ACC 201 Accounting Cycle Workbook

Asset Accounts
Acct #
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Misc. Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
101
102
103
104
105
106
107
108
109
This chart of accounts should help you identify the appropriate accounts to record to as y
journaling transactions for this workbook. There is nothing to complete on this page; this is
you.
Liability Accounts
Acct #
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
appropriate accounts to record to as you are analyzing and

othing to complete on this page; this is simply a resource for
you.
201
202
203
204
Equity Accounts
Acct #
Common Stock
Dividends
301
302
Revenue Accounts
Acct #
Bakery Sales
Merchandise Sales
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
Misc. Supplies Expense
Cost of Goods Sold
501
502
503
504
505
506
507
508
509
510
511
512
Peyton Approved
General Journal Entries
Jul-14
Date
Accounts
1-Jul Cash
Common Stock
Contributed cash for common stock
1-Jul
Baking Supplies
Accounts Payable
7-Jul
Accounts Payable
Cash
30-Jul
Telephone Expense
Account Payable
31-Jul
Salary and Wages Expense

Cash
31-Jul
Salary and Wages Expense

Cash
31-Jul
Account Recievable
cash
31-Jul
Account Recievable
cash
es
Debit
15,000.00
Credit
15,000.00
8500.00
8,500.00
1,500.00
3,000.00
45.00
45.00
120.00
120.00
120.00
120.00
5,000.00
10,000.00
15,000.00
15,000.00
Peyton Approved
Aug-14
Date
Accounts
5-Aug Accounts Recievable
Accounts Recievable
8-Aug Accounts Recievable

Accounts Recievable
10-Aug Accounts Payable
Cash
15-Aug Salary and Wages Expense
Cash
15-Aug Rent Expense
Prepaid Rent
18-Aug Account Recievable
Cash
20-Aug Accounts Payable
Cash
22-Aug
Misc Supplies
cash
31-Aug Telephone Expense

0
31-Aug Salary and Wages Expense

Cash
31-Aug Account Recievable
Cash
31-Aug Cash
Sales Revenue
es
Debit
120
Credit
120
3,200.00
3200
3,200.00
45.00
45.00
480.00
480.00
1,500.00
1,500.00
1,000.00
1,000.00
8,500.00
8,500.00
300.00
300.00
45.00
45.00
420.00
420.00
7,500.00
12,500.00
20,000.00
20,000.00
Peyton Approved
Sep-14
Date
1-Sep Dividends
Cash
Accounts
5-Sep Salary and Wages Expense

Cash
7-Sep Merchandise Inventory
Cash
8-Sep
Account Recievable
Cash
10-Sep
Accounts Payable
Cash
11-Sep Baking Supplies

cash
13-Sep Accounts Payable
Cash
15-Sep Rent Expense
Cash
15-Sep Miscellaneous Supplies
Cash
15-Sep
Merchandis Inventory
Cash
20-Sep Salary and Wages Expense

Cash
Cash
24-Sep Cash
Merchandise Sale

Cash Revenue
30-Sep Meruchandise Inventory
Cash Revenue
30-Sep Cash
Sales Revenue
Debit
3,000.00
Credit
3,000.00
420.00
420.00
60.00
60.00
4,000.00
4,000.00
45.00
45.00
7,000.00
7,000.00
5,000.00
5,000.00
456.00
456.00
68.00
68.00
48.00
48.00
456.00
456.00
122.00
122.00
153.00
153.00
109.62
109.62
151.25
151.25
25,000.00
25,000.00
FIFO
Date
7-Sep
Purchases
10 $
6.00 $
Sales
60.00
15-Sep
20-Sep
20 $
6.10 $
25 $
55
LIFO
7-Sep
6.05 $
151.25
333.25
Purchases
10 $
6.00 $
24-Sep
20 $
6.10 $
2 $
16 $
6.00
6.10
26
Sales
60.00
15-Sep
20-Sep
6.00
122.00
24-Sep
30-Sep
8 $
8 $
6.00
18 $
6.10
122.00
30-Sep
25 $
55
weighted average
7-Sep
6.05 $
151.25
333.25
Purchases
10 $
6.00 $
Sales
60.00
15-Sep
20-Sep
20 $
6.10 $
25 $
55
8 $
6.00
18 $
6.09
122.00
24-Sep
30-Sep
26
6.05 $
151.25
333.25
26
Sales
Ending Inventory
10 $
6.00 $
60.00
$
$
$
$
48.00
12.00
97.60
109.60
157.60
6.00
12.00
2
20
22
$
$
6.00
6.10
$
$
$
12.00
122.00
134.00
7-Sep
15-Sep
15-Sep
4 $
6.10
24.40
4 $
25 $
29
29
6.10
6.05
$
$
$
$
24.40
151.25
175.65
175.65
20-Sep
24-Sep
24-Sep
30-Sep
Ending Inventory
10 $
6.00 $
60.00
$
48.00
6.00
7-Sep
12.00
15-Sep
2
20
22
$
$
6.00
6.10
$
$
$
12.00
122.00
134.00
15-Sep
109.80
2
2
$
$
6.00
6.10
$
$
12.00
12.20
24.20
$
$
$
$
$
12.00
12.20
151.25
175.45
175.45
20-Sep
157.80
2 $
2 $
25 $
29
29
6.00
6.10
6.05
24-Sep
24-Sep
30-Sep
Ending Inventory
10 $
6.00
$60
$
48.00
6.00
7-Sep
12.00
15-Sep
2 $
20 $
22
6.00
6.10
$
$
$
12.00
122.00 per unit
134.00 $6.09
15-Sep
109.62
157.62
4
4
25 $
29
6.05
$
$
$
24.38
151.25
151.25 $5.22
20-Sep
24-Sep
24-Sep
30-Sep
Merchandise Inventory (10 x $6)

