Prepare the unadjusted trial balance. Note that you should use the T account balances completed in the previous step to prepare the unadjusted trial balance portion of the “Trial Balance” tab in your workbook. Peyton Approved General Journal Entries Jul-18 Date Accounts Debit Credit 1-Jul Cash 10,000.00 Common Stock 10,000.00 July,1 Baking Supplies $6,500 Accounts Payable $6,500 July, 3 Cash $10,000 6% Note Payble $10,000 July, 7 Prepaid Rent $1,500 Rent Expense $1,500 Cash $3,000 July, 10 Liccensing Fee $375 Cash $375 July, 11 Miscellaneous Expense $250 Cash $250 July, 13 Baking Equipment $6,000 Common Stock $6,000 July, 13 Advertising Expense $200 Cash $200 July, 14 Office Supplies $300 Cash $300 July, 30 Telephone Expense $75 Accounts Payable $75 July, 31 Prepaid Insurance $2,400 Cash $2,400 July, 31 Salaries Expense $120 Salaries Payable $120 July, 31 Cash $10,000 Accounts Receivable $5,000 Sales $15,000 Total 54,220.00 54,220.00 Peyton Approved General Journal Entries Aug-18 Date Accounts Debit Credit Aug, 5 Salaries Payable $120 Cash $120 Aug, 8 Cash $3,800 Accounts Receivable $3,800 Aug, 10 Accounts Payable $75 Cash $75 Aug, 15 Baking Supplies $5,000 Accounts Payable $5,000 Aug, 15 Salaies Expense $480 Salaries Payable $480 Aug, 18 Cash $3,000 Accounts Receivable $3,000 Aug, 20 Accounts Payable $8,500 Cash $8,500 Aug, 22 Office Supplies $300 Cash $300 Aug, 31 Telephone Expense $75 Accounts Payable $75 Aug, 31 Salaries Expense $420 Salaries Payable $420 Aug, 31 Cash $12,500 Accounts Receivable $7,500 Sales 20,000.00 Total 41,770.00 $ 41,770.00 Peyton Approved General Journal Entries Sep-18 Date Accounts Debit Credit 1-Sep Dividend 10,000.00 Cash 10,000.00 Sep, 5 Salary and wages payable $420 Cash 420.00 8-Sep accounts payable 75.00 cash 75.00 Sep, 11 Baking Supplies 7,000.00 accounts payable 7,000.00 sep, 13 accounts payable 5,000.00 cash 5,000.00 15-Sep salaries expense 456.00 salaries payable 456.00 sept, 15 rent expense 1,500.00 cash 1,500.00 20-Sep salaries payable 456.00 cash 456.00 sept, 30 salaries expense 480.00 salaries payable 480.00 sept, 30 cash 14,000.00 accounts receivable 6,000.00 sales 20,000.00 Total 45,387.00 45,387.00 Trial Balance: Trial Balance 2018 Unadjusted trial balance Adjusting entries Adjusted trial balance Account Debit Credit Debit Credit Debit Credit Cash 19,330.00 19,330.00 Baking Supplies - - Merchandise Inventory (FIFO) - - Prepaid Rent - - Prepaid Insurance - - Baking Equipment - - Accumulated Depreciation 250.00 250.00 Office Supplies - - Accounts Receivable - - Notes Payable - - Interest Payable - Accounts Payable - - Wages Payable - - Common Stock - - Dividends - - Bakery Sales - - Merchandise Sales - - Baking Supplies Expense - Rent Expense - - Interest Expense - Insurance Expense - Depreciation Expense 250.00 250.00 Misc. Expense - - Office Supplies Expense - Business License Expense - - Advertising Expense - - Wages Expense - - Telephone Expense - - COGS (FIFO) - - Total: (FIFO) 19,330.00 - 250.00 250.00 19,580.00 250.00

