Answer To: Screenshot- Milestone 1.png ACC 201 Accounting Data Appendix 1.docx Accounting Data Appendix 1. The...
Rochak answered on Oct 09 2021
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 Cash 25,000.00
Common Stock 25,000.00
1-Oct Baking Equipment 8,500.00
Accounts Payable 8,500.00
3-Oct Cash 8,500.00
Notes Payable 8,500.00
7-Oct Prepaid Rent 1,500.00
Rent Expense 1,500.00
Cash 3,000.00
10-Oct Business License Expense 375.00
Cash 375.00
11-Oct Misc. Expense 250.00
Cash 250.00
13-Oct Baking Equipment 5,000.00
Common Stock 5,000.00
13-Oct Advertising Expense 200.00
Cash 200.00
14-Oct Office Supplies Expense 300.00
300.00
30-Oct Telephone Expense 75.00
Accounts Payable 75.00
31-Oct Prepaid Insurance 1,200.00
Cash 1,200.00
31-Oct Wages Expense 120.00
Wages Payable 120.00
31-Oct Cash 10,000.00
Accounts Receivable 5,000.00
Bakery Sales 15,000.00
Total 67,520.00 67,520.00 <== Do the debits equal the credits? (they should)
November Journal Entries
A Company
General Journal Entries
November, 20xx
Date Accounts Debit Credit
5-Nov Wages Payable 120.00
Cash 120.00
8-Nov Cash 3,800.00
Accounts Receivable 3,800.00
10-Nov Accounts Payable 75.00
Cash 75.00
15-Nov Baking Supplies 5,000.00
Accounts Payable 5,000.00
15-Nov Wages Expense 480.00
Wages Payable 480.00
18-Nov Rent Expense 1,500.00
Cash 1,500.00
20-Nov Cash 1,000.00
Accounts Receivable 1,000.00
20-Nov Baking Supplies 8,500.00
Cash 8,500.00
22-Nov Wages Payable 480.00
Cash 480.00
30-Nov Office Supplies Expense 300.00
Cash 300.00
30-Nov Telephone Expense 75.00
Accounts Payable 75.00
30-Nov Wages Expense 420.00
Wages Payable 420.00
30-Nov Cash 12,500.00
Accounts Receivable 7,500.00
Bakery Sales 20,000.00
Total 41,750.00 41,750.00 <== Do the debits equal the credits? (they should)
December Journal Entries
A Company
General Journal Entries
December, 20xx
Date Accounts Debit Credit
1-Dec Dividends 10,000.00
Cash 10,000.00
5-Dec Wages Payable 420.00
Cash 420.00
7-Dec Merchandise Inventory 60.00 Be sure to review the Inventory Valuation tab (Columns M-P) for all Inventory related journal entries as they are given to you!
Cash 60.00
8-Dec Cash 4,000.00
Accounts Receivable 4,000.00
10-Dec Accounts Payable 75.00
Cash 75.00
11-Dec Baking Supplies 7,000.00
Accounts Payable 7,000.00
13-Dec Accounts Payable 5,000.00
Cash 5,000.00
15-Dec Wages Expense 456.00
Wages Payable 456.00
15-Dec Cash 68.00
Merchandise Sales 68.00
15-Dec Cash 68.00
Merchandise Sales 68.00
20-Dec Cost of Goods Sold 48.00
Merchandise Inventory 48.00
20-Dec Wages Expense 456.00
Cash 456.00
24-Dec Merchandise Inventory 122.00
Cash 122.00
24-Dec Cash 153.00
Merchandise Sales 153.00
30-Dec Cost of Goods Sold 109.60
Merchandise Inventory 109.60
31-Dec Cash 151.25
Merchandise Inventory 151.25
31-Dec Wages Expense 480.00
Wages Payable 480.00
31-Dec Cash 19,000.00
Accounts Receivable 6,000.00
Bakery Sales 25,000.00
Total 53,666.85 53,666.85 <== Do the debits equal the credits? (they should)
Inventory Valuation
FIFO
Purchases Sales Ending...