Asset Accounts
Liability Accounts
Equity Accounts
Acct #
Acct #
Acct #
Cash
101
Notes Payable
201
Common Stock
301
Baking Supplies
102
Accounts Payable
202
Dividends
302
Prepaid Rent
103
Wages Payable
203
Prepaid Insurance
104
Interest Payable
204
Baking Equipment
105
Loans Payable
205
Office Supplies
106
Accounts Receivable
107
Accumulated Depreciation
108
Trademark
109
Leasehold Improvements
110
Accumulated Amortization
111
Revenue Accounts
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.
Acct #
Bakery Sales
401
Merchandise Sales
402
Expense Accounts
Acct #
Baking Cost of Goods Sold
501
Merchandise Cost of Goods Sold (FIFO)
502
Rent Expense
503
Insurance Expense
504
Misc. Expense
505
Business License Expense
506
Advertising Expense
507
Wages Expense
508
Telephone Expense
509
Interest Expense
510
Depreciation Expense
511
Amortization Expense
512
Office Supplies Expense
513
Peyton Approved
Trial Balance
2017
Unadjusted trial balance
Adjusting entries
Adjusted trial balance
Account
Debit
Credit
Debit
Credit
Debit
Credit
Cash
64,713.72
64,713.72
Baking Supplies
165,250.00
165,250.00
Merchandise Inventory (FIFO)
25,750.00
25,750.00
Prepaid Rent
7,500.00
7,500.00
Prepaid Insurance
2,400.00
2,400.00
Baking Equipment
17,000.00
17,000.00
Accumulated Depreciation
3,285.72
3,285.72
Leasehold Improvements
10,000.00
10,000.00
Accumulated Amortization
2,000.00
2,000.00
Trademark
2,300.00
2,300.00
Office Supplies
1,600.00
1,600.00
Accounts Receivable
30,401.00
30,401.00
Notes Payable
10,000.00
10,000.00
Interest Payable
– 0
Accounts Payable
27,325.00
27,325.00
Wages Payable
– 0
Loans Payable
21,000.00
21,000.00
Common Stock
30,000.00
30,000.00
Dividends
20,000.00
20,000.00
Bakery Sales
335,675.00
335,675.00
Merchandise Sales
35,200.00
35,200.00
Baking Cost of Goods Sold
– 0
Rent Expense
90,000.00
90,000.00
Interest Expense
– 0
Insurance Expense
– 0
Depreciation Expense
– 0
Amortization Expense
– 0
Misc. Expense
2,780.00
2,780.00
Office Supplies Expense
– 0
Business License Expense
375.00
375.00
Advertising Expense
5,200.00
5,200.00
Wages Expense
– 0
Telephone Expense
3,456.00
3,456.00
Merchandise COGS (FIFO)
15,760.00
15,760.00
Total
464,485.72
464,485.72
– 0
– 0
464,485.72
464,485.72
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
– 0
– 0
Peyton Approved
Income Statement
For Year Ending 12/31/2017
Bakery Sales
Merchandise Sales
Total Revenues
– 0
Merchandise Cost of Goods Sold (FIFO)
Baking Cost of Goods Sold
Gross Profit
– 0
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:
– 0
Net Income
– 0
Peyton Approved
Closing Entries
For Year Ending 12/31/2017
Date
Accounts
Debit
Credit
31-Dec
Bakery Sales
Merchandise Sales
Income Summary
– 0
31-Dec
Income Summary
– 0
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 Cost of Goods Sold (FIFO)
31-Dec
Income Summary
– 0
Retained Earnings
– 0
31-Dec
Retained Earnings
Dividends
– 0
– 0
Peyton Approved
Statement of Retained Earnings
For Year Ending 12/31/2017
Beginning Balance:
– 0
plus Net Income
less Dividends:
Ending Balance:
– 0
Peyton Approved
Balance Sheet
As of December 31, 2017
Assets
Liabilities and Owners’ Equity
Current Assets:
Current Liabilities:
Cash
Accounts Payable
Baking Supplies
Wages Payable
Merchandise Inventory (FIFO)
Interest Payable
Prepaid Rent
Total Current Liabilities
– 0
Prepaid Insurance
Office Supplies
Long Term Liabilities:
Accounts Receivable
Notes Payable
Total Current Assets
– 0
Loans Payable
Total Long Term Liabilities:
– 0
Total Liabilities:
– 0
Long Term/Fixed Assets:
Baking Equipment
Common Stock
Accumulated Depreciation
Retained Earnings
– 0
Leasehold Improvements
Total Equity
– 0
Accumulated Amortization
– 0
Trademark
Total Assets:
– 0
Total Liabilities & Equity
– 0
2017
2016
2015
Industry Standard
Quick Ratio
2.2
2.8
1.75
Gross Margin
0.55
0.7
0.7
Net Margin
0.22
0.32
0.24
Return on Equity
0.9
0.78
0.8
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