I’m still having a hard time with my journals and can’t figure


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I’m still having a hard time with my journals and can’t figure out where I went wrong. I need help. ACC 201 Accounting Cycle Workbook (22)1-11 Final.xlsx _x000C_Asset Accounts Liability Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies Accounts Receivable Accumulated Depreciation Equity Accounts Acct # 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 Acct # 201 Common Stock 202 Dividends 203 204 301 302 Revenue Accounts Acct # Bakery Sales Merchandise Sales 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. 401 402 Expense Accounts Acct # Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense 501 502 503 504 505 506 507 508 509 510 Peyton Approved General Journal Entries Jul-14 Date Accounts 1-Jul Cash Common Stock Contributed cash for common stock 1-Jul Baking Supplies Cash 3-Jul Cash Notes Payable 7-Jul Cash Prepaid Rent Debit 15,000.00 Credit 15,000.00 8,500.00 8,500.00 10,000.00 10,000.00 3,000.00 3,000.00 10-Jul Business License Expense Cash 375.00 11-Jul Misc Expense Cash 250.00 13-Jul Baking Equipment Common Stock 375.00 250.00 5,000.00 5,000.00 13-Jul Advertising Expense Cash 200.00 14-Jul Misc Supplies Cash 300.00 30-Jul Telephone Expense Accounts Payable 31-Jul Prepaid Insurance Cash 31-Jul Salary and Wage Expense Salary and Wages Payable Totals 200.00 300.00 45.00 45.00 1,200.00 1,200.00 120.00 120.00 43,990.00 43,990.00 Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Salary and Wages Payable Cash 8-Aug Cash Accounts Receivable 10-Aug Cash Accounts Payable 15-Aug Salary and Wages Expense Salary and Wages Payable Debit Credit 120.00 120.00 3,200.00 3,200.00 45.00 45.00 480.00 480.00 15-Aug Rent Expense Cash 1,500.00 18-Aug Accounts Receivable Cash 1,000.00 20-Aug Accounts Payable Cash 8,500.00 22-Aug Misc Supplies Expense Cash 31-Aug Telephone Expense Accounts Payable 31-Aug Salary and Wages Expense Salary and Wages Payable Total 1,500.00 1,000.00 8,500.00 300.00 300.00 45.00 45.00 420.00 420.00 15,610.00 15,610.00 Peyton Approved General Journal Entries Sep-14 Date Accounts 1-Sep Dividends Cash 5-Sep Salary and Wages Expense Salary and Wages Payable 7-Sep Merchandise Inventory Cash 8-Sep Accounts Receivable Cash 10-Sep Telephone Expense Accounts Payable Debit Credit 3,000.00 3,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 45.00 45.00 11-Sep Baking Supplies Accounts Payable 7,000.00 13-Sep Vendor Supplies Accounts Payable 5,000.00 15-Sep Salary and Wages Expense Salary and Wages Payable 15-Sep Rent Expense Prepaid Rent 7,000.00 5,000.00 456.00 456.00 1,500.00 1,500.00 15-Sep Merchandise Sales Revenue Cash 68.00 15-Sep COGS Merchandise Revenue Cash 48.00 68.00 48.00 20-Sep Salary and Wages Payable Cash 456.00 20-Sep Merchandise Inventory Cash 122.00 24-Sep Merchandise Sales Revenue Cash 153.00 24-Sep COGS Merchandise Inventory Cash 109.62 30-Sep Merchandise Inventory Cash 151.25 30-Sep Salary and Wages Expense Salary and Wages Payable 480.00 Total 456.00 122.00 153.00 109.62 151.25 480.00 23,068.87 23,068.87 FIFO Date 7-Sep Purchases 10 $ 6.00 $ Sales 60.00 15-Sep 20-Sep 8 $ 20 $ 6.10 $ 6.00 $ 6.10 $ $ 12.00 97.60 109.60 12.00 6.00 $ 6.10 $ $ 12.00 122.00 134.00 4 $ 6.10 $ 24.40 4 $ 25 $ 29 29 6.10 $ 6.05 $ $ $ 24.40 151.25 175.65 175.65 LIFO 7-Sep Purchases 10 $ 6.00 $ 333.25 6.10 $ 157.60 Ending Inventory 10 $ 6.00 $ 60.00 60.00 8 $ 20 $ $ Sales 15-Sep 20-Sep 26 6.00 $ 48.00 122.00 24-Sep 2 $ 2 $ 20 $ 22 18 $ 6.10 $ 109.80 2 $ 2 $ 4 6.00 $ 6.00 $ 6.10 $ $ 6.00 $ 6.10 $ $ 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost

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