Cash
Purchased inventory
Dr
60.00
Cr
60.00
Cash (8 x $8.50)
Merchandise Sales Revenue
Record sale of inventory
68.00
Cost of Goods Sold (8 X $6)

Recorded the cost of goods sold
48.00
68.00
48.00
Merchandise Inventory (20 x $6.10 )

Cash
122.00
Cash (18 x 8.50)

153.00
Cost of Goods Sold (2 x $6)+(16 x $6.10)

Recorded the cost of goods sold
109.60
Merchandise Inventory (25 x $6.05)

Cash
151.25
122.00
153.00
109.60
151.25

Cash
Purchased inventory
60.00
Cash (8 x $8.50)
68.00

Record inventory reduction due to sale
48.00
60.00
68.00
48.00

Cash
122.00
Cash (18 x 8.50)

153.00
Cost of Goods Sold (18 x $6.10)

109.80

Cash
151.25
122.00
153.00
109.80
151.25

Cash
Purchased inventory
60.00
Cash (8 x $8.50)
68.00

48.00
60.00
68.00
48.00

Cash
122.00
Cash (18 x 8.50)

153.00
Cost of Goods Sold (18 x $6.09)

109.62

Cash
151.25
122.00
153.00
109.62
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
Cash
15,000.00
10,000.00
5,000.00
20,000.00
22,500.00
27,000.00
68.00
25,000.00
153.00
187.00
204.00
30,000.00
Notes Payable
375.00
250.00
200.00
1,000.00
300.00
3,000.00
1,200.00
120.00
45.00
480.00
300.00
8,500.00
420.00
45.00
456.00
1,500.00
325.00
480.00
2,000.00
9,000.00
45.00
310.00
444.00
1,500.00
2,500.00
480.00
60.00
122.00
10,000.00
45.00
300.00
420.00
1,500.00
360.00
2,500.00
10,000.00
10,000
0
10,000
10,000
300.00
45.00
151.25
180.00
121.60
540.00
1,500.00
2,500.00
155,112.00
89,192.15
65,919.85
Misc. expense
250.00
Baking equipment
5,000
250.00
5,000
Baking supplies
1,000
49400 adj
8500
9,000.00
10,000.00
10,000.00
12,000.00
50,500
49,400
1,100
Prepaid rent
3,000
1,500
1,500
Misc. supplies
300
300.00
325.00
310.00
300.00
300.00
1,835
50
Prepaid insurance
1,200
600
1785
1,785
600
Accounts payable
8500.00
8500.00
9000.00
9000.00
10000.00
10000.00
10000.00
10000.00
45.00
12000.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
37,725
49,770
12,045
Telephone expense
45.00
45.00
45.00
45.00
45.00
45.00
270.00
Salary and Wages expense

120.00
480.00
420.00
456.00
480.00
444.00
480.00
420.00
360.00
540.00
480.00
4,680
Dividends
2,000
2,500
2,500
2,500
9,500
adj
baking supplies expense

49,400
misc supplies expense

adj
Merch. Inv. FIFO

60.00
122.00
151.25
180.00
48.00
109.60
133.30
144.35

68.00
153.00
187.00
204.00
612.00
121.60
634.85
199.60
COGS FIFO
48.00
109.60
133.30
144.35
435.25
435.25
Business License exp

