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ACC 201 Final Project Peyton A
For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide
Below you will find the data required to make entries in your accounting workbook. Remember that you are f
recording, through the reporting process. These transactions will include:
•
•
•
•
•
the initial setup of the business
cash and credit sales
making payments to vendors
paying store employees
managing debt
It will help you to print this document as you are making your entries in your workbook. Your textbook prepare
this project in Module Two.
Final Project Peyton Approved Instructions
ements that will provide the result you need to assess the success of business operations.
Remember that you are following the business transactions for a three-month period from the initial stage of analysis and
k. Your textbook prepares you and can be used as a reference to assist you in completing this assignment. You should begin
f analysis and
ou should begin
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
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
1-Jul Cash
Common Stock
Contributed cash for common stock
1-Jul Baking Supplies Expense
Accounts Payable
Baking Supplies purchased on account
3-Jul Cash
Payable Note
Payable note in cash
Debit
15,000.00
8,500.00
10,000.00
7-Jul Prepaid Rent
Cash
Cash paid for rent in advance
3,000.00
7-Jul Rent Expense
Cash
Cash paid for rent
1,500.00
10-Jul Business License
Cash
Cash paid for business license
375.00
11-Jul Misc. Expense (cash register)
Cash
Cash paid for equipment
250.00
13-Jul Baking Supplies
Common Stock
Common stock exchanged for equipment
5,000.00
13-Jul Advertisign expense
Cash
Cash paid for advertising
200.00
14-Jul Misc. Supplies expense
Cash
Cash paid for supplies
300.00
30-Jul Telephone Expense
Accounts payable
Cash paid for telephone
45.00
31-Jul Insurance Expense
Cash
Cash paid for insurance
1,200.00
31-Jul Wages Expense
Wages payable
Wages paid on account
120.00
Credit
Step 1:
Complete the following in the “July Journal Entries” tab in your workbook (be sure to look f
Journal Entries tab at the bottom of the Peyton Approved Student Workbook).
The following events occur in July 2014:
15,000.00
July 1 – You take $15,000 from your personal savings account and buy common stock
Approved.
July 1-Purchase $8500 in baking supplies from vendor, on account
8,500.00
July 3 – Your parents lend the company $10,000 cash, in exchange for a two-year, 6%
payable. Interest and the principal are repayable at maturity.
July 7 – Pay $3000 toward lease agreement for bakery space. The agreement is for 1
rent is $1,500 per month, last month’s rent was required at time of lease agreement.
period is effective July 1st 2014 through June 30th, 2015.
10,000.00
July 10 – Pay $375 to the county for a business license.
3,000.00
July 11 – Purchase a cash register for $250 (deemed to be not material enough to qua
depreciable equipment—use misc. exp.).
July 13 – You have baking equipment, including an oven and mixer, which you have b
for your home-based business and will now start using in the bakery. You estimate th
equipment is currently worth $5,000, and you transfer the equipment into the busine
exchange for additional common stock. The equipment has a 5-year useful life.
1,500.00
July 13 – Pay $200 for business cards/flyers/posters/ads to use for advertising.
375.00
July 14 – Pay $300 for miscellaneous (use misc. supplies).
July 15 – Hire part-time helper to be paid $12 per hour. Pay periods are the 1st throug
and 16th through the end of the month with paydays being the 20th for the first pay p
the 5th of the following month for the second pay period. (No entry required on this d
informational purposes only)
250.00
July 30- Received telephone bill for July in amount of $45. Payment is due on August
5,000.00
July 31 – Pay $1,200 for a 12-month insurance policy. Policy effective dates August 1,
through July 31st, 2015
July 31- Accrue wages earned for employee for period of 16th through 31st of July
(Wage calculations table is provided for you, below)
200.00
Total July bakery sales were $15,000. $5000 of these sales on accounts receivable
300.00
Wage calculation data:
Month
31-Jul
15-Aug
31-Aug
Hours
10
40
35
Rate
12
12
12
Pay
120
480
420
Wage calculation data:
45.00
1,200.00
120.00
Month
31-Jul
15-Aug
31-Aug
15-Sep
30-Sep
Hours
10
40
35
38
40
Rate
12
12
12
12
12
Pay
120
480
420
456
480
r workbook (be sure to look for the July
dent Workbook).
count and buy common stock in Peyton
on account
n exchange for a two-year, 6% note
turity.
pace. The agreement is for 1 year. The
d at time of lease agreement. Lease
.
be not material enough to qualify as
n and mixer, which you have been using
n the bakery. You estimate that the
the equipment into the business in
has a 5-year useful life.
s to use for advertising.
s).
