accountingworkbookmilestone1.xlsx

accountingworkbookmilestone1.xlsx

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 AccountsLiability AccountsEquity Accounts
Acct #Acct #Acct #
Cash101Notes Payable201Common Stock301
Baking Supplies102Accounts Payable202Dividends302
Prepaid Rent103Wages Payable203Cost of Goods Sold303
Prepaid Insurance104Interest Payable204
Baking Equipment105
Office Supplies106
Accounts Receivable107
Accumulated Depreciation108
Merchandise Inventory109Revenue Accounts
Acct #
Bakery Sales401
Merchandise Sales402
Expense Accounts
Acct #
Baking Supplies Expense501
Rent Expense502
Insurance Expense503
Misc. Expense504
Business License Expense505
Advertising Expense506
Wages Expense507
Telephone Expense508
Interest Expense509
Depreciation Expense510
Office Supplies Expense511
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
DateAccountsDebitCredit
1-Oct$
$
1-Oct
3-Oct
7-Oct
10-Oct
11-Oct
13-Oct
13-Oct
14-Oct
30-Oct
31-Oct
31-Oct
31-Oct
Total– 0– 0<== Do the debits equal the credits? (they should)

November Journal Entries

A Company
General Journal Entries
November, 20xx
DateAccountsDebitCredit
Total– 0– 0<== Do the debits equal the credits? (they should)

December Journal Entries

A Company
General Journal Entries
December, 20xx
DateAccountsDebitCredit
Be sure to review the Inventory Valuation tab (Columns M-P) for all Inventory related journal entries as they are given to you!
Total– 0– 0<== Do the debits equal the credits? (they should)

Inventory Valuation

FIFO
PurchasesSalesEnding InventoryPurchases
DateNo. of ItemsUnit PriceTotal PriceNo. of ItemsUnit PriceTotal PriceNo. of ItemsUnit PriceTotal PriceDateMicrosoft: 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!DrCr12/7: 10 boxes purchased at $6
7-Dec10$ 6.00$ 60.0010$ 6.00$ 60.007-DecMerchandise Inventory (10 x $6)60.0012/20: 20 boxes purchased at $6.10
Cash60.0012/30: 25 boxes purchased at $6.05
15-Dec8$ 6.00$ 48.002$ 6.00$ 12.00Purchased inventorySales – selling price, $8.50 a box
12/15: 8 boxes
20-Dec20$ 6.10$ 122.002$ 6.00$ 12.0015-DecCash (8 x $8.50)68.0012/24: 18 boxes
20$ 6.10$ 122.00 Merchandise Sales Revenue68.00
22$ 134.00Record sale of inventory
24-Dec2$ 6.00$ 12.0015-DecCost of Goods Sold (8 X $6)48.00
16$ 6.10$ 97.604$ 6.10$ 24.40 Merchandise Inventory48.00
18$ 109.60Recorded the cost of goods sold
30-Dec25$ 6.05$ 151.254$ 6.10$ 24.4020-DecMerchandise Inventory (20 x $6.10 )122.00
25$ 6.05$ 151.25 Cash122.00
29$ 175.65
Net Inventory55$ 333.2526$ 157.6029$ 175.6524-DecCash (18 x 8.50)153.00
Merchandise Sales Revenue153.00
Record sale of inventory
24-DecCost of Goods Sold (2 x $6)+(16 x $6.10)109.60
Merchandise Inventory109.60
Recorded the cost of goods sold
30-DecMerchandise Inventory (25 x $6.05)151.25
Cash151.25

T-Accounts – autofill

dateCashdatedateNotes PayabledateBusiness License expCommon Stock
1-Oct$$ – 03-Oct10-Oct$ – 0$1-Oct
3-Oct$ – 0$ – 013-Oct
$ – 07-Oct$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 010-Oct$ – 0$ – 0$ – 0
$ – 011-Oct
$ – 013-Oct
$ – 014-Oct
$ – 031-Oct
31-Oct$ – 0
$ – 05-Nov
8-Nov$ – 0
$ – 010-Nov
18-Nov$ – 0
$ – 015-Nov
$ – 020-NovAccounts Rec.
$ – 020-Nov31-Oct– 0
$ – 022-Nov– 08-Nov
30-Nov$ – 0– 018-Nov
$ – 01-Dec30-Nov– 0
$ – 05-Dec– 08-Dec
$ – 07-Dec31-Dec– 0
8-Dec$ – 0
$ – 010-Dec$ – 0$ – 0
$ – 013-Dec$ – 0
$ – 015-Dec
15-Dec$ – 0
$ – 020-Dec
$ – 020-Dec
24-Dec$ – 0
$ – 030-Dec
31-Dec$ – 0
$ – 0$ – 0
$ – 0
Misc. expenseBaking equipmentAdvertising expense
11-Oct$ – 013-Oct$ – 013-Oct$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0
Baking suppliesOffice suppliesRent expense
1-Oct$ – 014-Oct$ – 07-Oct$ – 0
15-Nov$ – 022-Nov$ – 015-Nov$ – 0
11-Dec$ – 015-Dec$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0
Prepaid rentPrepaid insuranceBakery Sales
7-Oct$ – 031-Oct$ – 0$ – 031-Oct
$ – 030-Nov
$ – 031-Dec
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0
Accounts payableSalary and wages expenseSalaries and wages payable
$ – 01-Oct31-Oct$ – 0$ – 031-Oct
$ – 031-Oct15-Nov$ – 05-Nov$ – 0
10-Nov$ – 030-Nov$ – 0$ – 015-Nov
$ – 015-Nov15-Dec$ – 020-Nov$ – 0
20-Nov$ – 031-Dec$ – 0$ – 030-Nov
$ – 030-Nov5-Dec$ – 0
10-Dec$ – 0$ – 0$ – 0$ – 015-Dec
$ – 011-Dec$ – 020-Dec$ – 0
13-Dec$ – 0$ – 031-Dec
$ – 0$ – 0
$ – 0
$ – 0$ – 0
$ – 0
Telephone expenseDividendsCOGS
30-Oct$ – 01-Dec$ – 015-Dec$ – 0
30-Nov$ – 0$ – 0$ – 024-Dec$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0
Merchandise Sales RevenueMerch. Inv. FIFO
$ – 015-Dec7-Dec$ – 0
$ – 024-Dec$ – 015-Dec
20-Dec$ – 0
$ – 0$ – 0$ – 024-Dec
$ – 030-Dec$ – 0
$ – 0$ – 0
$ – 0

