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    Accounting Cycle Workbook

    Uploaded by

    emerson deasis
    This document provides a chart of accounts for asset, liability, equity, revenue, expense, and inventory accounts for a bakery business. The asset accounts include cash, supplies inventories, equipment, receivables, and accumulated depreciation. The liability accounts include notes payable, accounts payable, wages payable, and interest payable. The equity accounts are common stock and dividends. Revenue accounts include bakery and merchandise sales, while expense accounts cover various operating costs. Inventory accounts use FIFO, LIFO, and weighted average costing methods. This chart of accounts should be used as a reference when journalizing transactions for the bakery business.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Accounting Cycle Workbook

    Uploaded by

    emerson deasis
    143 views61 pages
    This document provides a chart of accounts for asset, liability, equity, revenue, expense, and inventory accounts for a bakery business. The asset accounts include cash, supplies inventories, equipment, receivables, and accumulated depreciation. The liability accounts include notes payable, accounts payable, wages payable, and interest payable. The equity accounts are common stock and dividends. Revenue accounts include bakery and merchandise sales, while expense accounts cover various operating costs. Inventory accounts use FIFO, LIFO, and weighted average costing methods. This chart of accounts should be used as a reference when journalizing transactions for the bakery business.

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    This document provides a chart of accounts for asset, liability, equity, revenue, expense, and inventory accounts for a bakery business. The asset accounts include cash, supplies inventories, equipment, receivables, and accumulated depreciation. The liability accounts include notes payable, accounts payable, wages payable, and interest payable. The equity accounts are common stock and dividends. Revenue accounts include bakery and merchandise sales, while expense accounts cover various operating costs. Inventory accounts use FIFO, LIFO, and weighted average costing methods. This chart of accounts should be used as a reference when journalizing transactions for the bakery business.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    143 views61 pages

    Accounting Cycle Workbook

    Uploaded by

    emerson deasis
    This document provides a chart of accounts for asset, liability, equity, revenue, expense, and inventory accounts for a bakery business. The asset accounts include cash, supplies inventories, equipment, receivables, and accumulated depreciation. The liability accounts include notes payable, accounts payable, wages payable, and interest payable. The equity accounts are common stock and dividends. Revenue accounts include bakery and merchandise sales, while expense accounts cover various operating costs. Inventory accounts use FIFO, LIFO, and weighted average costing methods. This chart of accounts should be used as a reference when journalizing transactions for the bakery business.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 61

    Asset Accounts

    Acct #
    Cash 101
    Baking Supplies 102
    Prepaid Rent 103
    Prepaid Insurance 104
    Baking Equipment 105
    Misc. Supplies 106
    Accounts Receivable 107
    Accumulated Depreciation 108
    Merchandise Inventory 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.
    Liability Accounts Equity Accounts
    Acct #
    Notes Payable 201 Common Stock
    Accounts Payable 202 Dividends
    Wages Payable 203
    Interest Payable 204

    Revenue Accounts

    Bakery Sales
    Merchandise Sales
    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. Expense Accounts

    Baking Supplies Expense


    Rent Expense
    Insurance Expense
    Misc. Expense
    Business License Expense
    Advertising Expense
    Wages Expense
    Telephone Expense
    Interest Expense
    Depreciation Expense
    Misc. 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-14

    Date Accounts Debit Credit


    1-Jul Cash 15,000.00
    Common Stock 15,000.00
    Contributed cash for common stock
    Peyton Approved
    General Journal Entries
    Aug-14

    Date Accounts Debit Credit


    Peyton Approved
    General Journal Entries
    Sep-14

    Date Accounts Debit Credit


    FIFO
    Date Purchases Sales Ending Inventory
    7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00

    15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

    20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00


    20 $ 6.10
    22

    24-Sep 2 $ 6.00 $ 12.00


    16 $ 6.10 $ 97.60 4 $ 6.10
    $ 109.60

    30-Sep 25 $ 6.05 $ 151.25 4 $ 6.10


    25 $ 6.05
    29
    55 $ 333.25 26 $ 157.60 29

    LIFO Purchases Sales Ending Inventory


    7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00

    15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

    20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00


    20 $ 6.10
    22

    24-Sep 18 $ 6.10 $ 109.80 2 $ 6.00


    2 $ 6.10
    4

    30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00


    2 $ 6.10
    25 $ 6.05
    29
    55 $ 333.25 26 $ 157.80 29

    weighted average Purchases Sales Ending Inventory


    7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00

    15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00

    20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00


    20 $ 6.10
    22

    24-Sep 18 $ 6.09 $ 109.62 4

    30-Sep 25 $ 6.05 $ 151.25 4


    25 $ 6.05
    55 $ 333.25 26 157.62 29
    Ending Inventory Dr Cr
    $ 60.00 7-Sep Merchandise Inventory (10 x $6) 60.00
    Cash 60.00
    $ 12.00 Purchased inventory

    $ 12.00 15-Sep Cash (8 x $8.50) 68.00


    $ 122.00 Merchandise Sales Revenue 68.00
    $ 134.00 Record sale of inventory

    15-Sep Cost of Goods Sold (8 X $6) 48.00


    $ 24.40 Merchandise Inventory 48.00
    Recorded the cost of goods sold

    $ 24.40 20-Sep Merchandise Inventory (20 x $6.10 ) 122.00


    $ 151.25 Cash 122.00
    $ 175.65
    $ 175.65 24-Sep Cash (18 x 8.50) 153.00
    Merchandise Sales Revenue 153.00
    Record sale of inventory