Pay periods are the 1st through the 15th
ing the 20th for the first pay period and
d. (No entry required on this date; for
45. Payment is due on August 10th
olicy effective dates August 1, 2014
of 16th through 31st of July
low)
les on accounts receivable
Peyton Approved
General Journal Entries
Aug-14
Date
Accounts
5-Aug Wages Expense
Cash
Wages paid in cash
8-Aug Cash
Accounts payable
Cash on account received
10-Aug Telephone expense
Cash
Cash paid for July telephone bill
15-Aug Baking Supplies Expense
Accounts Payable
Supplies paid on account
15-Aug Wages expense
Wages payable
Salary paid on account
Debit
120.00
3,200.00
45.00
5,000.00
480.00
15-Aug Rent expense
Accounts payable
Rent paid on account
1,500.00
18-Aug Cash
Accounts receivable
Paid cash on account
1,000.00
20-Aug Baking Supplies Expense
Accounts payable
Supplies paid on account
8,500.00
20-Aug Cash
Wages payable
Paid salary on account
480.00
22-Aug Misc Supplies Expense
Cash
Paid cash for equipment
300.00
31-Aug Telephone expense
Accounts payable
Telephone expense paid on account
31-Aug Wages expense
Wages payable
Wages paid on account
45.00
420.00
Step 2:
Complete the following transactions in the August Journal Entries tab in your workboo
Credit
August 5- paid employee for period ending 7/31
120.00
August 8-Receive payments from customers towards accounts receivable in amo
August 10 – paid July telephone bill
3,200.00
August 15- Purchase additional baking supplies in amount of $5000 from vendor
August 15 – Accrue wages earned for employee from period of 1st through 15th o
(Wage calculations table provided below)
45.00
August 15-Pay rent on bakery space $1500
August 18-Receive payments from customers towards accounts receivable in am
5,000.00
August 20- paid $8500 toward baking supplies vendor payable
August 20- pay employee for period ending 8/15
August 22- $300 in misc. supplies purchased
480.00
1,500.00
August 31- received telephone bill for August in amount of $45. Payment is due
10th.
August 31- Accrue wages earned for employee for period of August 16th through
(Wage calculations table provided below)
August bakery sales total $20,000. $7,500 of this total on accounts receivable.
1,000.00
8,500.00
480.00
300.00
45.00
420.00
Entries tab in your workbook
s accounts receivable in amount of $3200.
mount of $5000 from vendor, on account.
m period of 1st through 15th of August
)
ds accounts receivable in amount of $1000
or payable
unt of $45. Payment is due on September
eriod of August 16th through August 31st
al on accounts receivable.
Peyton Approved
General Journal Entries
Sep-14
Date
Accounts
1-Sep Cash
Dividends
Cash paid for dividends
5-Sep Wages expense
Cash
Wages paid in cash
7-Sep Merchandise Inventory (10 x $6)
Cash
Inventory purchased
8-Sep Cash
Accounts receivable
Cash received on account
10-Sep Telephone expense
Accounts payable
Telephone bill paid on account
Debit
3,000.00
3,000.00
420.00
420.00
60.00
60.00
4,000.00
4,000.00
45.00
45.00
11-Sep Baking supplies expense
Accounts payable
Baking supplies paid on account
7,000.00
13-Sep Misc supplies
Cash
Cash paid for supplies
5,000.00
15-Sep Wages expense
Wages payable
Wages paid on account
15-Sep Rent expense
Accounts payable
Rent paid on account
15-Sep Cash (8 x $8.50)
Merchandise sales revenue
Record sale of inventory
Credit
7,000.00
5,000.00
456.00
456.00
1,500.00
1,500.00
68.00
68.00
15-Sep Cost of goods sold (8 x $6)
Merchandise inventory
Recorded the cost of goods sold
48.00
48.00
20-Sep Cash
Wages payable
Salary paid on account
456.00
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 $6.10)
Merchandise inventory
Recorded inventory reduction due to sale
109.80
30-Sep Merchandise inventory (25 x $6.05)
Cash
151.25
30-Sep Wages expense
Wages payable
Wages paid on account
480.00
456.00
122.00
153.00
109.80
151.25
480.00
Step 3:
Many customers have been asking for more hypo-allergenic products, so in September yo
carrying a line of hypo-allergenic shampoos on a trial basis. The following information rela
purchase and sales of the shampoo:
You use the perpetual inventory method. You are uncertain as to which valuation method
LIFO, or weighted average, so you calculate inventory using all three and then decide whi
would like to choose.
