ACC 201, Milestone 1 Documents are attached. I am having trouble figuring out what to list each transaction as.

OFF Tv HE V TH 28- O HO .00 000 Excel File Edit View Insert Format Tools Data Window Help Sun Jul 18 9:09 AM AutoSave A @ vo. ACC 201 Company Accounting Workbook Template Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Calibri (Body) 11 = = ab Wrap Text Insert v c General LO DX Delete v Paste BI U av A. === E Merge & Center $ %) Conditional Format Cell Sort & Find & Analyze Sensitivity Formatting as Table Styles Format Filter Select Data A1 x fx 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 A B D E F G I 1 L M N. 0 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; 1 this is simply a resource for you. V C P 2 3 Asset Accounts Liability Accounts 4 Acct # Equity Accounts Acct # 201 Common Stock 202 Dividends 203 Cost of Goods Sold 204 Acct # 301 302 303 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 109 Revenue Accounts Acct # Bakery Sales Merchandise Sales 401 402 Expense Accounts 5 Cash 6 Baking Supplies 7 Prepaid Rent 8 Prepaid Insurance 9 Baking Equipment 10 Office Supplies 11 Accounts Receivable 12 Accumulated Depreciation 13 Merchandise Inventory 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Chart of Accounts Ready 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 Acct # 501 502 503 504 505 506 507 508 509 510 511 October Journal Entries November Journal Entries December Journal Entries T-Accounts - autofill Inventory Valuation Trial Balance Adjusting Entries Income State + + 100% JUL 6 * 18 S. J tv A W 17 Format Tools Data Window Help Sun Jul 18 9:09 AM Excel File Edit View Insert AutoSave A @ Insert Draw Page Layout OFF Q ACC 201 Company Accounting Workbook Template View Tell me Home Formulas Data Review Share Comments 11 Calibri (Body) ~ Insert v === y LO ab Wrap Text General c F V V 28 Or TH DU DX Delete v V Paste BI a A~ EE Merge & Center $ % ) HO .00 .00 0 Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Sensitivity Analyze Data B6 xv fx D F H I K L M N 0 P a R S T U VW X Z AA ABAC AD AE AF AG 1 A Company General Journal Entries October, 20xx s Date Accounts Debit Credit 1-Oct 7 1-0 10 11 12 3 Oct 13 14 15 7-Oct 16 17 19 19 10 Oct 20 21 11 Oct 22 23 24 25 13 Oct 26 27 28 29 13 Oct 14 Oct 30 31 32 33 34 30 Oct 35 36 37 38 31-Oct 31-Oct 39 40 41 42 43 44 45 46 31-Oct Chart of Accounts October Journal Entries November Journal Entries December Journal Entries T-Accounts - autofill Inventory Valuation Trial Balance + Adjusting Entries Income State + Ready 70% JUL 18 S. J tv A W 17 Format Tools Sun Jul 18 9:10 AM Excel File Edit View Insert AutoSave A @ Insert Draw Page Layout OFF Data Window Help ACC 201 Company Accounting Workbook Template Review View Tell me Q Home Formulas Data Share Comments 11 Calibri (Body) Insert v === ~ LG ab Wrap Text c Date V V TH DU 28- O DX Delete v V Paste BIU v Av $ % ) 2 Merge & Center v HO .00 .00 0 O Sensitivity Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Analyze Data V A6 xv fx A D F G H I J TL M N 0 P a R S T U V W X Z AA AB AC AD AE AF AG 1 2 A Company General Journal Entries November, 20xx 5 Date Accounts Debit Credit 6 7 8 9 10 11 12 13 14 15 16 17 19 19 20 22 23 24 25 26 27 29 30 31 33 34 35 36 37 38 29 40 41 43 44 45 46 Total 47 Chart of Accounts October Journal Entries November Journal Entries December Journal Entries T-Accounts - autofill Inventory Valuation Trial Balance Income Stat + Adjusting Entries Ready 70% JUL 6 18 S J tv A W 17 Format Tools Data Window Help Sun Jul 18 9:10 AM Excel File Edit View Insert AutoSave A @ Insert Draw Page Layout OFF ACC 201 Company Accounting Workbook Template Q Home Formulas Data Review View Tell me Share Comments Insert v 11 ~ === ab Wrap Text c Date DI DU V V 28 Or TH DX Delete v Paste Calibri (Body) LG B I U xv fx a. A ~ E E Merge & Center $ % ) HO .00 .00 0 Conditional Format Cell Formatting as Table Styles IN Analyze Data Sort & Find & Filter Select Sensitivity Format v A6 C E F G H TIJKLMNOPQRSTUVWXYZA AD AE AG AMA AN AK AL AM AN AO AQAR S Debit CN dit 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 SO 51 52 53 54 SS 56 Chart of Accounts October Journal Entries November Journal Entries December Journal Entries T- T-Accounts - autofill Inventory Valuation Trial Balance Adjusting Entries Income State + 60% Ready JUL * ( 18 tv A W 17 Word File Edit View Insert Format Tools Table Window Help * * Ga Sun Jul 18 9:10 AM AutoSave OFF A 2 W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Calibri 12 Aa A vvv == = AL T AaBbDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AoBb CcDdEe a Paste B I U V ab x x Normal APA No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Dictate