Prepare the unadjusted trial balance. Note that you should use the T account balances completed in the previous step to prepare the unadjusted trial balance portion of the “Trial Balance” tab in your workbook. Peyton Approved General Journal Entries Jul-18 Date Accounts Debit Credit 1-Jul Cash 10,000.00 Common Stock 10,000.00 July,1 Baking Supplies $6,500 Accounts Payable $6,500 July, 3 Cash $10,000 6% Note Payble $10,000 July, 7 Prepaid Rent $1,500 Rent Expense $1,500 Cash $3,000 July, 10 Liccensing Fee $375 Cash $375 July, 11 Miscellaneous Expense $250 Cash $250 July, 13 Baking Equipment $6,000 Common Stock $6,000 July, 13 Advertising Expense $200 Cash $200 July, 14 Office Supplies $300 Cash $300 July, 30 Telephone Expense $75 Accounts Payable $75 July, 31 Prepaid Insurance $2,400 Cash $2,400 July, 31 Salaries Expense $120 Salaries Payable $120 July, 31 Cash $10,000 Accounts Receivable $5,000 Sales $15,000 Total 54,220.00 54,220.00 Peyton Approved General Journal Entries Aug-18 Date Accounts Debit Credit Aug, 5 Salaries Payable $120 Cash $120 Aug, 8 Cash $3,800 Accounts Receivable $3,800 Aug, 10 Accounts Payable $75 Cash $75 Aug, 15 Baking Supplies $5,000 Accounts Payable $5,000 Aug, 15 Salaies Expense $480 Salaries Payable $480 Aug, 18 Cash $3,000 Accounts Receivable $3,000 Aug, 20 Accounts Payable $8,500 Cash $8,500 Aug, 22 Office Supplies $300 Cash $300 Aug, 31 Telephone Expense $75 Accounts Payable $75 Aug, 31 Salaries Expense $420 Salaries Payable $420 Aug, 31 Cash $12,500 Accounts Receivable $7,500 Sales 20,000.00 Total 41,770.00 $ 41,770.00 Peyton Approved General Journal Entries Sep-18 Date Accounts Debit Credit 1-Sep Dividend 10,000.00 Cash 10,000.00 Sep, 5 Salary and wages payable $420 Cash 420.00 8-Sep accounts payable 75.00 cash 75.00 Sep, 11 Baking Supplies 7,000.00 accounts payable 7,000.00 sep, 13 accounts payable 5,000.00 cash 5,000.00 15-Sep salaries expense 456.00 salaries payable 456.00 sept, 15 rent expense 1,500.00 cash 1,500.00 20-Sep salaries payable 456.00 cash 456.00 sept, 30 salaries expense 480.00 salaries payable 480.00 sept, 30 cash 14,000.00 accounts receivable 6,000.00 sales 20,000.00 Total 45,387.00 45,387.00 Trial Balance: Trial Balance 2018 Unadjusted trial balance Adjusting entries Adjusted trial balance Account Debit Credit Debit Credit Debit Credit Cash 19,330.00 19,330.00 Baking Supplies - - Merchandise Inventory (FIFO) - - Prepaid Rent - - Prepaid Insurance - - Baking Equipment - - Accumulated Depreciation 250.00 250.00 Office Supplies - - Accounts Receivable - - Notes Payable - - Interest Payable - Accounts Payable - - Wages Payable - - Common Stock - - Dividends - - Bakery Sales - - Merchandise Sales - - Baking Supplies Expense - Rent Expense - - Interest Expense - Insurance Expense - Depreciation Expense 250.00 250.00 Misc. Expense - - Office Supplies Expense - Business License Expense - - Advertising Expense - - Wages Expense - - Telephone Expense - - COGS (FIFO) - - Total: (FIFO) 19,330.00 - 250.00 250.00 19,580.00 250.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 15PA: Prepare journal entries to record the following transactions. Create a T-account for Accounts...