Please see the Inventory Valuation tab in your workbook, to review application of
the FIFO, LIFO, and average methods based on purchase and sales information. Yo
the method you feel most appropriate, and bring the journal entries from the inve
valuation page into your journal for the month of September, to ensure the impac
merchandising is reflected in your reporting.
Complete the following transactions in the September Journal Entries tab in your workb
September 1- paid dividends to self in amount of $3000
September 5-pay employee for period ending 8/31
September 7-Purchase merchandise for resale. See inventory valuation tab for det
September 8- Receive payments from customers toward accounts receivable in am
$4000
September 10- pay August telephone bill
September 11-purchase baking supplies in amount of $ 7,000 from vendor on acco
September 13- Paid on supplies vendor account in amount of $5000
September 15- Accrue employee wages for period of September 1st through Septe
September 15- Pay rent on bakery space $1500
September 15-Record merchandise sales transaction. See inventory valuation tab
September 15-Record impact of sales transaction on COGS and the inventory asse
See inventory valuation tab for details.
September 20- Pay employee for period ending 9/15
September 20-Purchase merchandise inventory for resale to customers.
See inventory valuation tab for details.
September 24- Record sales of merchandise to customers.
See inventory valuation tab for details.
September 24- Record impact of sales transaction on COGS and the inventory asse
See inventory valuation tab for details.
September 30- Purchase merchandise inventory for resale to customers.
September 20-Purchase merchandise inventory for resale to customers.
See inventory valuation tab for details.
September 24- Record sales of merchandise to customers.
See inventory valuation tab for details.
September 24- Record impact of sales transaction on COGS and the inventory asse
See inventory valuation tab for details.
September 30- Purchase merchandise inventory for resale to customers.
See inventory valuation tab for details.
September 30-Accrue employee wages for period of September 16th through Sept
Total September bakery sales $25,000. $6,000 of these sales on accounts receivab
products, so in September you start
he following information relates to the
s to which valuation method to use—FIFO,
ll three and then decide which one you
ook, to review application of costs using
ase and sales information. You will choose
journal entries from the inventory
ptember, to ensure the impact of
nal Entries tab in your workbook.
00
nventory valuation tab for details.
ard accounts receivable in amount of
$ 7,000 from vendor on account.
mount of $5000
September 1st through September 15th
See inventory valuation tab for details.
COGS and the inventory asset.
.
esale to customers.
.
mers.
.
COGS and the inventory asset.
.
esale to customers.
esale to customers.
.
mers.
.
COGS and the inventory asset.
.
esale to customers.
.
September 16th through September 30th
se sales on accounts receivable.
