Print this page to use for your journal entries. Only accounts on this page can be used. Asset Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office 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. ntries. Only accounts on this page can be used. 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 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 1-Jul Cash Common Stock 1-Jul Baking Supplies Accounts Payable Debit 10,000.00 6,500.00 3-Jul Cash Notes Payable 10,000.00 7-Jul Rent Expense Prepaid Rent Cash 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 31-Jul Prepaid Insurance Cash 31-Jul Wages Expense Wages Payable 31-Jul Cash Accounts Receivable 75.00 2,400.00 120.00 10,000.00 5,000.00 Bakery Sales 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 Receivable Debit 120.00 3,800.00 10-Aug Accounts Payable Cash 75.00 15-Aug Baking Supplies Accounts Payable 5,000.00 15-Aug Wages Expense Wages Payable 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 Sales 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 75.00 420.00 20,000.00 $ 43,750.00 Peyton Approved General Journal Entries Sep-18 Date 1-Sep Dividends Cash Accounts 5-Sep Wages Payable Cash 7-Sep Merchandise Inventory Cash 8-Sep Cash Accounts Receivable Debit 10,000.00 10,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 10-Sep Accounts Payable Cash 75.00 11-Sep Baking Supplies Accounts Payable 7,000.00 13-Sep Accounts Payable Cash 5,000.00 15-Sep Wages Expense Wages Payable 15-Sep Rent Expense Cash Credit 75.00 7,000.00 5,000.00 456.00 456.00 1,500.00 1,500.00 15-Sep Cash Merchandise Sales 68.00 15-Sep Cost of Goods Sold Merchandise Inventory 48.00 68.00 48.00 20-Sep Wages Payable Cash 456.00 20-Sep Merchandise Inventory Cash 122.00 456.00 122.00 24-Sep Cash Merchandise Sales 153.00 24-Sep Cost of Goods Sold Merchandise Inventory 109.60 30-Sep Merchandise Inventory Cash 151.25 30-Sep Wages Expense Wages Payable 480.00 30-Sep Cash Accounts Receivable Bakery Sales Total 153.00 109.60 151.25 480.00 14,000.00 6,000.00 50,098.85 20,000.00 50,098.85 Put entries in shaded cells FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases 7-Sep 10 $ 6.00 $ 60.00 15-Sep 20-Sep 20 $ 6.10 $ 25 $ 7-Sep 6.05 $ 151.25 $ 333.25 Purchases 10 $ 6.00 $ 24-Sep 6.10 $ 2 2 20 22 26 6.00 $ 6.10 $ $ $ 12.00 97.60 109.60 157.60 60.00 4 4 25 29 29 10 8 $ 20 $ 48.00 Sales 15-Sep 20-Sep 6.00 $ 122.00 2 $ 16 $ 55 LIFO 10 8 $ 24-Sep 30-Sep Sales 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 $ 12.00 $ $ 6.00 $ 6.10 $ $ 12.00 122.00 134.00 $ $ 6.00 $ 6.10 $ $ 12.00 12.20 24.20 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory Dr 60.00 15-Sep Cash (8 x $8.50) Merchandise Sales 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 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 15-Sep Cash (8 x $8.50) Merchandise Sales 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) 122.00 $ $ $ 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 $ $ Cash 24-Sep Cash (18 x 8.50) Merchandise Sales 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 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 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 Cash 10,000.00 10,000.00 31-Jul 10,000.00 8-Aug 3,800.00 18-Aug 31-Aug 8-Sep 15-Sep 24-Sep 30-Sep Balance 11-Jul Balance date 3,000.00 375.00 250.00 200.00 300.00 2,400.00 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul 120.00 5-Aug 75.00 10-Aug 1,500.00 8,500.00 480.00 300.00 15-Aug 20-Aug 20-Aug 22-Aug 10,000.00 420.00 60.00 1-Sep 5-Sep 7-Sep 75.00 5,000.00 1,500.00 10-Sep 13-Sep 15-Sep 456.00 20-Sep 122.00 20-Sep 151.25 30-Sep date Notes Payable 10,000 - date 3-Jul 10,000.00 10,000.00 Balance 3,000.00 31-Jul 12,500.00 31-Aug 30-Sep Accounts Rec. 5,000.00 3,800.00 3,000.00 7,500.00 4,000.00 6,000.00 4,000.00 Balance 18,500.00 7,700.00 10,800.00 68.00 153.00 14,000.00 67,521.00 32,236.75 35,284.25 Misc. expense 250.00 250.00 250.00 13-Jul Balance Baking equipment 6,000 6,000.00 6,000.00 - 8-Aug 18-Aug 8-Sep 1-Jul 15-Aug 11-Sep Balance 7-Jul Balance 10-Aug 20-Aug 10-Sep 13-Sep Baking supplies 6,500 5,000 7,000 18,500.00 18,500.00 Balance Prepaid rent 1,500 1,500.00 1,500.00 31-Jul Balance Accounts payable 6,500.00 75 75 5,000 8,500 75 75 7,000.00 5,000 13,650 30-Jul 31-Aug 14-Jul 22-Aug 1-Jul 30-Jul 15-Aug 150 150 - - Prepaid insurance 2,400 2,400.00 2,400.00 - Wages expense 120 480 420 456 480 11-Sep Balance 1-Sep Balance Balance 600.00 600.00 31-Aug 18,650 5,000 