Asset Accounts

Acct #
Cash 101
Baking Supplies 102
Prepaid Rent 103
Prepaid Insurance 104
Baking Equipment 105
Misc. 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.
 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
Misc. 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-14

Date Accounts Debit Credit

1-Jul Cash 15,000.00
Common Stock 15,000.00
Contributed cash for common stock
 Peyton Approved
General Journal Entries
Aug-14

Date Accounts Debit Credit

 Peyton Approved
General Journal Entries
Sep-14

Date Accounts Debit Credit

FIFO
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 Revenue 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
Merchandise Sales Revenue 153.00
Record sale of inventory

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

Merchandise Inventory 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
$ 12.00 Merchandise Sales Revenue 68.00
$ 122.00 Record sale of inventory
$ 134.00
15-Sep Cost of Goods Sold (8 X $6) 48.00
$ 12.00 Merchandise Inventory 48.00
$ 12.20 Record inventory reduction due to sale
 $ 24.20
20-Sep Merchandise Inventory (20 x $6.10) 122.00
$ 12.00 Cash 122.00
$ 12.20
$ 151.25 24-Sep Cash (18 x 8.50) 153.00
$ 175.45 Merchandise Sales Revenue 153.00
$ 175.45 Record sale of inventory

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

Merchandise Inventory 109.80
Record inventory reduction due to sale

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 Cash 60.00
Purchased inventory
$ 12.00
15-Sep Cash (8 x $8.50) 68.00
$ 12.00 Merchandise Sales Revenue 68.00
$ 122.00 per unit Record sale of inventory
$ 134.00 $6.09
15-Sep Cost of Goods Sold (8 X $6) 48.00
$ 24.38 Merchandise Inventory 48.00
Record inventory reduction due to sale
$ -
$ 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

Merchandise Sales Revenue 153.00
Record sale of inventory

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

Merchandise Inventory 109.62
Record inventory reduction due to sale

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

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 15,000.00

Accounts Rec.

0
15,000.00 -
15,000.00

Misc. expense Baking equipment

0
0

Baking supplies Misc. supplies

0 0

Prepaid rent Prepaid insurance

-
 Accounts payable Salary and wages expense

Telephone expense
-

Dividends

baking supplies expense

adj

0
misc supplies expense COGS LIF0
adj

Merchandise Sales
Revenue -
-
COGS Weighted Avg.

-
Business License exp Common Stock
15,000 1-Jul

0 15,000

Insurance expense

COMPLETION OF STEPS 1- 4 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT

0
Advertising expense

Rent expense

Bakery Sales

0
 Salaries and wages payable

depreciation expense acc dep

0 0
Interest expense Interest payable
adj adj

0 0
COGS FIFO

-
Merch. Inv. FIFO Merch. Inv. LIFO Merch. Inv. Avg.

- - -
Merch. Inv. Avg.
 Peyton Approved
Trial Balance
2014
Unadjusted trial balance
Account Debit Credit
Cash
Baking Supplies
Merchandise Inventory
Prepaid Rent
Prepaid Insurance
Baking Equipment
Misc. Supplies
Accounts Receivable
Notes Payable
Accounts Payable
Wages Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
COGS
Depreciation Expense
Accumulated Depreciation
Misc Supplies Expense*
Interest Expense*
Interest Payable*

- -
 -

*These accounts will not be utilized before the adjusting process. They should have zero balance in the unadjusted t
Approved
Balance
014
Adjusting entries Adjusted trial balance
Debit Credit Debit Credit

COMPLETION OF STEPS 5-7 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW RE
WORKBOOK TO COMPLETE THE 4-3 CHECKPO

208.33 208.33
208.33 208.33

208.33 208.33 208.33 208.33

have zero balance in the unadjusted trial balance.
N OF STEPS 5-7 DELIVERABLE:
ULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT
 Peyton Approved
Adjusting Journal Entries
2014

Date Accounts Debit Credit

30-Sep Depreciation Expense 208.33
accumulated depreciation 208.33
 Peyton Approved
Income Statement
For Qtr. Ending 9/30/2014
 Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2014
 Peyton Approved
Balance Sheet
As of September 30, 2014

Assets
Approved
ce Sheet
mber 30, 2014

Liabilities and Owners' Equity

 Peyton Approved
Closing Entries
9/30/2014

Date Accounts Debit Credit

 Peyton Approved
Post Closing Trial Balance
9/30/2014
Unadjusted Trial Balance
Account Debit
adjusted Trial Balance
Credit
 Peyton Approved
Reversing Entries
9/30/2014

Date Accounts Debit Credit

COMPLETION OF STEPS 8-11 DELIVERABLE:
CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
COMPLETED WORKBOOK (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT
REQUIREMENT