Asset Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. There is nothing to complete on this page; this is...

Asset Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. 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. 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 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 1-Jul Cash 15,000.00 Common Stock Contributed cash for common stock 1-Jul Purchases baking supplies 8,500.00 Accounts Payable—Vendor 3-Jul Cash 10,000.00 Notes Payable To record two-year 6% noted payable issued 7-Jul Rent Expense 3,000.00 Cash 10-Jul Business License 375.00 Cash To record purchase of business license 11-Jul Miscellaneous Expense 250.00 Cash To record purchase of cash register 13-Jul Baking Equipment 5,000.00 Common Stock To record transfer of baking equipment to business 13-Jul Advertising Expense 200.00 Cash To record advertising expense incurred 14-Jul Miscellaneous Supplies 300.00 Cash 31-Jul Prepaid Insurance 1,200.00 Cash To record telephone bill 31-Jul To record accrue wages 31-Jul Total Service Revenue 15,000.00 Cash Accounts Receivable Credit 15,000.00 8,500.00 10,000.00 3,000.00 375.00 250.00 5,000.00 200.00 300.00 1,200.00 10,000.00 5,000.00 Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Salaries Expense Cash 8-Aug Service Revenue Accounts Receivable 10-Aug Telephone Expense Cash 15-Aug Purchase baking supplies Accounts Payable 15-Aug To record accrue wages 15-Aug Rent Expense CashRevenue Service 18-Aug Service Revenue Accounts Receivable 20-Aug Accounts Payable—Loan Cash 20-Aug Salaries Expense Cash 22-Aug Miscellaneous Supplies Cash 31-Aug To record accrue wages 31-Aug To record telephone bill 31-Aug Total Service Revenue Cash Accounts Receivable Debit 120.00 3,200.00 45.00 5,000.00 1,500.00 1,000.00 8,500.00 480.00 300.00 20,000.00 Credit 120.00 3,200.00 45.00 5,000.00 1,500.00 1,000.00 8,500.00 480.00 300.00 12,500.00 7,500.00 Peyton Approved General Journal Entries Sep-14 Date Accounts 1-Sep Dividends Cash 5-Sep Salaries Expense Cash 7-Sep Merchandise Inventory Cash 8-Sep Service Revenue Accounts Receivable 10-Sep Telephone Expense Cash 11-Sep Purchase baking supplies Accounts Payable 13-Sep Account Payable Cash 15-Sep To record accrue wages 15-Sep Rent Expenses Cash 15-Sep Accrue Wages 15-Sep Merchandise Sales Revenue Cash 15-Sep Cost of Goods Sold Merchandise Inventory 20-Sep Salaries Expense Cash 24-Sep Merchandise Sales Revenue Cash 24-Sep Cost of Goods Sold Merchandise Inventory 30-Sep Merchandise Inventory Cash 30-Sep Accrue Wages 30-Sep Total Service Revenue Cash Accounts Receivable Debit 3,000.00 Credit 3,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 45.00 45.00 7,000.00 7,000.00 5,000.00 5,000.00 1,500.00 1,500.00 68.00 68.00 48.00 48.00 456.00 456.00 156.00 156.00 109.60 109.60 151.25 151.25 480.00 25,000.00 19,000.00 6,000.00 FIFO Date 7-Sep Purchases 10 $ 6.00 $ Sales 60.00 15-Sep 20-Sep 8 $ 20 $ 6.10 $ 55 LIFO 7-Sep 6.05 $ 151.25 $ 333.25 Purchases 10 $ 6.00 $ 6.10 $ 6.05 $ $ 12.00 97.60 109.60 157.60 4 4 25 29 29 10 6.00 $ 48.00 122.00 151.25 2 2 20 22 18 $ 25 $ 6.00 $ 6.10 $ $ 60.00 24-Sep 30-Sep 26 8 $ 20 $ 2 Sales 15-Sep 20-Sep 48.00 2 20 22 2 $ 16 $ 25 $ 6.00 $ 122.00 24-Sep 30-Sep 10 6.10 $ 109.80 2 2 4 2 2 25 55 weighted average 7-Sep $ Purchases 10 $ 6.00 $ 333.25 6.10 $ 55 6.00 $ 48.00 6.05 $ 151.25 $ 333.25 2 2 20 22 18 $ 25 $ 29 29 10 122.00 24-Sep 30-Sep 157.80 60.00 8 $ 20 $ $ Sales 15-Sep 20-Sep 26 26 6.09 $ 109.62 4 157.62 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 $ 6.00 $ 6.10 $ $ 12.00 122.00 134.00 $ $ 6.00 $ 6.10 $ $ 12.00 12.20 24.20 6.00 $ 6.10 $ 6.05 $ Dr 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 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)