Styles Pane Sensitivity Accounting Data Appendix 1. The following events occurred in October: October 1: The business owner used $25,000 from their personal savings account to buy common stock in their company. October 1: Purchased $8,500 worth of baking supplies from vendor, on account. October 3: The company borrowed $10,000 in cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity. October 7: Entered into a lease agreement for bakery space. The agreement is for one year. The rent is $1,500 per month; the last month's rent payment of $1,500 is required at the time of the lease agreement. The payment was made in cash. Lease period is effective October 1 of this year through September 30 of the next. October 10: Paid $375 to the county for a business license. October 11: Purchased a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment). October 13: The owner has baking equipment, including an oven and mixer, which they have been using for their home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a five-year useful life. October 13: Paid $200 for business cards and flyers to use for advertising. October 14: Paid $300 for office supplies. October 15: Hired a part-time helper to be paid $12 per hour. One pay period is the first of the month through the fifteenth, and the other is the sixteenth through the end of the month. Paydays are the twentieth for the first pay period and the fifth of the following month for the second pay period. (No entry required on this date-for informational purposes only.) October 30: Received telephone bill for October in amount of $75. Payment is due on November 10. October 31: Paid $1,200 for a 12-month insurance policy. Policy effective dates are November 1 through October 31. October 31: Accrued wages earned for employee for period of October 16 through October 31. (See Wage Calculation Data table at the end of this document.) October 31: Total October bakery sales were $15,000 ($5,000 of these sales on accounts receivable). Page 1 of 4 960 words I English (Canada) O Focus E - 100% JUL 6 18 tv MA w 17 Word File Edit View Insert Format Tools Table Window Help * * Ga Sun Jul 18 9:11 AM AutoSave OFF A 2 W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Calibri 12 Aa A E AL T AaBbDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AoBb CcDdEe Paste Normal I B U V ab x x APA E No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Dictate Styles Pane Sensitivity 2. The following events occurred in November: November 5: Paid employee for period ending October 31. November 8: Received payments from customers toward accounts receivable in amount of $3,800. November 10: Paid October telephone bill. November 15: Purchased additional baking supplies in amount of $5,000 from vendor, on account November 15: Accrued wages earned for employee from period of November 1 through November 15. (See Wage Calculation Data table at the end of this document.) November 15: Paid rent on bakery space. November 18: Received payments from customers toward accounts receivable in amount of $1,000. November 20: Paid $8,500 toward baking supplies vendor payable. November 20: Paid employee for period ending November 15. November 22: Purchased $300 in office supplies. November 30: Received telephone bill for November in amount of $75. Payment is due on December 10. November 30: Accrued wages earned for employee for period of November 16 through November 30. (See Wage Calculation Data table at the end of this document.) November 30: November bakery sales total was $20,000 ($7,500 of this total on accounts receivable). 3. Many customers have been asking for more allergy-friendly products, so in December the bakery started carrying a line of gluten-free products on a trial basis. The information below relates to the purchase and sales of the new products. Use the perpetual inventory method with the FIFO valuation method. Please see the "Inventory Valuation" tab in your workbook for purchase and sales information. The following events occurred in December: December 1: Paid dividends to self in amount of $10,000. December 5: Paid employee for period ending November 30. December 7: Purchased merchandise for resale. See the "Inventory Valuation" tab for details. Page 2 of 4 960 words LY English (Canada) O Focus E - 100% JUL 6 18 L tvm w 17 Word File Edit View Insert Format Tools Table Window Help * * Ga Sun Jul 18 9:11 AM AutoSave OFF A 2 W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Calibri 12 Aa A E AJ T AaBbCcDdEe AaBbDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AoBb CcDdEe Paste I B Normal U V ab x x E APA No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Dictate