accountingworkbookmilestone1.xlsx

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accountingworkbookmilestone1.xlsx

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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 <== Do the debits equal the credits? (they should)

November Journal Entries

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

December Journal Entries

A Company
General Journal Entries
December, 20xx
Date Accounts Debit Credit
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
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 Microsoft: 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! 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

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 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 10-Oct $ – 0 $ – 0 $ – 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.
$ – 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
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 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 $ – 0 $ – 0 $ – 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 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 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 $ – 0 15-Dec
$ – 0 11-Dec $ – 0 20-Dec $ – 0
13-Dec $ – 0 $ – 0 31-Dec
$ – 0 $ – 0
$ – 0
$ – 0 $ – 0
$ – 0
Telephone expense Dividends COGS
30-Oct $ – 0 1-Dec $ – 0 15-Dec $ – 0
30-Nov $ – 0 $ – 0 $ – 0 24-Dec $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0
Merchandise Sales Revenue Merch. Inv. FIFO
$ – 0 15-Dec 7-Dec $ – 0
$ – 0 24-Dec $ – 0 15-Dec
20-Dec $ – 0
$ – 0 $ – 0 $ – 0 24-Dec
$ – 0 30-Dec $ – 0
$ – 0 $ – 0
$ – 0

Adjusting Entries

A Company
Adjusting Journal Entries
20XX
Date Accounts Debit Credit
31-Dec Depreciation 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 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
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 credits Debits 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 Stock Retained Earnings Total
Beginning Balances, September 30 0 0 0
Issued Common Stock
Net Income
Dividends Make 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
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:
Microsoft: show number as negative as the total formula will subtract it for you. Total Equity – 0
Baking Equipment (Net) – 0
Total Assets: – 0 Total Liabilities & Equity – 0 <== Do the debits equal the credits? (they should)

Closing Entries

A Company
Closing Entries
Qtr ending 12/31/20xx
Date Accounts Debit Credit Note** We are closing out the same accounts that are listed on the income statement
31-Dec Bakery Sales
Merchandise Sales
Retained Earnings
31-Dec Retained 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-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 Note** 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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