Accounting Spreadsheet Final If you could please go over my first spreadsheet as well. i will post all of the stuff from the first milestone as well. Chart

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Accounting Spreadsheet Final If you could please go over my first spreadsheet as well. i will post all of the stuff from the first milestone as well. Chart of 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.

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 Cost of Goods Sold 303

Prepaid Insurance 104 Interest Payable 204

Baking Equipment 105

Office Supplies 106

Accounts Receivable 107

Accumulated Depreciation 108

Merchandise Inventory 109 Revenue Accounts

Acct #

Bakery Sales 401

Merchandise Sales 402

Expense Accounts

Acct #

Baking Supplies Expense 501

Rent Expense 502

Insurance Expense 503

Misc. Expense 504

Business License Expense 505

Advertising Expense 506

Wages Expense 507

Telephone Expense 508

Interest Expense 509

Depreciation Expense 510

Office Supplies Expense 511

Cash

Baking Supplies

Prepaid Rent

Prepaid Insurance

Baking Equipment

Office Supplies

Accounts Receivable

Accumulated Depreciation

Merchandise Inventory

Notes Payable

Accounts Payable

Wages Payable

Interest Payable

Common Stock

Dividends

Bakery Sales

Merchandise Sales

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

October Journal Entries

A Company

General Journal Entries

October, 20xx

Date Accounts Debit Credit

1-Oct Cash 25,000.00

Common stock 25,000.00

Common stock

1-Oct Baking supplies 8,500.00

Accounts Payable 8,500.00

Baking supplies

3-Oct Cash 10,000.00

Notes Payable 10,000.00

Notes Payable

7-Oct Rent Expense 3,000.00

Cash 3,000.00

Rent Expense

Prepaid Rent

10-Oct Business License Expense 375.00

Cash 375.00

Business License Expense

11-Oct Misc. Expense 250.00

Cash 250.00

Misc. Expense

13-Oct Baking Equipment 5,000.00

Common Stock 5,000.00

Common Stock

13-Oct Advertising Expense 200.00

Cash 200.00

Advertising Expense

14-Oct Office Supplies 300.00

Cash 300.00

Office Supplies

30-Oct Telephone Expense 75.00

Accounts Payable 75.00

Telephone Expense

31-Oct Wages Expense 120.00

Cash 120.00

Wages Expense

31-Oct Prepaid Insurance 1,200.00

Cash 1,200.00

Prepaid Insurance

31-Oct Accounts Receivable 5,000.00

Bakery Sales 5,000.00

Bakery Sales

Total 59,020.00 59,020.00 <== Do the debits equal the credits? (they should) November Journal Entries A Company General Journal Entries November, 20xx Date Accounts Debit Credit 5-Nov Wages Expense 120.00 Cash 120.00 Wages Payable 8-Nov Cash 3,800.00 Accounts Receivable 3,800.00 Accounts Receivable 10-Nov Telephone Expense 75.00 Cash 75.00 Telephone Expense 15-Nov Baking Supplies 5,000.00 Accounts Payable 5,000.00 Baking Supplies 15-Nov Wages Payable 480.00 Accounts Payable 480.00 Wages Payable 15-Nov Rent Expense 1,500.00 Cash 1,500.00 Rent Expense 18-Nov Cash 1,000.00 Accounts Receivable 1,000.00 Accounts Receivable 20-Nov Accounts Payable 8,500.00 Cash 8,500.00 Accounts Payable 20-Nov Wages Expense 480.00 Cash 480.00 Wages Expense 22-Nov Office Supplies 300.00 Cash 300.00 Baking Supplies 30-Nov Telephone Expense 75.00 Accounts Payable 75.00 Telephone Expense 30-Nov Wages Payable 480.00 Accounts Payable 480.00 Wages Payable 30-Nov Accounts Receivable 7,500.00 Bakery Sales 7,500.00 Accounts Receivable Total 29,310.00 29,310.00 <== Do the debits equal the credits? (they should) December Journal Entries A Company General Journal Entries December, 20xx Date Accounts Debit Credit 1-Dec Cash 10,000.00 Dividends 10,000.00 Dividends 5-Dec Wages Expense 120.00 Cash 