ACC201 business Transactions and Financial Statements Assignment

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ACC201

Description

Record financial data that accurately captures business transactions according to accepted accounting principles:

A. Step One: Complete the “July Journal Entries” tab in your workbook using the Step One data in the appendix. [ACC-201-01]

B. Step Two: Complete the “August Journal Entries” tab in your workbook using the Step Two data in the appendix. [ACC-201-01]

C. Step Three: Complete the “September Journal Entries” tab in your workbook using the Step Three data and updated scenario information in the appendix. Note that there was an additional line of products added this month, so you must first complete the “Inventory Valuation” tab in your workbook and copy the journal entries from the inventory evaluation page into your journal for this month to ensure the impact of merchandising is reflected in your reporting. [ACC-201-01]

D. Step Four: Transfer posted entries to T accounts.

Apply the accrual basis of accounting to correctly create adjusting entries in the preparation of financial statements:

A. Step Five: Prepare the unadjusted trial balance. Note that you should use the T account balances completed in Step Four to prepare the unadjusted trial balance portion of the “Trial Balance” tab in your workbook. [ACC-201-02]

B. Step Six: Complete the “Adjusting Entries” tab in your workbook using the Step Six data in the appendix. Note that you should take the adjusting entries from this worksheet and enter them into the “Trial Balance” tab in your workbook. [ACC-201-02]

C. Step Seven: Apply adjusting entries to create the adjusted trial balance. Note that the adjusting entries from Step Six will apply to affected accounts in the unadjusted trial balance to arrive at the adjusted trial balance. [ACC-201-02]

III. Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles:

A. Step Eight: Prepare the financial statements. Note that you must use your adjusted trial balance to prepare the income statement, statement of owner’s equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them. [ACC-201- 03]

B. Step Nine: Complete the “Closing Entries” tab in your workbook by closing all temporary income statement amounts to create closing entries. [ACC-201-03]

C. Step Ten: Prepare the “Post Closing Trial Balance” tab for the next accounting period. [ACC-201-03] D. Step Eleven: Prepare the reversing entries in the “Reversing Entries” tab of your workbook. [ACC-201-03]

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Explanation & Answer

Attached.

Print this page to use for your journal entries. Only accounts on this page can be used.
Asset Accounts
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory

Acct #
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.

Only accounts on this page can be used.
Liability Accounts
Notes Payable
Accounts Payable
Wages Payable
Interest Payable

he appropriate accounts to record to as you are analyzing and
s nothing to complete on this page; this is simply a resource for
you.

Equity Accounts
Acct #
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
Office Supplies Expense
Cost of Goods Sold

s
Acct #
301
302

ts
Acct #
401
402

s
Acct #
501
502
503
504
505
506
507
508
509
510
511
512

Peyton Approved
General Journal Entries
Jul-18
Date
1-Jul Cash

Accounts

Debit
10,000.00

Common Stock
1-Jul Baking supplies
Accounts payable
3-Jul Cash
Notes Payables
7-Jul Prepaid rent
Rent expense
Cash

6,500.00

10,000.00

1,500.00
1,500.00

10-Jul Business license expense
Cash

375.00

11-Jul Misc. expense
Cash

250.00

13-Jul Baking equipment
common stock

6,000.00

13-Jul Advertising expense
cash

200.00

14-Jul Office supplies
cash

300.00

30-Jul Telephone expense
Accounts payable

75.00

31-Jul Prepaid insurance
cash

2,400.00

31-Jul Wages Expense
Wages Payable

120.00

31-Jul Cash
Accounts receivable

10,000.00
5,000.00

Bakery revenue

Total

54,220.00

108,440.00

Put entries in shaded cells

Credit
10,000.00

6,500.00

10,000.00

3,000.00

375.00

250.00

6,000.00

200.00

300.00

75.00

2,400.00

120.00

15,000.00

54,220.00

108,440.00

Peyton Approved
General Journal Entries
Aug-18
Date
5-Aug Wages Payable
Cash

Accounts

8-Aug Cash
Accounts receivablle
10-Aug Accounts payabe
Cash
15-Aug Baking supplies
Accounts payable
15-Aug Wages Expense
Wages Payable

Debit
120.00

3,800.00

75.00

5,000.00

480.00

15-Aug Rent expense
Cash

1,500.00

18-Aug Cash
Accounts Receivable

3,000.00

20-Aug Accounts Payable
Cash

8,500.00

20-Aug Wages Payable
Cash

480.00

22-Aug office Supplies
Cash

300.00

31-Aug Telephone expense
Accounts Payable
31-Aug Wages Expense
Wages Payable
31-Aug Cash
Accounts receivable
Bakery Revenue

75.00

420.00

12,500.00
7,500.00

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

...


Anonymous
Just what I needed…Fantastic!

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