Balance Telephone expense 75 75 31-Jul 15-Aug 31-Aug 15-Sep 30-Sep Office supplies 300 300 1,956 1,956 - Dividends 10,000 10,000 10,000 - baking supplies expense misc supplies expense Merchandise Sales 68.00 153.00 - 15-Sep 24-Sep 221 221 Balance Business License exp 10-Jul 375.00 Balance 375.00 375.00 Common Stock 10,000 1-Jul 6,000 13-Jul 16,000.00 16,000.00 Balance - Insurance expense 13-Jul Balance Advertising expense 200.00 200.00 200.00 - 7-Jul 15-Aug 15-Sep Balance Rent expense 1,500 1,500 1,500 4,500.00 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 5-Aug 31-Jul 480 15-Aug 420 31-Aug 456.00 15-Sep 480.00 30-Sep 120 20-Aug 480 5-Sep 420 20-Sep 120 456 1,476 1,956 480 Balance depreciation expense acc dep Interest expense 15-Sep 24-Sep Balance 7-Sep 20-Sep 30-Sep Balance COGS FIFO 48.00 109.60 157.60 157.60 Merch. Inv. FIFO 60.00 48.00 122.00 109.60 151.25 333.25 157.60 175.65 Interest payable - 15-Sep 24-Sep Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS (FIFO) Total: (FIFO) Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 600.00 7,700.00 10,000.00 5,000.00 480.00 16,000.00 10,000.00 55,000.00 221.00 4,500.00 250.00 375.00 200.00 1,956.00 150.00 157.60 86,701.00 86,701.00 Approved Balance 018 Adjusting entries Debit Credit 17,400.00 400.00 250.00 550.00 150.00 17,400.00 150.00 400.00 250.00 550.00 18,750.00 18,750.00 Adjusted trial balance Debit Credit 32,236.75 1,100.00 175.65 1,500.00 2,000.00 6,000.00 250.00 50.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 10,000.00 55,000.00 221.00 17,400.00 4,500.00 150.00 400.00 250.00 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 87,101.00 87,101.00 Peyton Approved Adjusting Journal Entries 2018 Date Accounts 30-Sep Depreciation Expense accumulated depreciation Debit 250 250.00 30-Sep Interest Expense Interest Payable 150.00 30-Sep Insurance Expense Prepaid Insurance 400.00 30-Sep Baking Supplies Expense Baking Supplies 30-Sep Office Supplies Expense Office Supplies Credit 150.00 400.00 17,400.00 17,400.00 550.00 550.00 18,750.00 18,750.00 Put entries in shaded cells Peyton Approved Income Statement For Qtr. Ending 9/30/2018 Revenues: Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit (FIFO) $ 55,000.00 221.00 55,221.00 157.6 55,063.40 Operating Expenses: Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: 17,400.00 4,500.00 150.00 400.00 250.00 250.00 550.00 375.00 200.00 1,956.00 150.00 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) less Dividends: Ending Balance (FIFO): - 28,882.40 10,000.00 18,882.40 Peyton Approved Balance Sheet As of September 30, 2018 Assets Current Assets: Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepiad Insurance Office Supplies Accounts Receivable 32,236.75 1,100.00 175.65 1,500.00 2,000.00 50.00 7,700.00 Total Current Assets Long-Term/Fixed Assets: Baking Equipment Less Accumulated Depreciation Total Long-Term/Fixed Assets Total Assets: 44,762.40 6,000.00 250.00 5,750.00 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 Total Long-Term Liabilities: 10,000.00 10,000.00 Total Liabilities: 15,630.00 Equity: Common Stock Retained Earnings 16,000.00 18882.4 Total Equity 34,882.40 Total Liabilities & Equity 50,512.40 Peyton Approved Closing Entries Qtr ending 9/30/2018 Date Accounts 30-Sep Bakery Sales Merchandise Sales Income Summary Debit 30-Sep Income Summary (FIFO) Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS FIFO 55,221.00 30-Sep Income Summary (FIFO) Retained Earnings FIFO 28,882.40 18,882.40 30-Sep Retained Earnings Dividends 10,000.00 Credit 55,000.00 221.00 55,221.00 17,400.00 4,500.00 1,956.00 550.00 375.00 250.00 250.00 400.00 200.00 150.00 150.00 157.60 Peyton Approved Post Closing Trial Balance Qtr. Ending 9/30/2018 Account Unadjusted Trial Balance Debit Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings FIFO 32,236.75 1,100.00 175.65 1,500.00 2,000.00 6,000.00 Totals 50,762.40 50.00 7,700.00 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 30-Sep Interest Payable Interest Expense Debit 150.00 These are given to you. No other entries are needed. Credit 150.00 ACC 201 Final Project II Guidelines and Rubric Overview One of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize transactions in a way that communicates the financial position of a company. This information is critical for external stakeholders who may be interested in working for or investing in the business. This process also helps you understand the level of attention to