Styles Pane Sensitivity December 8: Received payments from customers toward accounts receivable in amount of $4,000. December 10: Pald November telephone bill. December 11: Purchased baking supplies in amount of $7,000 from vendor on account. December 13: Paid on supplies vendor account in amount of $5,000. December 15: Accrued employee wages for period of December 1 through December 15. December 15: Paid rent on bakery space $1,500. December 15: Recorded merchandise sales transaction. See the "Inventory Valuation" tab for details. December 15: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. December 20: Paid employee for period ending December 15. December 20: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 24: Recorded sales of merchandise to customers. See the "Inventory Valuation tab for details. December 24: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. customers. See the "Inventory December 30: Purchased merchandise inventory for resale Valuation" tab for details. December 31: Accrued employee wages for period of December 16 through December 31. December 31: Total December bakery sales were $25,000 ($6,000 of these sales on accounts receivable) 4. On December 31, the following adjustments must be made: Depreciation of baking equipment transferred to company on October 13. Assume half month of depreciation in October using the straight-line method. Accrue interest for note payable. Assume a full month of interest for October (6% annual interest on $10,000 loan) Record insurance used for the year. Actual baking supplies on hand as of December 31 are $1,100. Office supplies on hand as of December 31 are $50. Page 3 of 4 960 words LY English (Canada) O Focus E - 100% JUL 6 18 tvm w 17 Word File Edit View Insert Format Tools Sun Jul 18 9:11 AM AutoSave OFF wo Table Window Help W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Mailings Review View Tell me Home Insert Draw Design Layout References Share Comments X Calibri 12 Aa A == = AL T AaBbCcDdEe AaBbcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBLcDdEe Paste BI U V ab X x x Normal APA EEEE Heading 1 No Spacing Heading 2 Heading 3 V Dictate Heading 4 Styles Pane Sensitivity Wage Calculation Data Hours Month 31-Oct 15-Nov 30-Nov 15-Dec 10 40 35 38 40 Rate 12 12 12 12 12 Pay 120 480 420 456 480 31-Dec DO Page 4 of 4 960 words English (Canada) O Focus - JUL 6 18 So ty MA 2 X W 17 OFF Tv HE V TH 28- O HO .00 000 Excel File Edit View Insert Format Tools Data Window Help Sun Jul 18 9:09 AM AutoSave A @ vo. ACC 201 Company Accounting Workbook Template Q Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Calibri (Body) 11 = = ab Wrap Text Insert v c General LO DX Delete v Paste BI U av A. === E Merge & Center $ %) Conditional Format Cell Sort & Find & Analyze Sensitivity Formatting as Table Styles Format Filter Select Data A1 x fx 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 A B D E F G I 1 L M N. 0 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; 1 this is simply a resource for you. V C P 2 3 Asset Accounts Liability Accounts 4 Acct # Equity Accounts Acct # 201 Common Stock 202 Dividends 203 Cost of Goods Sold 204 Acct # 301 302 303 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 109 Revenue Accounts Acct # Bakery Sales Merchandise Sales 401 402 Expense Accounts 5 Cash 6 Baking Supplies 7 Prepaid Rent 8 Prepaid Insurance 9 Baking Equipment 10 Office Supplies 11 Accounts Receivable 12 Accumulated Depreciation 13 Merchandise Inventory 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Chart of Accounts Ready 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 Acct # 501 502 503 504 505 506 507 508 509 510 511 October Journal Entries November Journal Entries December Journal Entries T-Accounts - autofill Inventory Valuation Trial Balance Adjusting Entries Income State + + 100% JUL 6 * 18 S. J tv A W 17 Format Tools Data Window Help Sun Jul 18 9:09 AM Excel File Edit View Insert AutoSave A @ Insert Draw Page Layout OFF Q ACC 201 Company Accounting Workbook Template View Tell me Home Formulas Data Review Share Comments 11 Calibri (Body) ~ Insert v === y LO ab Wrap Text General c F V V 28 Or TH DU DX Delete v V Paste BI a A~ EE Merge & Center $ % ) HO .00 .00 0 Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Sensitivity Analyze Data B6 xv fx D F H I K L M N 0 P a R S T U VW X Z AA ABAC AD AE AF AG 1 A Company General Journal Entries October, 20xx s Date Accounts Debit Credit 1-Oct 7 1-0 10 11 12 3 Oct 13 14 15 7-Oct 16 17 19 19 10 Oct 20 21 11 Oct 22 23 24 25 13 Oct 26 27 28 29 13 Oct 14 Oct 30 31 32 33 34 30 Oct 35 36 37 38 31-Oct 31-Oct 39 40 41 42 43 44 45 46 31-Oct Chart of Accounts October Journal Entries