jul
31-Aug
30-Sep
–
–
Balance
Wages payable
31-Jul
5-Aug
15-Aug
20-Aug
31-Aug
5-Sep
15-Sep
20-Sep
30-Sep
–
–
Balance
depreciation expense
acc dep
Interest expense
COGS FIFO
Interest payable
15-Sep
24-Sep
Balance
–
–
Merch. Inv. FIFO
7-Sep
15-Sep
20-Sep
24-Sep
30-Sep
Balance
–
–
Account
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation
Office Supplies
Accounts Receivable
Notes Payable
Interest Payable
Accounts Payable
Wages Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
COGS (FIFO)
Total: (FIFO)
Peyton Approved
Trial Balance
2018
Unadjusted trial balance
Debit
Credit
–
–
–
Approved
Balance
018
Adjusting entries
Debit
Credit
250.00
250.00
250.00
250.00
Adjusted trial balance
Debit
Credit
250.00
250.00
250.00
250.00
Peyton Approved
Adjusting Journal Entries
2018
Date
Accounts
30-Sep Depreciation Expense
accumulated depreciation
Debit
250
Credit
250.00
30-Sep
30-Sep
30-Sep
30-Sep
250.00
250.00
Put entries in shaded cells
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:
–
–
Peyton Approved
Balance Sheet
As of September 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
Date
Accounts
30-Sep Bakery Sales
Merchandise Sales
Income Summary
30-Sep Income Summary (FIFO)
Baking Supplies Expense
Rent Expense
Wages Expense
Office Supplies Expense
Business License Expense
Misc. Expense
Depreciation Expense
Insurance Expense
Advertising Expense
Interest Expense
Telephone Expense
COGS FIFO
30-Sep Income Summary (FIFO)
Retained Earnings FIFO
30-Sep Retained Earnings
Dividends
Debit
Credit
Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
Account
Unadjusted Trial Balance
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
Date
Accounts
30-Sep Interest Payable
Interest Expense
Debit
150.00
These are given to you. No other entries are needed.
Credit
150.00
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