Asset Accounts
Liability Accounts
Acct #
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Misc. Supplies
Accounts Receivable
Accumulated Depreciation
Equity Accounts
Acct #
101 Notes Payable
102 Accounts Payable
103 Wages Payable
104 Interest Payable
105
106
107
108
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
501
502
503
504
505
506
507
508
509
510
Peyton Approved
General Journal Entries
Jul-14
Date
Accounts
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
Accounts
Debit
Credit
Peyton Approved
General Journal Entries
Sep-14
Date
Accounts
Debit
Credit
FIFO
Date
7-Sep
Purchases
10 $ 6.00 $
Sales
60.00
15-Sep
20-Sep
8 $
20 $
6.10 $
6.00 $
6.10 $
$
12.00
97.60
109.60
12.00
6.00 $
6.10 $
$
12.00
122.00
134.00
4 $
6.10 $
24.40
4 $
25 $
29
29
6.10 $
6.05 $
$
$
24.40
151.25
175.65
175.65
LIFO
7-Sep
Purchases
10 $ 6.00 $
333.25
6.10 $
157.60
Ending Inventory
10 $ 6.00 $
60.00
60.00
8 $
20 $
$
Sales
15-Sep
20-Sep
26
6.00 $
48.00
122.00
24-Sep
2 $
2 $
20 $
22
18 $
6.10 $
109.80
2 $
2 $
4
6.00 $
6.00 $
6.10 $
$
6.00 $
6.10 $
$
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
109.60
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
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
68.00
48.00
55
weighted average
7-Sep
6.05 $
$
Purchases
10 $ 6.00 $
151.25
333.25
6.10 $
25 $
55
6.05 $
$
6.00 $
48.00
6.09 $
109.62
151.25
333.25
2 $
2 $
20 $
22
18 $
26
6.00 $
6.10 $
6.05 $
$
$
12.00
12.20
151.25
175.45
175.45
Ending Inventory
10 $ 6.00
$60
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
4
4
25 $
29
6.00 $
6.00 $
6.10 $
$
$
$
6.05 $
$
122.00
24-Sep Cash (18 x 8.50)
Merchandise Sales Revenue
Record sale of inventory
153.00
109.80
30-Sep Merchandise Inventory (25 x $6.05)
Cash
25 $
20-Sep Merchandise Inventory (20 x $6.10)
Cash
24-Sep Cost of Goods Sold (18 x $6.10)
Merchandise Inventory
Record inventory reduction due to sale
30-Sep
Cr
60.00
30-Sep Merchandise Inventory (25 x $6.05)
Cash
$
151.25
6.00 $
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
Dr
60.00
24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10)
Merchandise Inventory
Recorded the cost of goods sold
55
6.05 $
48.00
2 $
2 $
20 $
22
2 $
16 $
25 $
6.00 $
122.00
24-Sep
30-Sep
Ending Inventory
10 $ 6.00 $
60.00
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
122.00
153.00
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
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
109.62
151.25
date
1-Jul
Cash
15,000.00
date
date
Notes Payable
date
0
Accounts Rec.
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
15,000.00
15,000.00
Misc. expense
0
–
Baking equipment
Advertising expense
0
0
0
Baking supplies
0
Misc. supplies
Rent expense
0
–
Prepaid rent
Prepaid insurance
Bakery Sales
0
0
Accounts payable
Salary and wages expense
Salaries and wages payable
–
Telephone expense
0
Dividends
depreciation expense
acc dep
0
Interest expense
baking supplies expense
adj
0
Interest payable
adj
0
misc supplies expense
adj
0
COGS FIFO
COGS LIF0
0
adj
0
Merchandise Sales
Revenue
–
–
COGS Weighted Avg.
–
Merch. Inv. FIFO
–
Merch. Inv. LIFO
–
Merch. Inv. Avg.
–
Account
Cash
Baking Supplies
Merchandise Inventory
Prepaid Rent
Prepaid Insurance
Peyton Approved
Trial Balance
2014
Unadjusted trial balance
Debit
Credit
Adjusting entries
Debit
Credit
Adjusted trial balance
Debit
Credit
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
COMPLETION OF STEPS 5-7 DELIVERABLE:
CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
COGS
Depreciation Expense
Accumulated Depreciation
WORKBOOK TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT
208.33
208.33
208.33
–
–
–
208.33
208.33
208.33
208.33
208.33
Peyton Approved
Adjusting Journal Entries
2014
Date
Accounts
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
Liabilities and Owners’ Equity
Peyton Approved
Closing Entries
9/30/2014
Date
Accounts
Debit
Credit
Peyton Approved
Post Closing Trial Balance
9/30/2014
Account
Unadjusted Trial Balance
Debit
Credit
Peyton Approved
Reversing Entries
9/30/2014
Date
Accounts
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
