ing Cycle Workbook 55u71
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Asset s Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies s Receivable Accumulated Depreciation Merchandise Inventory
101 102 103 104 105 106 107 108 109
This chart of s should help you identify the appropriate s 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 s
Equity s Acct #
Notes Payable s Payable Wages Payable Interest Payable
he appropriate s 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 s Bakery Sales Merchandise Sales
Expense s 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 s 1-Jul Cash Common Stock Contributed cash for common stock
Debit 15,000.00
Credit 15,000.00
Peyton Approved General Journal Entries Aug-14 Date
s
Debit
Credit
Peyton Approved General Journal Entries Sep-14 Date
s
Debit
Credit
FIFO Date 7-Sep
Purchases 10 $ 6.00 $
Sales 60.00
15-Sep 20-Sep
8 $ 20 $
6.10 $
2 $ 16 $
25 $
55
LIFO 7-Sep
6.05 $
151.25
$
333.25
Purchases 10 $ 6.00 $
24-Sep
26
6.10 $
6.00 $ 6.10 $ $
$
12.00 97.60 109.60
157.60
6.00 $
48.00
122.00
18 $
2 $
6.00
2 $ 20 $ 22
6.00 6.10
4 $
6.10
4 $ 25 $ 29 29
6.10 6.05
Ending Inventory 10 $ 6.00
60.00 8 $
20 $
48.00
Sales
15-Sep 20-Sep
6.00 $
122.00
24-Sep
30-Sep
Ending Inventory 10 $ 6.00
6.10 $
109.80
2 $
6.00
2 $ 20 $ 22
6.00 6.10
2 $ 2 $
6.00 6.10
4 30-Sep
25 $
55
weighted average 7-Sep
6.05 $
151.25
$
333.25
Purchases 10 $ 6.00 $
6.10 $
18 $ 25 $ 55
6.05 $ $
6.00 $
48.00
6.09 $
109.62
151.25 333.25
26
6.00 6.10 6.05
Ending Inventory 10 $ 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
157.62
2 $
6.00
2 $ 20 $ 22
6.00 6.10
4 4 25 $ 29
6.05
Ending Inventory $ 60.00 $
12.00
$ $ $
12.00 122.00 134.00
$
24.40
$ $ $ $
24.40 151.25 175.65 175.65
Ending Inventory $ 60.00 $ $ $ $ $ $
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 Revenue 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 Revenue 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 12.00 122.00 134.00 12.00 12.20
15-Sep Cash (8 x $8.50) Merchandise Sales Revenue 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
$
24.20
$ $ $ $ $
12.00 12.20 151.25 175.45 175.45
Ending Inventory $60 $ $ $ $ $ $ $ $
20-Sep Merchandise Inventory (20 x $6.10) Cash
122.00
24-Sep Cash (18 x 8.50) Merchandise Sales Revenue 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 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 Revenue 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 Revenue 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
date
Cash 1-Jul 15,000.00
date
date
Notes Payable
date
0
s Rec.
0
15,000.00 15,000.00
Misc. expense
-
Baking equipment
0 0
Baking supplies
0
Prepaid rent
Misc. supplies
0
Prepaid insurance
0
-
s payable
Salary and wages expense
-
Telephone expense -
Dividends
baking supplies expense adj
0 misc supplies expense
COGS LIF0
adj
0 Merchandise Sales Revenue
-
COGS Weighted Avg.
-
Business License exp
0
Common Stock 15,000
1-Jul
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
0
Rent expense
-
Bakery Sales
0
Salaries and wages payable
0 depreciation expense
acc dep
0 Interest expense
Interest payable
0
adj
adj
0 COGS FIFO
-
0
Merch. Inv. FIFO
-
Merch. Inv. LIFO
-
Merch. Inv. Avg.
-
Merch. Inv. Avg.
Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance
Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit Credit
Baking Equipment Misc. Supplies s Receivable Notes Payable s 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 s will not be utilized before the adjusting process. They should have zero balance in the unadjusted t
Approved Balance 014 Adjusting entries Debit Credit
Adjusted trial balance 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 s 30-Sep Depreciation Expense accumulated depreciation
Debit 208.33
Credit 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
s
Debit
Credit
Peyton Approved Post Closing Trial Balance 9/30/2014
Unadjusted Trial Balance Debit
adjusted Trial Balance Credit
Peyton Approved Reversing Entries 9/30/2014 Date
s
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
101 102 103 104 105 106 107 108 109
This chart of s should help you identify the appropriate s 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 s
Equity s Acct #
Notes Payable s Payable Wages Payable Interest Payable
he appropriate s 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 s Bakery Sales Merchandise Sales
Expense s 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 s 1-Jul Cash Common Stock Contributed cash for common stock
Debit 15,000.00
Credit 15,000.00
Peyton Approved General Journal Entries Aug-14 Date
s
Debit
Credit
Peyton Approved General Journal Entries Sep-14 Date
s
Debit
Credit
FIFO Date 7-Sep
Purchases 10 $ 6.00 $
Sales 60.00
15-Sep 20-Sep
8 $ 20 $
6.10 $
2 $ 16 $
25 $
55
LIFO 7-Sep
6.05 $
151.25
$
333.25
Purchases 10 $ 6.00 $
24-Sep
26
6.10 $
6.00 $ 6.10 $ $
$
12.00 97.60 109.60
157.60
6.00 $
48.00
122.00
18 $
2 $
6.00
2 $ 20 $ 22
6.00 6.10
4 $
6.10
4 $ 25 $ 29 29
6.10 6.05
Ending Inventory 10 $ 6.00
60.00 8 $
20 $
48.00
Sales
15-Sep 20-Sep
6.00 $
122.00
24-Sep
30-Sep
Ending Inventory 10 $ 6.00
6.10 $
109.80
2 $
6.00
2 $ 20 $ 22
6.00 6.10
2 $ 2 $
6.00 6.10
4 30-Sep
25 $
55
weighted average 7-Sep
6.05 $
151.25
$
333.25
Purchases 10 $ 6.00 $
6.10 $
18 $ 25 $ 55
6.05 $ $
6.00 $
48.00
6.09 $
109.62
151.25 333.25
26
6.00 6.10 6.05
Ending Inventory 10 $ 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
157.62
2 $
6.00
2 $ 20 $ 22
6.00 6.10
4 4 25 $ 29
6.05
Ending Inventory $ 60.00 $
12.00
$ $ $
12.00 122.00 134.00
$
24.40
$ $ $ $
24.40 151.25 175.65 175.65
Ending Inventory $ 60.00 $ $ $ $ $ $
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 Revenue 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 Revenue 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 12.00 122.00 134.00 12.00 12.20
15-Sep Cash (8 x $8.50) Merchandise Sales Revenue 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
$
24.20
$ $ $ $ $
12.00 12.20 151.25 175.45 175.45
Ending Inventory $60 $ $ $ $ $ $ $ $
20-Sep Merchandise Inventory (20 x $6.10) Cash
122.00
24-Sep Cash (18 x 8.50) Merchandise Sales Revenue 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 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 Revenue 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 Revenue 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
date
Cash 1-Jul 15,000.00
date
date
Notes Payable
date
0
s Rec.
0
15,000.00 15,000.00
Misc. expense
-
Baking equipment
0 0
Baking supplies
0
Prepaid rent
Misc. supplies
0
Prepaid insurance
0
-
s payable
Salary and wages expense
-
Telephone expense -
Dividends
baking supplies expense adj
0 misc supplies expense
COGS LIF0
adj
0 Merchandise Sales Revenue
-
COGS Weighted Avg.
-
Business License exp
0
Common Stock 15,000
1-Jul
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
0
Rent expense
-
Bakery Sales
0
Salaries and wages payable
0 depreciation expense
acc dep
0 Interest expense
Interest payable
0
adj
adj
0 COGS FIFO
-
0
Merch. Inv. FIFO
-
Merch. Inv. LIFO
-
Merch. Inv. Avg.
-
Merch. Inv. Avg.
Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance
Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit Credit
Baking Equipment Misc. Supplies s Receivable Notes Payable s 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 s will not be utilized before the adjusting process. They should have zero balance in the unadjusted t
Approved Balance 014 Adjusting entries Debit Credit
Adjusted trial balance 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 s 30-Sep Depreciation Expense accumulated depreciation
Debit 208.33
Credit 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
s
Debit
Credit
Peyton Approved Post Closing Trial Balance 9/30/2014
Unadjusted Trial Balance Debit
adjusted Trial Balance Credit
Peyton Approved Reversing Entries 9/30/2014 Date
s
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
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