Print this page to use for your journal entries. Only accounts on this page can be used.

Asset Accounts
Acct #
Cash 101
Baking Supplies 102
Prepaid Rent 103
Prepaid Insurance 104
Baking Equipment 105
Office 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.
 ntries. Only accounts on this page can be used.

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
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 Debit Credit

1-Jul Cash 10,000.00
Common Stock 10,000.00

1-Jul Baking Supplies 6,500.00

Accounts Payable 6,500.00

3-Jul Cash 10,000.00

Notes Payable 10,000.00

7-Jul Rent Expense 1,500.00

Prepaid Rent 1,500.00
Cash 3,000.00

10-Jul Business License Expense 375.00

Cash 375.00

11-Jul Misc. Expense 250.00

Cash 250.00

13-Jul Baking Equipment 6,000.00

Common Stock 6,000.00

13-Jul Advertising Expense 200.00

Cash 200.00

14-Jul Office Supplies 300.00

Cash 300.00

30-Jul Telephone Expense 75.00

Accounts Payable 75.00

31-Jul Prepaid Insurance 2,400.00

Cash 2,400.00

31-Jul Wages Expense 120.00

Wages Payable 120.00

31-Jul Cash 10,000.00

Accounts Receivable 5,000.00
Bakery Sales 15,000.00

Total 54,220.00 54,220.00

108,440.00 108,440.00
Put entries in shaded cells
 Peyton Approved
General Journal Entries
Aug-18

Date Accounts Debit

5-Aug Wages Payable 120.00
Cash

8-Aug Cash 3,800.00

Accounts Receivable

10-Aug Accounts Payable 75.00

Cash

15-Aug Baking Supplies 5,000.00

Accounts Payable

15-Aug Wages Expense 480.00

Wages Payable

15-Aug Rent Expense 1,500.00

Cash

18-Aug Cash 3,000.00

Accounts Receivable

20-Aug Accounts Payable 8,500.00

Cash

20-Aug Wages Payable 480.00

Cash

22-Aug Office Supplies 300.00

Cash

31-Aug Telephone Expense 75.00

Accounts Payable

31-Aug Wages Expense 420.00

Wages Payable

31-Aug Cash 12,500.00

Accounts Receivable 7,500.00
 Bakery Sales

Total 43,750.00
 Put entries in shaded cells

Credit

120.00

3,800.00

75.00

5,000.00

480.00

1,500.00

3,000.00

8,500.00

480.00

300.00

75.00

420.00
 20,000.00

$ 43,750.00
 Peyton Approved
General Journal Entries
Sep-18

Date Accounts Debit Credit

1-Sep Dividends 10,000.00
Cash 10,000.00

5-Sep Wages Payable 420.00

Cash 420.00

7-Sep Merchandise Inventory 60.00

Cash 60.00

8-Sep Cash 4,000.00

Accounts Receivable 4,000.00

10-Sep Accounts Payable 75.00

Cash 75.00

11-Sep Baking Supplies 7,000.00

Accounts Payable 7,000.00

13-Sep Accounts Payable 5,000.00

Cash 5,000.00

15-Sep Wages Expense 456.00

Wages Payable 456.00

15-Sep Rent Expense 1,500.00

Cash 1,500.00

15-Sep Cash 68.00

Merchandise Sales 68.00

15-Sep Cost of Goods Sold 48.00

Merchandise Inventory 48.00

20-Sep Wages Payable 456.00

Cash 456.00

20-Sep Merchandise Inventory 122.00

Cash 122.00
24-Sep Cash 153.00
Merchandise Sales 153.00

24-Sep Cost of Goods Sold 109.60

Merchandise Inventory 109.60

30-Sep Merchandise Inventory 151.25

Cash 151.25

30-Sep Wages Expense 480.00

Wages Payable 480.00

30-Sep Cash 14,000.00

Accounts Payable 6,000.00
Bakery Sales 20,000.00
Total 50,098.85 50,098.85
Put entries in shaded cells
FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES
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 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 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 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 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 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 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 10,000.00 10,000 3-Jul
3-Jul 10,000.00
3,000.00 7-Jul - 10,000.00
375.00 10-Jul 10,000.00 Balance
250.00 11-Jul
200.00 13-Jul
300.00 14-Jul
2,400.00 31-Jul
31-Jul 10,000.00
120.00 5-Aug
8-Aug 3,800.00
75.00 10-Aug
18-Aug 3,000.00
1,500.00 15-Aug
8,500.00 20-Aug Accounts Rec.
480.00 20-Aug 31-Jul 5,000.00
300.00 22-Aug 3,800.00 8-Aug
31-Aug 12,500.00 3,000.00 18-Aug
10,000.00 1-Sep 31-Aug 7,500.00
420.00 5-Sep 4,000.00 8-Sep
60.00 7-Sep 30-Sep 6,000.00
8-Sep 4,000.00
75.00 10-Sep 18,500.00 10,800.00
5,000.00 13-Sep Balance 7,700.00
1,500.00 15-Sep
15-Sep 68.00
456.00 20-Sep