November Journal Entries December Journal Entries T-Accounts - autofill Inventory Valuation Trial Balance + Adjusting Entries Income State + Ready 70% JUL 18 S. J tv A W 17 Format Tools Sun Jul 18 9:10 AM Excel File Edit View Insert AutoSave A @ Insert Draw Page Layout OFF Data Window Help ACC 201 Company Accounting Workbook Template Review View Tell me Q Home Formulas Data Share Comments 11 Calibri (Body) Insert v === ~ LG ab Wrap Text c Date V V TH DU 28- O DX Delete v V Paste BIU v Av $ % ) 2 Merge & Center v HO .00 .00 0 O Sensitivity Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Analyze Data V A6 xv fx A D F G H I J TL M N 0 P a R S T U V W X Z AA AB AC AD AE AF AG 1 2 A Company General Journal Entries November, 20xx 5 Date Accounts Debit Credit 6 7 8 9 10 11 12 13 14 15 16 17 19 19 20 22 23 24 25 26 27 29 30 31 33 34 35 36 37 38 29 40 41 43 44 45 46 Total 47 Chart of Accounts October Journal Entries November Journal Entries December Journal Entries T-Accounts - autofill Inventory Valuation Trial Balance Income Stat + Adjusting Entries Ready 70% JUL 6 18 S J tv A W 17 Format Tools Data Window Help Sun Jul 18 9:10 AM Excel File Edit View Insert AutoSave A @ Insert Draw Page Layout OFF ACC 201 Company Accounting Workbook Template Q Home Formulas Data Review View Tell me Share Comments Insert v 11 ~ === ab Wrap Text c Date DI DU V V 28 Or TH DX Delete v Paste Calibri (Body) LG B I U xv fx a. A ~ E E Merge & Center $ % ) HO .00 .00 0 Conditional Format Cell Formatting as Table Styles IN Analyze Data Sort & Find & Filter Select Sensitivity Format v A6 C E F G H TIJKLMNOPQRSTUVWXYZA AD AE AG AMA AN AK AL AM AN AO AQAR S Debit CN dit 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 SO 51 52 53 54 SS 56 Chart of Accounts October Journal Entries November Journal Entries December Journal Entries T- T-Accounts - autofill Inventory Valuation Trial Balance Adjusting Entries Income State + 60% Ready JUL * ( 18 tv A W 17 Word File Edit View Insert Format Tools Table Window Help * * Ga Sun Jul 18 9:10 AM AutoSave OFF A 2 W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Calibri 12 Aa A vvv == = AL T AaBbDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AoBb CcDdEe a Paste B I U V ab x x Normal APA No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Dictate Styles Pane Sensitivity Accounting Data Appendix 1. The following events occurred in October: October 1: The business owner used $25,000 from their personal savings account to buy common stock in their company. October 1: Purchased $8,500 worth of baking supplies from vendor, on account. October 3: The company borrowed $10,000 in cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity. October 7: Entered into a lease agreement for bakery space. The agreement is for one year. The rent is $1,500 per month; the last month's rent payment of $1,500 is required at the time of the lease agreement. The payment was made in cash. Lease period is effective October 1 of this year through September 30 of the next. October 10: Paid $375 to the county for a business license. October 11: Purchased a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment). October 13: The owner has baking equipment, including an oven and mixer, which they have been using for their home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a five-year useful life. October 13: Paid $200 for business cards and flyers to use for advertising. October 14: Paid $300 for office supplies. October 15: Hired a part-time helper to be paid $12 per hour. One pay period is the first of the month through the fifteenth, and the other is the sixteenth through the end of the month. Paydays are the twentieth for the first pay period and the fifth of the following month for the second pay period. (No entry required on this date-for informational purposes only.) October 30: Received telephone bill for October in amount of $75. Payment is due on November 10. October 31: Paid $1,200 for a 12-month insurance policy. Policy effective dates are November 1 through October 31. October 31: Accrued wages earned for employee for period of October 16 through October 31. (See Wage Calculation Data table at the end of this document.) October 31: Total October bakery sales were $15,000 ($5,000 of these sales on accounts receivable). Page 1 of 4 960 words I English (Canada) O Focus E - 100% JUL 6 18 tv MA w 17 Word File Edit View Insert Format Tools Table Window Help * * Ga Sun Jul 18 9:11 AM AutoSave OFF A 2 W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Calibri 12 Aa A E AL T AaBbDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AoBb CcDdEe Paste Normal I B U V ab x x APA E