7-2 Project: Company Accounting Workbook and Summary Report ACC-201

Attachments

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 Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash 101 Notes Payable 201 Common Stock 301
Baking Supplies 102 Accounts Payable 202 Dividends 302
Prepaid Rent 103 Wages Payable 203 Cost of Goods Sold 303
Prepaid Insurance 104 Interest Payable 204
Baking Equipment 105
Office Supplies 106
Accounts Receivable 107
Accumulated Depreciation 108
Merchandise Inventory 109 Revenue Accounts
Acct #
Bakery Sales 401
Merchandise Sales 402
Expense Accounts
Acct #
Baking Supplies Expense 501
Rent Expense 502
Insurance Expense 503
Misc. Expense 504
Business License Expense 505
Advertising Expense 506
Wages Expense 507
Telephone Expense 508
Interest Expense 509
Depreciation Expense 510
Office Supplies Expense 511
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
Date Accounts Debit Credit
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

November Journal Entries

A Company
General Journal Entries
November, 20xx
Date Accounts Debit Credit
Total – 0 – 0

December Journal Entries

A Company
General Journal Entries
December, 20xx
Date Accounts Debit Credit
Total – 0 – 0

T-Accounts – autofill

date Cash date date Notes Payable date Business License exp Common Stock
1-Oct $ – 0 3-Oct 10-Oct – 0 $ 1-Oct
3-Oct – 0 0 13-Oct
– 0 7-Oct
– 0 10-Oct 0
– 0 11-Oct
– 0 13-Oct
– 0 14-Oct
– 0 31-Oct
31-Oct – 0
– 0 5-Nov
8-Nov – 0
– 0 10-Nov
18-Nov – 0
– 0 15-Nov
– 0 20-Nov Accounts Rec. Insurance expense
– 0 20-Nov 31-Oct – 0
– 0 22-Nov – 0 8-Nov
30-Nov – 0 – 0 18-Nov
– 0 1-Dec 30-Nov – 0
– 0 5-Dec – 0 8-Dec
– 0 7-Dec 31-Dec – 0
8-Dec – 0
– 0 10-Dec 0 0
– 0 13-Dec 0
– 0 15-Dec
15-Dec – 0
– 0 20-Dec
– 0 20-Dec
24-Dec – 0
– 0 30-Dec
31-Dec – 0
– 0 – 0
– 0
Misc. expense Baking equipment Advertising expense
11-Oct – 0 13-Oct – 0 13-Oct – 0
Baking supplies Office supplies Rent expense
1-Oct – 0 14-Oct – 0 7-Oct – 0
15-Nov – 0 22-Nov – 0 15-Nov – 0
11-Dec – 0 15-Dec – 0
– 0 – 0
– 0
Prepaid rent Prepaid insurance Bakery Sales
7-Oct – 0 31-Oct – 0 – 0 31-Oct
– 0 30-Nov
– 0 31-Dec
– 0
Accounts payable Salary and wages expense Salaries and wages payable
– 0 1-Oct 31-Oct – 0 – 0 31-Oct
– 0 31-Oct 15-Nov – 0 5-Nov – 0
10-Nov – 0 30-Nov – 0 – 0 15-Nov
– 0 15-Nov 15-Dec – 0 20-Nov – 0
20-Nov – 0 31-Dec – 0 – 0 30-Nov
– 0 30-Nov 5-Dec – 0
10-Dec – 0 – 0 – 0 15-Dec
– 0 11-Dec 20-Dec – 0
13-Dec – 0 – 0 31-Dec
– 0 – 0
– 0
Telephone expense
30-Oct – 0 – 0 – 0
30-Nov – 0 – 0
– 0 Dividends
1-Dec – 0
– 0
COGS
15-Dec – 0
24-Dec – 0
– 0
Merchandise Sales Revenue
– 0 15-Dec
– 0 24-Dec
– 0
Merch. Inv. FIFO
7-Dec – 0
– 0 15-Dec
20-Dec – 0
– 0 24-Dec
30-Dec – 0
– 0 – 0
– 0