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 $
24-Sep
26
6.10 $
6.00 $
6.10 $
$
$
12.00
97.60
109.60
157.60
60.00
4
4
25
29
29
10
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
6.00 $
48.00
122.00
2
2
20
22
18 $
6.10 $
109.80
2
2
4
30-Sep
25 $
55
weighted average
7-Sep
6.05 $
151.25
$
333.25
Purchases
10 $ 6.00 $
6.10 $
10
55
48.00
6.05 $
151.25
$
333.25
2
2
20
22
18 $
25 $
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
26
6.09 $
109.62
157.62
4
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 $
$
6.00 $
6.10 $
$
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
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)
Cash
Purchased inventory
60.00
12.00
12.00
122.00
134.00
12.00
12.20
24.20
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
$
$
$
6.00 $
6.10 $
6.05 $
$
$
12.00
12.20
151.25
175.45
175.45
Ending Inventory
$ 6.00
$60
$
6.00 $
$
$
6.00 $
6.10 $
$
$
$
$
6.05 $
$
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
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
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
Cr
60.00
68.00
48.00
122.00
153.00
109.60
151.25
60.00
68.00
48.00
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
122.00
153.00
109.80
151.25
60.00
68.00
48.00
122.00
153.00
109.62
151.25
date
1-Jul
3-Jul
11-Jul
Cash
15,000.00
10,000.00
1,500.00
1,500.00
375.00
7-Jul
7-Jul
10-Jul
200.00
300.00
1,200.00
120.00
13-Jul
14-Jul
31-Jul
5-Aug
8-Aug
3,200.00
1,000.00
480.00
Notes Payable
10,000
date
3-Jul
10-Jul
Business License exp
375
10,000
45.00
10-Aug
300.00
22-Aug
420.00
60.00
5-Sep
7-Sep
5,000.00
13-Sep
Accounts Rec.
3200
1000
4000
3,000.00
8-Sep
4,000.00
15-Sep
20-Sep
24-Sep
68.00
456.00
153.00
Common Stock
15,000
5,000
375
1-Jul
13-Jul
20,000
37,607.00
26,435.75
8-Aug
18-Aug
8-Sep
31-Jul
Step 4: Post entries to t accounts.
Insurance expense
1200
Use the t accounts page in your workbook to post all journal entries to the appropriate ledger account
and calculate account balances as of September 30th.
COMPLETION OF STEPS 1- 4 DELIVERABLE:
CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT
151.25
11-Jul
date
250.00
18-Aug
20-Aug
1-Sep
date
30-Sep
-8200
1200
11,171.25
Misc. expense
250
Baking equipment
13-Jul
Advertising expense
200
200
0
250
1-Jul
13-Jul
15-Aug
20-Aug
Baking supplies
8,500
5000
5000
8500
18500
14-Jul
22-Aug
27,000
Misc. supplies
300
300
7-Jul
15-Sep
Rent expense
1,500
1500
600
3,000
7-Jul
Prepaid rent
3,000
Prepaid insurance
Bakery Sales
0
0
3,000
Accounts payable
8500
45
5,000
480
1,500
8,500
45
45
7,000
1,500
1-Jul
30-Jul
15-Aug
15-Aug
15-Aug
20-Aug
31-Aug
10-Sep
11-Sep
15-Sep
Salary and wages expense
31-Jul
120
5-Aug
120
15-Aug
480
31-Aug
420
31-Aug
420
15-Sep
456
30-Sep
480
Salaries and wages payable
31-Jul
120
20-Aug
480
31-Aug
480
15-Sep
456
20-Sep
456
30-Sep
480
32,615
30-Jul
10-Aug
31-Aug
10-Sep
Telephone expense
45
45
45
45
2,496
-2,472
Dividends
1-Sep
depreciation expense
acc dep
0
Interest expense
Interest payable
3000
180

11-Sep
baking supplies expense
7,000
11-Sep
13-Sep
7,000
misc supplies expense
7,000
5000
0
adj
adj
COGS LIF0
15-Sep
24-Sep
0
COGS FIFO
48.00
109.60
0
12,000
Merchandise Sales
68.00
153.00

157.60
15-Sep
24-Sep
221.00
COGS Weighted Avg.
7-Sep
30-Sep

Merch. Inv. FIFO
60.00
48.00
109.60
151.25
53.65
Merch. Inv. LIFO
Merch. Inv. Avg.
15-Sep
24-Sep


Account
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*
Peyton Approved
Trial Balance
2014
Unadjusted trial balance
Debit
Credit
26,435.75
18,500.00
53.65
3,000.00
600.00
(8,200.00)
10,000.00
32,615.00
2,472.00
20,000.00
3,000.00
7,000.00
221.00
3,000.00
1,200.00
250.00
375.00
200.00
180.00
157.00
600.00
49,572.40
72,087.00

*These accounts will not be utilized before the adjusting process. They should have zero balance in …
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550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
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