Adjusting Entries

A Company
Adjusting Journal Entries
20XX
DateAccountsDebitCredit
31-DecDepreciation Expense
Accumulated Depreciation
<== Interest adjustment goes here
<== Interest adjustment goes here
<== Insurance adjustment goes here
<== Insurance adjustment goes here
<== Baking supplies adjustment goes here
<== Baking supplies adjustment goes here
<== Office supplies adjustment goes here
<== Office supplies adjustment goes here
– 0– 0<== Do the debits equal the credits? (they should)

Trial Balance

A Company
Trial Balance
20xx
Unadjusted trial balanceAdjusting entriesAdjusted trial balance
AccountDebitCreditDebitCreditDebitCredit
Cash– 0
Baking Supplies– 0
Merchandise Inventory
Prepaid Rent
Prepaid Insurance– 0
Baking Equipment
Accumulated Depreciation– 0
Office Supplies– 0
Accounts Receivable
Notes Payable
Interest Payable– 0
Accounts Payable
Wages Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense– 0
Rent Expense
Interest Expense– 0
Insurance Expense– 0
Depreciation Expense– 0
Misc. Expense
Office Supplies Expense– 0
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
COGS
Retained Earnings
Total:– 0– 0– 0– 0– 0– 0
Do these two columns tie to the debits and credits on the adjusting entries tab?
Debits should equal creditsDebits should equal credits
Debits should equal credits
`

Income Statement

A Company
Income Statement
For Qtr. Ending 12/31/20XX
Revenues
Total Revenues– 0
<== Don't forget the COGS!
Gross Profit– 0
Operating Expenses:
Baking Supplies Expense– 0
Total Operating Expenses:– 0
Net Income– 0

Statement of Stockholder Equity

A Company
Statement of Stockholder's Equity
For Qtr. Ending 12/31/20xx
Common StockRetained EarningsTotal
Beginning Balances, September 30000
Issued Common Stock
Net Income
DividendsMake sure your dividends are negative so the formula subtracts them
Ending Balances, December 31:– 0– 0– 0

Balance Sheet

A Company
Balance Sheet
As of December 31, 20XX
AssetsLiabilities and Owners' Equity
Current Assets:Current Liabilities:
Total Current Liabilities– 0
Long Term Liabilities:
Total Current Assets– 0Total Long Term Liabilities:– 0
Total Liabilities:– 0
Shareholder's Equity:
Non-Current Assets:
Microsoft: show number as negative as the total formula will subtract it for you.Total Equity– 0
Baking Equipment (Net)– 0
Total Assets:– 0Total Liabilities & Equity– 0<== Do the debits equal the credits? (they should)

Closing Entries

A Company
Closing Entries
Qtr ending 12/31/20xx
DateAccountsDebitCreditNote** We are closing out the same accounts that are listed on the income statement
31-DecBakery Sales
Merchandise Sales
Retained Earnings
31-DecRetained Earnings
Baking Supplies Expense
Rent Expense
Wages Expense
Misc Expense
Business License Expense
Office Expense
Depreciation Expense
Insurance Expense
Advertising Expense
Interest Expense
Telephone Expense
COGS
31-DecRetained Earnings
Dividends

Post-Closing Trial Balance

A Company
Post-Closing Trial Balance
Qtr. Ending 12/31/20xx
Unadjusted Trial Balance
AccountDebitCredit
CashNote** These are the same accounts that are listed on the balance sheet
Baking Supplies
Merchandise Inventory
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation<== 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
Accounts Receivable
Accounts Payable
Wages Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings
Total– 0– 0<== Do the debits equal the credits? (they should)

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