Inventory Valuation

FIFO
Purchases Sales Ending Inventory Purchases
Date No. of Items Unit Price Total Price No. of Items Unit Price Total Price No. of Items Unit Price Total Price Date Dr Cr 12/7: 10 boxes purchased at $6
7-Dec 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 7-Dec Merchandise Inventory (10 x $6) 60.00 12/20: 20 boxes purchased at $6.10
Cash 60.00 12/30: 25 boxes purchased at $6.05
15-Dec 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 Purchased inventory Sales – selling price, $8.50 a box
12/15: 8 boxes
20-Dec 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 15-Dec Cash (8 x $8.50) 68.00 12/24: 18 boxes
20 $ 6.10 $ 122.00 Merchandise Sales Revenue 68.00
22 $ 134.00 Record sale of inventory
24-Dec 2 $ 6.00 $ 12.00 15-Dec Cost of Goods Sold (8 X $6) 48.00
16 $ 6.10 $ 97.60 4 $ 6.10 $ 24.40 Merchandise Inventory 48.00
18 $ 109.60 Recorded the cost of goods sold
30-Dec 25 $ 6.05 $ 151.25 4 $ 6.10 $ 24.40 20-Dec Merchandise Inventory (20 x $6.10 ) 122.00
25 $ 6.05 $ 151.25 Cash 122.00
29 $ 175.65
Net Inventory 55 $ 333.25 26 $ 157.60 29 $ 175.65 24-Dec Cash (18 x 8.50) 153.00
Merchandise Sales Revenue 153.00
Record sale of inventory
24-Dec Cost of Goods Sold (2 x $6)+(16 x $6.10) 109.60
Merchandise Inventory 109.60
Recorded the cost of goods sold
30-Dec Merchandise Inventory (25 x $6.05) 151.25
Cash 151.25

Trial Balance

A Company
Trial Balance
20xx
Unadjusted trial balance Adjusting entries Adjusted trial balance
Account Debit Credit Debit Credit Debit Credit
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
Total: – 0 – 0 – 0 – 0 – 0 – 0

Adjusting Entries

A Company
Adjusting Journal Entries
20XX
Date Accounts Debit Credit
31-Dec Depreciation Expense
Accumulated Depreciation
– 0 – 0

Income Statement

A Company
Income Statement
For Qtr. Ending 12/31/20XX
Revenues
Total Revenues – 0
Gross Profit – 0
Operating Expenses:
– 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 Stock Retained Earnings Total
Beginning Balances, September 30 0 0 0
Issued Common Stock
Net Income
Dividends
Ending Balances, December 31: – 0 – 0 – 0

Balance Sheet

A Company
Balance Sheet
As of December 31, 20XX
Assets Liabilities and Owners’ Equity
Current Assets: Current Liabilities:
Total Current Liabilities – 0
Long Term Liabilities:
Total Current Assets – 0 Total Long Term Liabilities: – 0
Total Liabilities: – 0
Shareholder’s Equity:
Non-Current Assets:
Total Equity – 0
Baking Equipment (Net) – 0
Total Assets: – 0 Total Liabilities & Equity – 0

Closing Entries

A Company
Closing Entries
Qtr ending 12/31/20xx
Date Accounts Debit Credit
31-Dec Bakery Sales
Merchandise Sales
Retained Earnings
31-Dec Retained Earnings
Baking Supplies Expense
Rent Expense
Wages Expense
Office Supplies Expense
Business License Expense
Office Expense
Depreciation Expense
Insurance Expense
Advertising Expense
Interest Expense
Telephone Expense
COGS
31-Dec Retained Earnings
Dividends

Post-Closing Trial Balance

A Company
Post-Closing Trial Balance
Qtr. Ending 12/31/20xx
Unadjusted Trial Balance
Account Debit Credit
Cash
Baking Supplies
Merchandise Inventory
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation
Office Supplies
Accounts Receivable
Accounts Payable
Wages Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings
Total – 0 – 0
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