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BUS 1102 - AY2021-T3

11 February - 17 February

Learning Journal Unit 3

Learning Journal Unit 3

The Learning Journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career) goals.

For this week's assignment, you will build on the Unit 2 learning journal by using the information in the attached template located in this Unit's on the main page. Download the template and use it to fill in your answers (Income Statement, Statement of Retained Earnings, and Balance Sheet).

Please complete the following tasks:

Complete the Income Statement.

Complete the Statement of Retained Earnings

Complete the Balance Sheet.

Explain what you most liked about the Unit 3 learning journal. Please answer in 75 - 100 words.

Explain what you least liked about completing the Unit 3 learning journal. Please answer in 75 - 100 words.

$ 1,200 21-Oct Cash Accounts Receivable $ 1,200 $ 1,900 25-Oct Accounts Receivable Service Revenue $ 1,900 $ 500 31-Oct Gas & Oil expense Cash $ 500 $ 800 $ 800 31-Oct Dividends Cash Adjusting entries 31-Oct Accounts Receivable Service Revenue $ 2,500 $ 2,500 $ $ 500 31-Oct Depreciation expense Accumulated Depreciation $ 500 $ 150 31-Oct Insurance expense Prepaid Insurance 1800/12 months 150 $ $ $ 600 900-300 31-Oct Baking Supplies expense Baking Supplies $ 600 $ 500 $ 500 31-Oct Salaries expense Salaries Payable Happy House Bakeshop T Accounts Date Date Credit Cash Debit Date Credile Date Debit Date Credit Accounts Receivable Credit Debit Date Baking Supplies $ 500 Debit Salaries Payable Happy House Bakeshop T Accounts Date Debit Date Credit Date Date Credit Cash Accounts Receivable Op bal $ Op bal s 1-Oct $ 20,000 1 Oct $ 4,000 12-Oct $ 4,800 21-Oct $ 1,200 21-Oct $ 1,200 5-Oct $ 1,800 25-Oct $ 1,900 18-Oct $ 1.500 31-Oct $ 2,500 18 Oct $ 500 20 Oct $ 1,700 31-Octs 31-Oct $ 800 Date Debit Date Credit Baking Supplies Op bal $ 3-Octs 31-Octs 600 Date Debit Date Credit Prepaid Insurance Op bal $ 5 Oct $ 1,300 31-Octs 150 900 500 Bal Bal $ 300 Bal $ 1,650 Bal $ 10,400 Equipment Op bal S 1-Oct $ 11,000 $ 8,000 Accumulated Depreciation Op bal s 31-Oct $ 500 500 Bal $ 11,000 Accounts Payable Op bal $ 1B-Oct $ 500 3-Octs Bal s Salaries Payable Op bal $ 31-Octs Bank Loan Op bal $ 18-Oct $ 1.500 1-Oct $ 7.000 900 500 $ 500 $ 5,500 Bal $ 400 Common Stock Op bal $ 1. Oct $ 20,000 Bal. Retained Earnings Op bal Bal. Dividends $ Op bal $ 31-Octs 800 $ Bal. $ 20,000 Service Revenue Op bal $ 12-Oct $ 4,800 25-Oct $ 1.900 31-Oct $ 2,500 Bal. Gas & Oil expense Op bal $ 31-Octs 500 Bal. $ 800 Baking Supplies expense Op bal S 31-Octs 600 Depreciation expense Op bal $ 31-Oct 5 500 $ 600 Bal $ 500 Bal. Insurance expense Op bal $ 31-Octs 150 $ 9,200 Bal. S 500 Salaries expense Op bal $ 20-Oct $ 1,700 31 Octs 500 $ 150 Bal $ 2,200 Opening 1B Debit Credit Adjusting Debit Credit djusted IB Debit Credit 10,400 5,500 900 1,800 11,000 2,500 600 150 Adjusted IB Debit Credit 10,400 8,000 300 1,650 11,000 500 400 500 5,500 20,000 500 400 Happy House Bakeshop Account Names Cash Accounts Receivable Baking Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Bank Loan Common Stock Retained Earnings Dividends Service Revenue Gas & Oil expense Baking Supplies expense Depreciation expense Insurance expense Salaries expense Totals 500 5,500 20,000 800 800 6,700 2,500 9,200 500 600 500 150 500 4,250 500 600 500 150 2,200 36,100 1,700 32,600 - 32,600 4,250 36,100 Happy House Bakeshop Journal entries Date Account 1-Oct Cash Common Stock Credit Calculation Debit $ 20,000 $ 20,000 $ 11,000 1- Oct Equipment Cash Bank Loan $ 4,000 $ 7,000 $ $ 900 3-Oct Baking Supplies Accounts Payable $ 900 $ 1,800 5-Oct Prepaid Insurance Cash $ 1,800 $ 4,800 12-Oct Accounts Receivable Service Revenue $ 4,800 $ 1,500 18-Oct Bank Loan Cash $ 1,500 $ 500 18-Oct Accounts Payable Cash $ 500 20-Oct Salaries expense Cash $ 1,700 $ 1,700 $ 1,200 21-Oct Cash Accounts Receivable $ $ 1,200