Asset Accounts
Acct #
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Trademark
Leasehold Improvements
Accumulated Amortization
101
102
103
104
105
106
107
108
109
110
111
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
Acct #
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Loans Payable
e appropriate accounts to record to as you are analyzing and
nothing to complete on this page; this is simply a resource for
you.
201
202
203
204
205
Equity Accounts
Acct #
Common Stock
Dividends
301
302
Revenue Accounts
Acct #
Bakery Sales
Merchandise Sales
401
402
Expense Accounts
Acct #
Baking Cost of Goods Sold
Merchandise Cost of Goods Sold
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Amortization Expense
Office Supplies Expense
501
502
503
504
505
506
507
508
509
510
511
512
513
Account
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation
Leasehold Improvements
Accumulated Amortization
Trademark
Office Supplies
Accounts Receivable
Notes Payable
Interest Payable
Accounts Payable
Wages Payable
Loans Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Cost of Goods Sold
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Merchandise COGS (FIFO)
Total: (FIFO)
Peyton Approved
Trial Balance
2017
Unadjusted trial balance
Debit
Credit
55,428.00
165,250.00
25,750.00
7,500.00
2,400.00
26,000.00
3,000.00
10,000.00
2,000.00
2,300.00
1,600.00
30,401.00
10,000.00
27,325.00
21,000.00
30,000.00
20,000.00
335,675.00
35,200.00
90,000.00
2,780.00
375.00
5,200.00
3,456.00
15,760.00
464,200.00
464,200.00
Approved
Balance
017
Adjusting entries
Debit
Credit
-
-
Adjusted trial balance
Debit
Credit
55,428.00
165,250.00
25,750.00
7,500.00
2,400.00
26,000.00
3,000.00
10,000.00
2,000.00
2,300.00
1,600.00
30,401.00
10,000.00
27,325.00
21,000.00
30,000.00
20,000.00
335,675.00
35,200.00
90,000.00
2,780.00
375.00
5,200.00
3,456.00
15,760.00
464,200.00
464,200.00
Peyton Approved
Adjusting Journal Entries
2017
Date
Accounts
Debit
Credit
31-Dec Depreciation Expense
Accumulated depreciation
31-Dec Amortization Expense
Accumulated Amortization
31-Dec Interest Expense
Interest Payable
31-Dec Insurance Expense
Prepaid Insurance
31-Dec Baking Cost of Goods Sold
Baking Supplies
31-Dec Office Supplies Expense
Office Supplies
31-Dec Wages Expense
Wages Payable
-
-
Peyton Approved
Income Statement
For Year Ending 12/31/2017
Bakery Sales
Merchandise Sales
Total Revenues
Cost of Goods Sold (FIFO)
Baking Cost of Goods Sold
Gross Profit (FIFO)
-
-
Operating Expenses:
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Total Operating Expenses:
-
Net Income (FIFO)
-
Peyton Approved
Closing Entries
For Year Ending 12/31/2017
Date
Accounts
Debit
31-Dec Bakery Sales
Merchandise Sales
Income Summary
31-Dec Income Summary (FIFO)
Baking Cost of Goods Sold
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Amortization Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Cost of Goods Sold (FIFO)
31-Dec Income Summary (FIFO)
Retained Earnings FIFO
-
-
31-Dec Retained Earnings
Dividends
-
Credit
-
-
-
Peyton Approved
Statement of Retained Earnings
For Year Ending 12/31/2017
Beginning Balance:
plus Net Income
less Dividends:
Ending Balance:
-
-
Peyton Approved
Balance Sheet
As of December 31, 2017
Assets
Current Assets:
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Office Supplies
Accounts Receivable
Total Current Assets
-
Long Term/Fixed Assets:
Baking Equipment
Accumulated Depreciation
Leasehold Improvements
Accumulated Amortization
-
Trademark
Total Assets:
-
Peyton Approved
Balance Sheet
As of December 31, 2017
Liabilities and Owners' Equity
Current Liabilities:
Accounts Payable
Wages Payable
Interest Payable
Total Current Liabilities
-
Long Term Liabilities:
Notes Payable
Loans Payable
Total Long Term Liabilities:
Total Liabilities:
-
Common Stock
Retained Earnings
Total Equity
-
Total Liabilities & Equity
-
2017
Quick Ratio
Gross Margin
Net Margin
Return on Sales
Return on Equity
2016
2015 Industry Standard
2.2
0.55
0.22
0.24
0.9
2.8
0.7
0.32
0.26
0.78
1.75
0.7
0.24
0.23
0.8
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