375.00
375.00
375.00
Common Stock
15,000
5,000
0
20,000
20,000
Advertising expense
200.00
200.00
adj
Rent expense
1,500.00
1,500.00
1,500.00
1,500.00
1,500.00
adj
7,500.00
Bakery revenue
adj
5,000
20,000
22,500
27,000
25,000
Insurance expense
600.00
30,000
129,500
Salaries and Wages payable

480
480
480
Acc dep
adj
Depreciation expense
458
Interest payable
adj
Interest expense
300
Merch. Inv. LIFO

60.00
48.00
122.00
109.80
151.25
132.00
180.00
144.80
Merch. Inv. Weighted

average
60.00
122.00
151.25
180.00
121.60
634.85
200.25
COGS LIFO
48.00
109.80
132.00
144.80
434.60
434.60
121.60
634.85
199.95
COGS Weighted average

48.00
109.64
132.60
144.66
434.90
Acc dep
458 adj
Interest payable
300 adj
Merch. Inv. Weighted

average
48.00
109.64
132.60
144.66
434.90
GS Weighted average
Account
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Peyton Approved
Trial Balance
2014
Unadjusted trial balance
Debit
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 ba
Peyton Approved
Trial Balance
2014
ed trial balance
Credit
Adjusting entries
Debit
Credit
208.33
Adjusted trial balance

Debit
Credit
###
208.33
208.33
208.33
208.33
208.33
208.33
s. They should have zero balance in the unadjusted trial balance.
COMPLETION OF STEPS 5-7 DELIVERABLE:
CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

WORKBOOK TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT
Peyton Approved
Adjusting Journal Entries
2014
Date
Accounts
30-Sep Depreciation Expense
accumulated depreciation
Debit
208.33
Credit
208.33
Peyton Approved
Income Statement
For Qtr. Ending 9/30/2014
Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2014
Pey
Ba
As of Se
Assets
Peyton Approved
Balance Sheet
As of September 30, 2014
Liabilities and Owners' Equity
Owners' Equity
Peyton Approved
Closing Entries
9/30/2014
Date
Accounts
pproved
Entries
2014
Debit
Credit
Peyton Approved
Post Closing Trial Balance
9/30/2014
Account
ved
Balance
Unadjusted Trial Balance
Debit
Credit
Peyton Approved
Reversing Entries
9/30/2014
Date
Accounts
pproved
Entries
2014
Debit
Credit
COMPLETION OF STEPS 8-11 DELIVERABLE:
CONGRATULATIONS! YOU ARE NOW R

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

ACC 201 Accounting Cycle Workbook

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ACC 201 Accounting Cycle Workbook

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Asset Accounts

appropriate accounts to record to as you are analyzing and

Salary and Wages Expense

Salary and Wages Expense

8-Aug Accounts Recievable

31-Aug Telephone Expense

31-Aug Salary and Wages Expense

5-Sep Salary and Wages Expense

11-Sep Baking Supplies

20-Sep Salary and Wages Expense

24-Sep Merchandise Inventory

Merchandise Inventory (10 x $6)

Cost of Goods Sold (8 X $6)

Merchandise Inventory (20 x $6.10 )

Cash (18 x 8.50)

Cost of Goods Sold (2 x $6)+(16 x $6.10)

Merchandise Inventory (25 x $6.05)

Merchandise Inventory (10 x $6)

Cost of Goods Sold (8 X $6)

Merchandise Inventory (20 x $6.10)

Cash (18 x 8.50)

Cost of Goods Sold (18 x $6.10)

Merchandise Inventory (25 x $6.05)

Merchandise Inventory (10 x $6)

Cost of Goods Sold (8 X $6)

Merchandise Inventory (20 x $6.10)

Cash (18 x 8.50)

Cost of Goods Sold (18 x $6.09)

Merchandise Inventory (25 x $6.05)

Salary and Wages expense

baking supplies expense

misc supplies expense

Merch. Inv. FIFO

Merchandise Sales Revenue

Business License exp

Salaries and Wages payable

Merch. Inv. LIFO

Merch. Inv. Weighted

COGS Weighted average

Merch. Inv. Weighted

Adjusted trial balance

s. They should have zero balance in the unadjusted trial balance.

COMPLETION OF STEPS 5-7 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR

COMPLETION OF STEPS 8-11 DELIVERABLE:

CONGRATULATIONS! YOU ARE NOW R

S! YOU ARE NOW READY TO SUBMIT YOUR

K (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT

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