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) |