120.00 Wages Expense 7-Dec Merchandise Inventory 60.00 Be sure to review the Inventory Valuation tab (Columns M-P) for all Inventory related journal entries as they are given to you! Cash 60.00 Merchandise Inventory 8-Dec Cash 4,000.00 Accounts Receivable 4,000.00 Accounts Receivable 10-Dec Telephone Expense 75.00 Cash 75.00 Interest Expense 11-Dec Baking Supplies 7,000.00 Accounts Payable 7,000.00 Baking Supplies 13-Dec Baking Supplies Expense 5,000.00 Cash 5,000.00 Baking Supplies Expense 15-Dec Wages Payable 480.00 Accounts Payable 480.00 Wages Payable 15-Dec Rent Expense 1,500.00 Cash 1,500.00 Rent Expense 15-Dec Cash 68.00 Merchandise Sales 68.00 Merchandise Sales 15-Dec Cost of Goods Sold 48.00 Merchandise Inventory 48.00 Cost of Goods Sold 20-Dec Wages Expense 480.00 Cash 480.00 Telephone Expense 20-Dec Merchandise Inventory 122.00 Cash 122.00 Merchandise Inventory 24-Dec Cash 153.00 Merchandise Sales 153.00 Merchandise Sales 24-Dec Cost of Goods Sold 109.60 Merchandise Inventory 109.60 Cost of Goods Sold 30-Dec Merchandise Inventory 151.25 Cash 151.25 Merchandise Inventory 31-Dec Wages Payable 480.00 Accounts Payable 480.00 Wages Payable 31-Dec Accounts Receivable 6,000.00 Bakery Sales 6,000.00 Bakery Sales Total 35,846.85 35,846.85 <== Do the debits equal the credits? (they should) Inventory Valuation FIFO Purchases Sales Ending Inventory Purchases Date No. of Items Unit Price Total Price No. of Items Unit Price Total Price No. of Items Unit Price Total Price Date Microsoft: Below are the journal entries for each inventory related transaction! All you need to do is copy and paste it into the correct dates on the December Journal tab! Dr Cr 12/7: 10 boxes purchased at $6 7-Dec 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 7-Dec Merchandise Inventory (10 x $6) 60.00 12/20: 20 boxes purchased at $6.10 Cash 60.00 12/30: 25 boxes purchased at $6.05 15-Dec 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 Purchased inventory Sales – selling price, $8.50 a box 12/15: 8 boxes 20-Dec 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 15-Dec Cash (8 x $8.50) 68.00 12/24: 18 boxes 20 $ 6.10 $ 122.00 Merchandise Sales Revenue 68.00 22 $ 134.00 Record sale of inventory 24-Dec 2 $ 6.00 $ 12.00 15-Dec Cost of Goods Sold (8 X $6) 48.00 16 $ 6.10 $ 97.60 4 $ 6.10 $ 24.40 Merchandise Inventory 48.00 18 $ 109.60 Recorded the cost of goods sold 30-Dec 25 $ 6.05 $ 151.25 4 $ 6.10 $ 24.40 20-Dec Merchandise Inventory (20 x $6.10 ) 122.00 25 $ 6.05 $ 151.25 Cash 122.00 29 $ 175.65 Net Inventory 55 $ 333.25 26 $ 157.60 29 $ 175.65 24-Dec Cash (18 x 8.50) 153.00 Merchandise Sales Revenue 153.00 Record sale of inventory 24-Dec Cost of Goods Sold (2 x $6)+(16 x $6.10) 109.60 Merchandise Inventory 109.60 Recorded the cost of goods sold 30-Dec Merchandise Inventory (25 x $6.05) 151.25 Cash 151.25 T-Accounts - autofill date Cash date date Notes Payable date Business License exp Common Stock 1-Oct $ 25,000.00 $ 10,000.00 3-Oct 10-Oct $ 375.00 $ 25,000.00 1-Oct 3-Oct $ 10,000.00 $ 5,000.00 13-Oct $ - 0 7-Oct $ - 0 $ 10,000.00 $ 375.00 $ - 0 $ - 0 $ 30,000.00 $ 375.00 10-Oct $ 10,000.00 $ 375.00 $ 30,000.00 $ 250.00 11-Oct $ 200.00 13-Oct $ 300.00 14-Oct $ 120.00 31-Oct 31-Oct $ 5,000.00 $ 120.00 5-Nov 8-Nov $ 3,800.00 $ 75.00 10-Nov 18-Nov $ 1,000.00 $ 1,500.00 15-Nov $ 8,500.00 20-Nov Accounts Rec. $ 480.00 20-Nov 31-Oct - 0 $ 300.00 22-Nov 3,800.00 8-Nov 30-Nov $ 7,500.00 1,000.00 18-Nov $ 10,000.00 1-Dec 30-Nov - 0 $ 120.00 5-Dec 4,000.00 8-Dec $ 60.00 7-Dec 31-Dec - 0 8-Dec $ 4,000.00 $ 75.00 10-Dec $ - 0 $ 8,800.00 $ 5,000.00 13-Dec $ (8,800.00) $ 1,500.00 15-Dec 