Final Project Milestone One - Accounting Workbook Steps 1-4

Print this page to use for your journal entries. Only accounts on this page can be used. Asset Accounts Liability Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory Equity Accounts Acct # 101 102 103 104 105 106 107 108 109 Notes Payable Accounts Payable Wages Payable Interest Payable Acct # 201 Common Stock 202 Dividends 203 204 301 302 Revenue Accounts Acct # Bakery Sales Merchandise Sales 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. 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 Office Supplies Expense Cost of Goods Sold 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 Baking Supplies Accounts Payable 3-Jul Cash Notes Payable 7-Jul Rent Expense Prepaid Rent Cash Debit 10,000.00 10,000.00 6,500.00 6,500.00 10,000.00 10,000.00 1,500.00 1,500.00 3,000.00 10-Jul Business License Expense Cash 375.00 11-Jul Misc. Expense Cash 250.00 13-Jul Baking Equipment Common Stock 375.00 250.00 6,000.00 6,000.00 13-Jul Advertising Expense Cash 200.00 14-Jul Office Supplies Cash 300.00 30-Jul Telephone Expense Accounts Payable 31-Jul Prepaid Insurance Credit 200.00 300.00 75.00 75.00 2,400.00 Cash 31-Jul Wages Expense Wages Payable 31-Jul Cash Accounts Receivable 2,400.00 120.00 120.00 10,000.00 5,000.00 Bakery Sales Total 15,000.00 54,220.00 54,220.00 108,440.00 108,440.00 Peyton Approved General Journal Entries Aug-18 Date 5-Aug Wages Payable Cash Accounts 8-Aug Cash Accounts Receivable 10-Aug Accounts Payable Cash 15-Aug Baking Supplies Accounts Payable 15-Aug Wages Expense Wages Payable Debit 120.00 120.00 3,800.00 3,800.00 75.00 75.00 5,000.00 5,000.00 480.00 480.00 15-Aug Rent Expense Cash 1,500.00 18-Aug Cash Accounts Receivable 3,000.00 20-Aug Accounts Payable Cash 8,500.00 1,500.00 3,000.00 8,500.00 20-Aug Wages Payable Cash 480.00 22-Aug Office Supplies Cash 300.00 31-Aug Telephone Expense Accounts Payable Credit 480.00 300.00 75.00 75.00 31-Aug Wages Expense Wages Payable 31-Aug Cash Accounts Receivable Bakery Sales Total 420.00 420.00 12,500.00 7,500.00 20,000.00 43,750.00 $ 43,750.00 Peyton Approved General Journal Entries Sep-18 Date 1-Sep Dividends Cash Accounts 5-Sep Wages Payable Cash 7-Sep Merchandise Inventory Cash 8-Sep Cash Accounts Receivable 10-Sep Accounts Payable Cash Debit 10,000.00 10,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 75.00 75.00 11-Sep Baking Supplies Accounts Payable 7,000.00 13-Sep Accounts Payable Cash 5,000.00 15-Sep Wages Expense Wages Payable 456.00 15-Sep Rent Expense Cash Credit 7,000.00 5,000.00 456.00 1,500.00 1,500.00 15-Sep Cash Merchandise Sales 68.00 15-Sep Cost of Goods Sold Merchandise Inventory 48.00 68.00 48.00 20-Sep Wages Payable Cash 456.00 20-Sep Merchandise Inventory Cash 122.00 456.00 122.00 24-Sep Cash Merchandise Sales 153.00 24-Sep Cost of Goods Sold Merchandise Inventory 109.60 30-Sep Merchandise Inventory Cash 151.25 30-Sep Wages Expense Wages Payable 480.00 30-Sep Cash Accounts Receivable Bakery Sales Total 153.00 109.60 151.25 480.00 14,000.00 6,000.00 50,098.85 20,000.00 50,098.85 FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases 7-Sep 10 $ 6.00 $ 60.00 15-Sep 20-Sep LIFO 7-Sep $ 25 $ 6.05 $ 151.25 55 $ 333.25 Purchases 10 $ 6.00 20 $ 6.10 $ 122.00 Purchases 10 $ 6.00 $ $ 333.25 26 $ 157.80 Sales $ $ 48.00 122.00 55 $ $ 151.25 333.25 2 2 2 4 $ 6.00 $ $ 6.00 $ 12.00 $ 6.10 $ 122.00 $ 134.00 $ 6.00 $ $ 6.10 $ $ 12.00 12.20 24.20 2 $ 6.00 $ 12.00 2 $ 6.10 $ 12.20 25 $ 6.05 $ 151.25 29 $ 175.45 29 $ 175.45 2 $ 6.00 $ 26 157.62 4 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory Dr 60.00 Cr 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 68.00 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 60.00 122.00 153.00 109.60 151.25 60.00 12.00 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 68.00 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 $6.10) 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 60.00 122.00 153.00 109.80 151.25 60.00 12.00 2 $ 6.00 $ 12.00 20 $ 6.10 $ 122.00 per unit 22 $ 134.00 $6.09 18 $ 6.09 $ 109.62 25 $ 6.05 24.40 4 $ 6.10 $ 24.40 25 $ 6.05 $ 151.25 29 $ 175.65 29 $ 175.65 Ending Inventory 10 $ 6.00 $60 60.00 8 $ 6.00 $ 20 $ 6.10 12.00 $ 6.00 $ 12.00 $ 6.10 $ 122.00 $ 134.00 4 $ 6.10 $ 2 20 22 151.25 24-Sep 30-Sep 48.00 18 $ 6.10 $ 109.80 25 $ 6.05 $ 6.00 $ Ending Inventory 10 $ 6.00 $ 60.00 60.00 15-Sep 20-Sep $ 157.60 8 $ 6.00 $ 55 weighted average 7-Sep 26 Sales $ 2 2 20 22 2 $ 6.00 $ 12.00 16 $ 6.10 $ 97.60 $ 109.60 24-Sep 30-Sep 48.00 122.00 15-Sep 20-Sep Ending Inventory 10 $ 6.00 $ 60.00 8 $ 6.00 $ 20 $ 6.10 24-Sep 30-Sep Sales 24.38 4 $ 25 $ 6.05 $ 151.25 29 $ 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 68.00 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 151.25 122.00 153.00 109.62 151.25 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