No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Dictate Styles Pane Sensitivity 2. The following events occurred in November: November 5: Paid employee for period ending October 31. November 8: Received payments from customers toward accounts receivable in amount of $3,800. November 10: Paid October telephone bill. November 15: Purchased additional baking supplies in amount of $5,000 from vendor, on account November 15: Accrued wages earned for employee from period of November 1 through November 15. (See Wage Calculation Data table at the end of this document.) November 15: Paid rent on bakery space. November 18: Received payments from customers toward accounts receivable in amount of $1,000. November 20: Paid $8,500 toward baking supplies vendor payable. November 20: Paid employee for period ending November 15. November 22: Purchased $300 in office supplies. November 30: Received telephone bill for November in amount of $75. Payment is due on December 10. November 30: Accrued wages earned for employee for period of November 16 through November 30. (See Wage Calculation Data table at the end of this document.) November 30: November bakery sales total was $20,000 ($7,500 of this total on accounts receivable). 3. Many customers have been asking for more allergy-friendly products, so in December the bakery started carrying a line of gluten-free products on a trial basis. The information below relates to the purchase and sales of the new products. Use the perpetual inventory method with the FIFO valuation method. Please see the "Inventory Valuation" tab in your workbook for purchase and sales information. The following events occurred in December: December 1: Paid dividends to self in amount of $10,000. December 5: Paid employee for period ending November 30. December 7: Purchased merchandise for resale. See the "Inventory Valuation" tab for details. Page 2 of 4 960 words LY English (Canada) O Focus E - 100% JUL 6 18 L tvm w 17 Word File Edit View Insert Format Tools Table Window Help * * Ga Sun Jul 18 9:11 AM AutoSave OFF A 2 W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Calibri 12 Aa A E AJ T AaBbCcDdEe AaBbDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AoBb CcDdEe Paste I B Normal U V ab x x E APA No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Dictate Styles Pane Sensitivity December 8: Received payments from customers toward accounts receivable in amount of $4,000. December 10: Pald November telephone bill. December 11: Purchased baking supplies in amount of $7,000 from vendor on account. December 13: Paid on supplies vendor account in amount of $5,000. December 15: Accrued employee wages for period of December 1 through December 15. December 15: Paid rent on bakery space $1,500. December 15: Recorded merchandise sales transaction. See the "Inventory Valuation" tab for details. December 15: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. December 20: Paid employee for period ending December 15. December 20: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 24: Recorded sales of merchandise to customers. See the "Inventory Valuation tab for details. December 24: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. customers. See the "Inventory December 30: Purchased merchandise inventory for resale Valuation" tab for details. December 31: Accrued employee wages for period of December 16 through December 31. December 31: Total December bakery sales were $25,000 ($6,000 of these sales on accounts receivable) 4. On December 31, the following adjustments must be made: Depreciation of baking equipment transferred to company on October 13. Assume half month of depreciation in October using the straight-line method. Accrue interest for note payable. Assume a full month of interest for October (6% annual interest on $10,000 loan) Record insurance used for the year. Actual baking supplies on hand as of December 31 are $1,100. Office supplies on hand as of December 31 are $50. Page 3 of 4 960 words LY English (Canada) O Focus E - 100% JUL 6 18 tvm w 17 Word File Edit View Insert Format Tools Sun Jul 18 9:11 AM AutoSave OFF wo Table Window Help W ACC 201 Accounting Data Appendix 1 - Saved to my Mac Mailings Review View Tell me Home Insert Draw Design Layout References Share Comments X Calibri 12 Aa A == = AL T AaBbCcDdEe AaBbcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBLcDdEe Paste BI U V ab X x x Normal APA EEEE Heading 1 No Spacing Heading 2 Heading 3 V Dictate Heading 4 Styles Pane Sensitivity Wage Calculation Data Hours Month 31-Oct 15-Nov 30-Nov 15-Dec 10 40 35 38 40 Rate 12 12 12 12 12 Pay 120 480 420 456 480 31-Dec DO Page 4 of 4 960 words English (Canada) O Focus - JUL 6 18 So ty MA 2 X W 17