15-Dec $ 68.00 $ 480.00 20-Dec $ 122.00 20-Dec 24-Dec $ 153.00 $ 151.25 30-Dec 31-Dec $ 6,000.00 $ 62,521.00 $ 29,728.25 $ 32,792.75 Misc. expense Baking equipment Advertising expense 11-Oct $ 250.00 13-Oct $ 5,000.00 13-Oct $ 200.00 $ 250.00 $ - 0 $ 5,000.00 $ - 0 $ 200.00 $ - 0 $ 250.00 $ 5,000.00 $ 200.00 Baking supplies Office supplies Rent expense 1-Oct $ 8,500.00 14-Oct $ 300.00 7-Oct $ 3,000.00 15-Nov $ 5,000.00 22-Nov $ 300.00 15-Nov $ 1,500.00 11-Dec $ 7,000.00 15-Dec $ 1,500.00 $ 20,500.00 $ - 0 $ 600.00 $ - 0 $ 6,000.00 $ - 0 $ 20,500.00 $ 600.00 $ 6,000.00 Prepaid rent Prepaid insurance Bakery Sales 7-Oct $ - 0 31-Oct $ 120.00 $ - 0 31-Oct $ - 0 30-Nov $ - 0 31-Dec $ - 0 $ - 0 $ 120.00 $ - 0 $ - 0 $ - 0 $ - 0 $ 120.00 $ - 0 Accounts payable Salary and wages expense Salaries and wages payable $ 8,500.00 1-Oct 31-Oct $ 1,200.00 $ 1,200.00 31-Oct $ 75.00 31-Oct 15-Nov $ 480.00 5-Nov $ 120.00 10-Nov $ 75.00 30-Nov $ 480.00 $ 480.00 15-Nov $ 5,000.00 15-Nov 15-Dec $ 480.00 20-Nov $ 480.00 20-Nov $ 8,500.00 31-Dec $ 480.00 $ 480.00 30-Nov $ 75.00 30-Nov 5-Dec $ 120.00 10-Dec $ 75.00 $ 3,120.00 $ - 0 $ 480.00 15-Dec $ 7,000.00 11-Dec $ 3,120.00 20-Dec $ 480.00 13-Dec $ 5,000.00 $ 480.00 31-Dec $ 13,650.00 $ 20,650.00 $ 7,000.00 $ 1,200.00 $ 3,120.00 $ 1,920.00 Telephone expense Dividends COGS 30-Oct $ 75.00 1-Dec $ 10,000.00 15-Dec $ 48.00 30-Nov $ 75.00 $ 10,000.00 $ - 0 24-Dec $ 109.60 $ 150.00 $ - 0 $ 10,000.00 $ 157.60 $ - 0 $ 150.00 $ 157.60 Merchandise Sales Revenue Merch. Inv. FIFO $ 68.00 15-Dec 7-Dec $ 60.00 $ 153.00 24-Dec $ 48.00 15-Dec 20-Dec $ 122.00 $ - 0 $ 221.00 $ 109.60 24-Dec $ 221.00 30-Dec $ 151.25 $ 333.25 $ 157.60 $ 175.65 Adjusting Entries A Company Adjusting Journal Entries 20XX Date Accounts Debit Credit 31-Dec Depreciation Expense 208.33 Accumulated Depreciation 208.33 31-Dec interest expense 150.00 <== Interest adjustment goes here Interest Payable 150.00 <== Interest adjustment goes here 31-Dec Insurance Expense 200.00 <== Insurance adjustment goes here Cash 200.00 <== Insurance adjustment goes here 31-Dec Baking Supplies 19,400.00 <== Baking supplies adjustment goes here Cash 19,400.00 <== Baking supplies adjustment goes here 31-Dec Office Supplies 550.00 <== Office supplies adjustment goes here Cash 550.00 <== Office supplies adjustment goes here 20,508.33 20,508.33 <== Do the debits equal the credits? (they should) Trial Balance A Company Trial Balance 20xx Unadjusted trial balance Adjusting entries Adjusted trial balance Account Debit Credit Debit Credit Debit Credit Cash 51,436.75 51,436.75 Baking Supplies 20,500.00 19,400.00 1,100.00 Merchandise Inventory 175.65 175.65 Prepaid Rent 1,500.00 1,500.00 Prepaid Insurance 1,200.00 200.00 1,000.00 Baking Equipment 5,000.00 5,000.00 Accumulated Depreciation 208.33 208.33 Office Supplies 600.00 550.00 50.00 Accounts Receivable 9,700.00 9,700.00 Notes Payable 10,000.00 10,000.00 Interest Payable 150.00 150.00 Accounts Payable 7,000.00 7,000.00 Wages Payable 480.00 480.00 Common Stock 30,000.00 30,000.00 Dividends 10,000.00 Bakery Sales 60,000.00 10,000.00 Unearned fees 60,000.00 Merchandise Sales 221.00 221.00 Baking Supplies Expense 19,400.00 19,400.00 Rent Expense 4,500.00 4,500.00 Interest Expense 150.00 150.00 Insurance Expense 200.00 200.00 Depreciation Expense 208.33 208.33 Misc. Expense 250.00 250.00 Office Supplies Expense 550.00 550.00 Business License Expense 375.00 375.00 Advertising Expense 200.00 200.00 Wages Expense 1,956.00 1,956.00 Telephone Expense 150.00 150.00 COGS 157.60 157.60 Retained Earnings Total: 107,701.00 107,701.00 20,508.33 20,508.33 108,059.33 108,059.33 