122.00 20-Sep
24-Sep 153.00
151.25 30-Sep
30-Sep 14,000.00

67,521.00 35,284.25
Balance 32,236.75

Misc. expense Baking equipment

11-Jul 250.00 13-Jul 6,000

250.00 - 6,000.00 -
Balance 250.00 Balance 6,000.00
 Baking supplies Office supplies
1-Jul 6,500 14-Jul 300
15-Aug 5,000 22-Aug 300
11-Sep 7,000

18,500.00 - 600.00 -
Balance 18,500.00 Balance 600.00

Prepaid rent Prepaid insurance

7-Jul 1,500 31-Jul 2,400

1,500.00 - 2,400.00 -
Balance 1,500.00 Balance 2,400.00

Accounts payable Wages expense

6,500.00 1-Jul 31-Jul 120
75 30-Jul 15-Aug 480
10-Aug 75 31-Aug 420
5,000 15-Aug 15-Sep 456
20-Aug 8,500 30-Sep 480
75 31-Aug
10-Sep 75
7,000.00 11-Sep
13-Sep 5,000

13,650 18,650 1,956 -

5,000 Balance Balance 1,956

Dividends
Telephone expense 1-Sep 10,000
30-Jul 75
31-Aug 75

10,000 -
Balance 10,000
 150 -
Balance 150

baking supplies expense

misc supplies expense

Merchandise Sales
68.00 15-Sep
153.00 24-Sep

- 221
221 Balance
 Business License exp Common Stock
10-Jul 375.00 10,000 1-Jul
6,000 13-Jul
375.00 - - 16,000.00
Balance 375.00 16,000.00 Balance

Insurance expense

Advertising expense
13-Jul 200.00

200.00 -
Balance 200.00
 Rent expense
7-Jul 1,500
15-Aug 1,500
15-Sep 1,500

4,500.00 -
Balance 4,500.00

Bakery Sales
15,000 31-Jul
20,000 31-Aug
20,000 30-Sep
- 55,000.00
55,000.00 Balance

Wages payable
120 31-Jul
5-Aug 120
480 15-Aug
20-Aug 480
420 31-Aug
5-Sep 420
456.00 15-Sep
20-Sep 456
480.00 30-Sep

1,476 1,956
480 Balance

depreciation expense

acc dep
 Interest expense

COGS FIFO Interest payable

15-Sep 48.00
24-Sep 109.60

157.60 -
Balance 157.60

Merch. Inv. FIFO

7-Sep 60.00
48.00 15-Sep
20-Sep 122.00
109.60 24-Sep
30-Sep 151.25
333.25 157.60
Balance 175.65
 Peyton Approved
Trial Balance
2018
Unadjusted trial balance
Account Debit Credit
Cash 32,236.75
Baking Supplies 18,500.00
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,400.00
Baking Equipment 6,000.00
Accumulated Depreciation
Office Supplies 600.00
Accounts Receivable 7,700.00
Notes Payable 10,000.00
Interest Payable
Accounts Payable 5,000.00
Wages Payable 480.00
Common Stock 16,000.00
Dividends 10,000.00
Bakery Sales 55,000.00
Merchandise Sales 221.00
Baking Supplies Expense
Rent Expense 4,500.00
Interest Expense
Insurance Expense
Depreciation Expense
Misc. Expense 250.00
Office Supplies Expense
Business License Expense 375.00
Advertising Expense 200.00
Wages Expense 1,956.00
Telephone Expense 150.00
COGS (FIFO) 157.60

Total: (FIFO) 86,701.00 86,701.00

Approved
Balance
018
Adjusting entries Adjusted trial balance
Debit Credit Debit Credit
32,236.75
17,400.00 1,100.00
175.65
1,500.00
400.00 2,000.00
6,000.00
250.00 250.00
550.00 50.00
7,700.00
10,000.00
150.00 150.00
5,000.00
480.00
16,000.00
10,000.00
55,000.00
221.00
17,400.00 17,400.00
4,500.00
150.00 150.00
400.00 400.00
250.00 250.00
250.00
550.00 550.00
375.00
200.00
1,956.00
150.00
157.60