detail that is required in a successful business venture. The final project for this course consists of two major parts: an accounting workbook (Final Project I) and a professional relevance essay (Final Project II). In the second part of the final project, you will create a well-crafted essay in which you draw connections between your accounting exercises and their practical applications for furthering your own professional practice. The final product will be submitted in Module Eight. In this assignment, you will demonstrate your mastery of the following course outcomes:  Record financial data and adjusting entries in the preparation of a business’s financial statements Prompt In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical applications within your own professional practice. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets). I. II. Introduction: Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will) financial accounting play a role in your day-to-day professional life? [ACC-201-01] Draw Connections A. In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional life: What sort of transactions would you encounter in your field? Describe at least three using specific details. [ACC-201-01] B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. [ACC-201-01] 1 III. Apply to a Scenario: Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would you implement? [ACC-201-01] Final Project II Rubric Guidelines for Submission: Your professional relevance essay must be 2–4 pages in length (plus a cover page and references) and written in APA format: Use double spacing, 12-point Times New Roman font, and one-inch margins. It is recommended that you use the provided template to ensure correct formatting. Include at least two references cited in APA format. Critical Elements Introduction [ACC-201-01] Exemplary (100%) Meets “Proficient” criteria and demonstrates nuanced appreciation for the role of financial accounting in business Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Describes current or aspiring professional identity, including the role of financial accounting in day-to-day life Describes current or aspiring professional identity, but fails to include the role of financial accounting in day-to-day life Does not describe current or aspiring professional identity 20 Draw Connections: Transactions [ACC-201-01] Meets “Proficient” criteria and Identifies and describes at least demonstrates nuanced three transactions relevant to appreciation for the significance profession using specific details of financial accounting in chosen field Identifies transactions relevant to profession, but fails to fully describe at least three using specific details Does not identify transactions relevance to profession 20 Draw Connections: Success of Your Business [ACC-201-01] Meets “Proficient” criteria and demonstrates keen insight into the relevance of financial accounting for business success Discusses the relationship between accounting transactions and the success of current or future business, but fails to fully or logically analyze using specific illustrating examples Does not discuss the relationship between accounting transactions and the success of current or future business 25 Analyzes the relationship between accounting transactions and the success of current or future business using specific illustrating examples of impacts on financial statements 2 Apply to a Scenario [ACC-201-01] Articulation of Response Meets “Proficient” criteria and demonstrates keen insight into the relevance of financial accounting for business success Proposes a sound high-level plan to implement a proper accounting system by citing specific course principles that would appropriately address issues in the scenario Submission is free of errors Submission has no major errors related to citations, grammar, related to citations, grammar, spelling, syntax, and organization spelling, syntax, or organization and is presented in a professional and easy-to-read format Proposes a high-level plan to Does not propose a high-level implement a proper accounting plan to implement a proper system, but not all proposals are accounting system sound, or fails to cite specific course principles that would appropriately address issues in the scenario 30 Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas 5 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 3 100% 
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