Do these two columns tie to the debits and credits on the adjusting entries tab? Debits should equal credits Debits should equal credits Debits should equal credits ` Income Statement A Company Income Statement For Qtr. Ending 12/31/20XX Revenues Bakery Sales 30,500.00 Merchandise Sales 491.00 Total Revenues 30,991.00 Cost of Goods Sold 157.60 <== Don't forget the COGS! Gross Profit 30,833.40 Operating Expenses: Baking Supplies Expense 20,500.00 Rent Expense 6,000.00 Insurance Expense 1,200.00 Misc. Expense 250.00 Business License Expense 375.00 Advertising Expense 200.00 Wages Expense 1,560.00 Telephone Expense 300.00 Interest Expense 150.00 Depreciation Expense 208.33 Office Supplies Expense 5,600.00 Total Operating Expenses: 36,343.33 Net Income (5,509.93) Statement of Stockholder Equity A Company Statement of Stockholder's Equity For Qtr. Ending 12/31/20xx Common Stock Retained Earnings Total Beginning Balances, September 30 30000 12300 42300 Issued Common Stock 30,000.00 Net Income (5,510.33) Dividends 10,000.00 Make sure your dividends are negative so the formula subtracts them Ending Balances, December 31: 60,000.00 16,789.67 42,300.00 Balance Sheet A Company Balance Sheet As of December 31, 20XX Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Cash 31,833.00 Wages Payable 1,920.00 Dividends 10,000.00 Interest Payable 150.00 Office Supplies 600.00 Notes Payable 10,000.00 Merchandise Inventory 333.00 Accounts Payable 14,870.00 Prepaid Rent 3,200.00 Total Current Liabilities 26,940.00 Prepaid Insurance 1,500.00 Baking Supplies 20,500.00 Long Term Liabilities: Accounts Receivable 13,258.00 Total Current Assets 81,224.00 Total Long Term Liabilities: - 0 Total Liabilities: 26,940.00 Shareholder's Equity: Retained Earnings 59,075.67 Non-Current Assets: Baking Equipment 5,000.00 Accumulated Depreciation (208.33) Microsoft: show number as negative as the total formula will subtract it for you. Total Equity 59,075.67 Baking Equipment (Net) 4,791.67 Total Assets: 86,015.67 Total Liabilities & Equity 86,015.67 <== Do the debits equal the credits? (they should) Closing Entries A Company Closing Entries Qtr ending 12/31/20xx Date Accounts Debit Credit Note** We are closing out the same accounts that are listed on the income statement 31-Dec Bakery Sales 30,500.00 Merchandise Sales 491.00 Retained Earnings 20,846.00 31-Dec Retained Earnings 20,846.00 Baking Supplies Expense 20,500.00 Rent Expense 6,000.00 Wages Expense 1,560.00 Misc Expense 250.00 Business License Expense 375.00 Office Expense 5,600.00 Depreciation Expense 208.33 Insurance Expense 1,200.00 Advertising Expense 200.00 Interest Expense 150.00 Telephone Expense 300.00 COGS 158.00 31-Dec Retained Earnings 20,846.00 Dividends 10,000.00 Post-Closing Trial Balance A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx Unadjusted Trial Balance Account Debit Credit Cash 31,833.00 Note** These are the same accounts that are listed on the balance sheet Baking Supplies 20,500.00 Merchandise Inventory 333.00 Prepaid Rent 3,200.00 Prepaid Insurance 1,500.00 Baking Equipment 5,000.00 Accumulated Depreciation (208.33) <== Accumulated depreciation goes in the debit column - as a reduction of the assets (so be sure it is a negative number!) just as you have on the balance sheet. Office Supplies 600.00 Dividends 10,000.00 Accounts Receivable 13,258.00 Accounts Payable 14,870.00 Wages Payable 1,920.00 Interest Payable 150.00 Notes Payable 10,000.00 Common Stock - 0 Retained Earnings 59,075.67 Total 86,015.67 86,015.67 <== Do the debits equal the credits? (they should)

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