18,750.00 18,750.00 87,101.00 87,101.00

 Peyton Approved
Adjusting Journal Entries
2018

Date Accounts Debit Credit

30-Sep Depreciation Expense 250
accumulated depreciation 250.00

30-Sep Interest Expense 150.00

Interest Payable 150.00

30-Sep Insurance Expense 400.00

Prepaid Insurance 400.00

30-Sep Baking Supplies Expense 17,400.00

Baking Supplies 17,400.00

30-Sep Office Supplies Expense 550.00

Office Supplies 550.00

18,750.00 18,750.00
Put entries in shaded cells
 Peyton Approved
Income Statement
For Qtr. Ending 9/30/2018

Revenues:
Bakery Sales $ 55,000.00
Merchandise Sales 221.00
Total Revenues 55,221.00
Cost of Goods Sold 157.60
Gross Profit (FIFO) 55,063.40

Operating Expenses:
Baking Supplies Expense 17,400.00
Rent Expense 4,500.00
Insurance Expense 400.00
Business License Expense 375.00
Advertising Expense 200.00
Wages Expense 1,956.00
Telephone Expense 150.00
Interest Expense 150.00
Depreciation Expense 250.00
Office Supplies Expense 550.00
Misc. Expense 250.00
Total Operating Expenses: 26,181.00

Net Income (FIFO) 28,882.40

 Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018

Beginning Balance: -
plus Net Income (FIFO) 28,882.40
less Dividends: (10,000.00)
Ending Balance (FIFO): 18,882.40
 Peyton Approved
Balance Sheet
As of September 30, 2018

Assets
Current Assets:
Cash 32,236.75
Baking Supplies 1,100.00
Prepaid Rent 1,500.00
Prepaid Insurance 2,000.00
Merchandise Inventory 175.65
Office Supplies 50.00
Accounts Receivable 7,700.00

Total Current Assets 44,762.40

Long-Term/Fixed Assets:
Baking Equipment 6,000.00
Less Accumulated Depreciation 250.00

Total Long-Term/Fixed Assets 5,750.00

Total Assets: 50,512.40

 Peyton Approved
Balance Sheet
As of September 30, 2018

Liabilities and Owners' Equity

Current Liabilities:
Accounts Payable 5,000.00
Wages Payable 480.00
Interest Payable 150.00
Total Current Liabilities 5,630.00

Long-Term Liabilities:
Notes Payable 10,000.00
Total Long-Term Liabilities: 10,000.00

Total Liabilities: 15,630.00

Equity:
Common Stock 16,000.00
Retained Earnings 18882.40

Total Equity 34,882.40

Total Liabilities & Equity 50,512.40

 Peyton Approved
Closing Entries
Qtr ending 9/30/2018

Date Accounts Debit Credit

30-Sep Bakery Sales 55,000.00
Merchandise Sales 221.00
Income Summary 55,221.00

30-Sep Income Summary (FIFO) 26,338.60

Baking Supplies Expense 17,400.00
Rent Expense 4,500.00
Wages Expense 1,956.00
Office Supplies Expense 550.00
Business License Expense 375.00
Misc. Expense 250.00
Depreciation Expense 250.00
Insurance Expense 400.00
Advertising Expense 200.00
Interest Expense 150.00
Telephone Expense 150.00
COGS FIFO 157.60

30-Sep Income Summary (FIFO) 28,882.40

Retained Earnings FIFO 28,882.40

30-Sep Retained Earnings 10,000.00

Dividends 10,000.00
 Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
Unadjusted Trial Balance
Account Debit
Cash 32,236.75
Baking Supplies 1,100.00
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,000.00
Baking Equipment 6,000.00
Accumulated Depreciation
Office Supplies 50.00
Accounts Receivable 7,700.00
Accounts Payable
Wages Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings FIFO

Totals 50,762.40
adjusted Trial Balance
Credit

250.00

5,000.00
480.00
150.00
10,000.00
16,000.00
18,882.40

50,762.40
 Peyton Approved
Reversing Entries
Qtr ending 9/30/2018

Date Accounts Debit Credit

30-Sep Interest Payable 150.00
Interest Expense 150.00
These are given to you. No other entries are needed.