    24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) 109.60


    Merchandise Inventory 109.60
    Recorded the cost of goods sold

    30-Sep Merchandise Inventory (25 x $6.05) 151.25


    Cash 151.25

    Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00


    $ 60.00 Cash 60.00
    Purchased inventory
    $ 12.00
    15-Sep Cash (8 x $8.50) 68.00
    $ 12.00 Merchandise Sales Revenue 68.00
    $ 122.00 Record sale of inventory
    $ 134.00
    15-Sep Cost of Goods Sold (8 X $6) 48.00
    $ 12.00 Merchandise Inventory 48.00
    $ 12.20 Record inventory reduction due to sale
    $ 24.20
    20-Sep Merchandise Inventory (20 x $6.10) 122.00
    $ 12.00 Cash 122.00
    $ 12.20
    $ 151.25 24-Sep Cash (18 x 8.50) 153.00
    $ 175.45 Merchandise Sales Revenue 153.00
    $ 175.45 Record sale of inventory

    24-Sep Cost of Goods Sold (18 x $6.10) 109.80


    Merchandise Inventory 109.80
    Record inventory reduction due to sale

    30-Sep Merchandise Inventory (25 x $6.05) 151.25


    Cash 151.25

    Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00


    $60 Cash 60.00
    Purchased inventory
    $ 12.00
    15-Sep Cash (8 x $8.50) 68.00
    $ 12.00 Merchandise Sales Revenue 68.00
    $ 122.00 per unit Record sale of inventory
    $ 134.00 $6.09
    15-Sep Cost of Goods Sold (8 X $6) 48.00
    $ 24.38 Merchandise Inventory 48.00
    Record inventory reduction due to sale
    $ -
    $ 151.25 20-Sep Merchandise Inventory (20 x $6.10) 122.00
    $ 151.25 $5.22 Cash 122.00

    24-Sep Cash (18 x 8.50) 153.00


    Merchandise Sales Revenue 153.00
    Record sale of inventory

    24-Sep Cost of Goods Sold (18 x $6.09) 109.62


    Merchandise Inventory 109.62
    Record inventory reduction due to sale

    30-Sep Merchandise Inventory (25 x $6.05) 151.25


    Cash 151.25
    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
    date Cash date date Notes Payable date
    1-Jul 15,000.00

    Accounts Rec.

    0
    15,000.00 -
    15,000.00

    Misc. expense Baking equipment

    0
    0

    Baking supplies Misc. supplies

    0 0

    Prepaid rent Prepaid insurance

    -
    Accounts payable Salary and wages expense

    Telephone expense
    -

    Dividends

    baking supplies expense


    adj

    0
    misc supplies expense COGS LIF0
    adj

    Merchandise Sales
    Revenue -
    -
    COGS Weighted Avg.

    -
    Business License exp Common Stock
    15,000 1-Jul

    0 15,000

    Insurance expense

    COMPLETION OF STEPS 1- 4 DELIVERABLE:


    CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
    WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT

    0
    Advertising expense

    Rent expense

    Bakery Sales

    0
    Salaries and wages payable

    depreciation expense acc dep

    0 0
    Interest expense Interest payable
    adj adj

    0 0
    COGS FIFO

    -
    Merch. Inv. FIFO Merch. Inv. LIFO Merch. Inv. Avg.

    - - -
    Merch. Inv. Avg.
    Peyton Approved
    Trial Balance
    2014
    Unadjusted trial balance
    Account Debit Credit
    Cash
    Baking Supplies
    Merchandise Inventory
    Prepaid Rent
    Prepaid Insurance
    Baking Equipment
    Misc. Supplies
    Accounts Receivable
    Notes Payable
    Accounts Payable
    Wages 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
    COGS
    Depreciation Expense
    Accumulated Depreciation
    Misc Supplies Expense*
    Interest Expense*
    Interest Payable*

    - -
    -

    *These accounts will not be utilized before the adjusting process. They should have zero balance in the unadjusted t
    Approved
    Balance
    014
    Adjusting entries Adjusted trial balance
    Debit Credit Debit Credit

    COMPLETION OF STEPS 5-7 DELIVERABLE:


    CONGRATULATIONS! YOU ARE NOW RE
    WORKBOOK TO COMPLETE THE 4-3 CHECKPO

    208.33 208.33
    208.33 208.33

    208.33 208.33 208.33 208.33


    have zero balance in the unadjusted trial balance.
    N OF STEPS 5-7 DELIVERABLE:
    ULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
    TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT
    Peyton Approved
    Adjusting Journal Entries
    2014

    Date Accounts Debit Credit


    30-Sep Depreciation Expense 208.33
    accumulated depreciation 208.33
    Peyton Approved
    Income Statement
    For Qtr. Ending 9/30/2014
    Peyton Approved
    Statement of Retained Earnings
    For Qtr. Ending 9/30/2014
    Peyton Approved
    Balance Sheet
    As of September 30, 2014

    Assets
    Approved
    ce Sheet
    mber 30, 2014

    Liabilities and Owners' Equity


    Peyton Approved
    Closing Entries
    9/30/2014

    Date Accounts Debit Credit


    Peyton Approved
    Post Closing Trial Balance
    9/30/2014
    Unadjusted Trial Balance
    Account Debit
    adjusted Trial Balance
    Credit
    Peyton Approved
    Reversing Entries
    9/30/2014

    Date Accounts Debit Credit


    COMPLETION OF STEPS 8-11 DELIVERABLE:
    CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR
    COMPLETED WORKBOOK (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT
    REQUIREMENT

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