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Question

Peyton Approved
General Journal Entries
Jul-18

Date	Accounts	Debit	Credit
1-Jul	Cash	10,000.00
	Common Stock		10,000.00
July,1	Baking Supplies	$6,500
	Accounts Payable		$6,500
July, 3	Cash	$10,000
	6% Note Payble		$10,000
July, 7	Prepaid Rent	$1,500
	Rent Expense	$1,500
	Cash		$3,000
July, 10	Liccensing Fee	$375
	Cash		$375
July, 11	Miscellaneous Expense	$250
	Cash		$250
July, 13	Baking Equipment	$6,000
	Common Stock		$6,000
July, 13	Advertising Expense	$200
	Cash		$200
July, 14	Office Supplies	$300
	Cash		$300
July, 30	Telephone Expense	$75
	Accounts Payable		$75
July, 31	Prepaid Insurance	$2,400
	Cash		$2,400
July, 31	Salaries Expense	$120
	Salaries Payable		$120
July, 31	Cash	$10,000
	Accounts Receivable	$5,000
	Sales		$15,000
















	Total	54,220.00	54,220.00

Peyton Approved
General Journal Entries
Aug-18

Date	Accounts	Debit	Credit
Aug, 5	Salaries Payable	$120
	Cash		$120
Aug, 8	Cash	$3,800
	Accounts Receivable		$3,800
Aug, 10	Accounts Payable	$75
	Cash		$75
Aug, 15	Baking Supplies	$5,000
	Accounts Payable		$5,000
Aug, 15	Salaies Expense	$480
	Salaries Payable		$480
Aug, 18	Cash	$3,000
	Accounts Receivable		$3,000
Aug, 20	Accounts Payable	$8,500
	Cash		$8,500
Aug, 22	Office Supplies	$300
	Cash		$300
Aug, 31	Telephone Expense	$75
	Accounts Payable		$75
Aug, 31	Salaries Expense	$420
	Salaries Payable		$420
Aug, 31	Cash	$12,500
	Accounts Receivable	$7,500
	Sales		20,000.00

















	Total	41,770.00	$ 41,770.00

Peyton Approved
General Journal Entries
Sep-18

Date	Accounts	Debit	Credit
1-Sep	Dividend	10,000.00
	Cash		10,000.00
Sep, 5	Salary and wages payable	$420
	Cash		420.00
8-Sep	accounts payable	75.00
	cash		75.00
Sep, 11	Baking Supplies	7,000.00
	accounts payable		7,000.00
sep, 13	accounts payable	5,000.00
	cash		5,000.00
15-Sep	salaries expense	456.00
	salaries payable		456.00
sept, 15	rent expense	1,500.00
	cash		1,500.00
20-Sep	salaries payable	456.00
	cash		456.00
sept, 30	salaries expense	480.00
	salaries payable		480.00
sept, 30	cash	14,000.00
	accounts receivable	6,000.00
	sales		20,000.00

































	Total	45,387.00	45,387.00

Trial Balance:

Trial Balance
2018
	Unadjusted trial balance		Adjusting entries	Adjusted trial balance
Account	Debit	Credit	Debit	Credit	Debit	Credit
Cash	19,330.00				19,330.00
Baking Supplies	-				-
Merchandise Inventory (FIFO)	-				-
Prepaid Rent	-				-
Prepaid Insurance	-				-
Baking Equipment	-				-
Accumulated Depreciation				250.00		250.00
Office Supplies	-				-
Accounts Receivable	-				-
Notes Payable		-				-
Interest Payable						-
Accounts Payable		-				-
Wages Payable		-				-
Common Stock		-				-
Dividends	-				-
Bakery Sales		-				-
Merchandise Sales		-				-
Baking Supplies Expense					-
Rent Expense	-				-
Interest Expense					-
Insurance Expense					-
Depreciation Expense			250.00		250.00
Misc. Expense	-				-
Office Supplies Expense					-
Business License Expense	-				-
Advertising Expense	-				-
Wages Expense	-				-
Telephone Expense	-				-
COGS (FIFO)	-				-

Total: (FIFO)	19,330.00	-	250.00	250.00	19,580.00	250.00

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