Complete September Journal Entries:

September 1: Paid dividends to self in amount of $10,000. September 5: Pay employee for period ending 8/31. September 7: Purchase merchandise for resale. See Inventory Valuation tab for details. September 8: Receive payments from customers toward accounts receivable in amount of $4,000. September 10: Pay August telephone bill. September 11: Purchase baking supplies in amount of $7,000 from vendor on account. September 13: Paid on supplies vendor account in amount of $5,000. September 15: Accrue employee wages for period of September 1 through September 15. September 15: Pay rent on bakery space: $1,500. September 15: Record merchandise sales transaction. See Inventory Valuation tab for details. September 15: Record impact of sales transaction on COGS and the inventory asset. See Inventory Valuation tab for details. September 20: Pay employee for period ending 9/15. September 20: Purchase merchandise inventory for resale to customers. See Inventory Valuation tab for details. September 24: Record sales of merchandise to customers. See Inventory Valuation tab for details.

September 24: Record impact of sales transaction on COGS and the inventory asset. See Inventory Valuation tab for details. September 30: Purchase merchandise inventory for resale to customers. See Inventory Valuation tab for details. September 30: Accrue employee wages for period of September 16th through September 30th September 30: Total September bakery sales are $20,000. $6,000 of these sales are on accounts receivable.

Wage calculation data: 31 Jul. Hours:10 Rate:12 Pay:120

15 Aug. Hours:40 Rate:12 Pay:480

31 Aug. Hours:35 Rate:12 Pay:420

15 Sep. Hours:38 Rate:12 Pay:456

30 Sep. Hours:40 Rate:12 Pay:480

IFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases 7-Sep 10 $ 6.00 $ 60.00 Sales Cr Ending Inventory 6.00 $ 60.00 Dr 60.00 10 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 20-Sep 20 $ 6.10 $ 122.00 68.00 2 20 $ $ 6.00 6.10 $ $ $ 12.00 122.00 134.00 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory 68.00 24-Sep 48.00 2 $ 16 $ 6.00 6.10 $ $ $ 12.00 97.60 109.60 4 $ 6.10 $ 24.40 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 30-Sep 25 $ 6.05 $ 151.25 122.00 20-Sep Merchandise Inventory (20 x $6.10 ) Cash 122.00 4 $ 25 $ 29 29 6.10 $ 6.05 $ $ $ 24.40 151.25 175.65 175.65 55 $ 333.25 26 $ 157.60 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 109.60 24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 109.60 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 LIFO Sales 60.00 Purchases 10 $ 6.00 Ending Inventory 6.00 $ 60.00 7-Sep $ 60.00 10 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 68.00 20-Sep 20 $ 6.10 $ 122.00 2 20 22 68.00 $ $ 6.00 6.10 $ $ $ 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory 12.00 122.00 134.00 48.00 24-Sep 18 $ 6.10 $ 109.80 2 2 48.00 $ $ 6.00 6.10 $ $ $ 15-Sep Cost of Goods Sold (8 x $6) Merchandise Inventory Record inventory reduction due to sale 12.00 12.20 24.20 122.00 30-Sep 25 $ 6.05 $ 151.25 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 2 $ 2 $ 25 $ 6.00 6.10 6.05 $ $ $ $ $ 12.00 12.20 151.25 175.45 175.45 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 $ 333.25 26 $ 157.80 29 109.80 24-Sep Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale 109.80 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 Sales 60.00 weighted average 7-Sep Purchases 10 $ 6.00 $ Ending Inventory 6.00 60.00 10 $ $60 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 68.00 20-Sep 20 $ 6.10 $ 122.00 2 $ 20 $ 68.00 6.00 6.10 $ $ $ 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory 12.00 122.00 per unit 134.00 $6.09 48.00 24-Sep 18 $ 6.09 $ 109.62 $ 24.38 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale 48.00 30-Sep 25 $ 6.05 $ 151.25 6.05 $ $ $ . 151.25 151.25 $5.22 122.00 55 $ 333.25 25 $ 29 26 157.62 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 109.62 24-Sep Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale 109.62 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 Purchases 9/7: 10 bottles purchased at $6 9/20: 20 bottles purchased at $6.10 9/30:25 bottles purchased at $6.05 Sales selling price, $8.50 a bottle 9/15: 8 bottles 9/24: 18 bottles IFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases 7-Sep 10 $ 6.00 $ 60.00 Sales Cr Ending Inventory 6.00 $ 60.00 Dr 60.00 10 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 20-Sep 20 $ 6.10 $ 122.00 68.00 2 20 $ $ 6.00 6.10 $ $ $ 12.00 122.00 134.00 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory 68.00 24-Sep 48.00 2 $ 16 $ 6.00 6.10 $ $ $ 12.00 97.60 109.60 4 $ 6.10 $ 24.40 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 30-Sep 25 $ 6.05 $ 151.25 122.00 20-Sep Merchandise Inventory (20 x $6.10 ) Cash 122.00 4 $ 25 $ 29 29 6.10 $ 6.05 $ $ $ 24.40 151.25 175.65 175.65 55 $ 333.25 26 $ 157.60 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 109.60 24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 109.60 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 LIFO Sales 60.00 Purchases 10 $ 6.00 Ending Inventory 6.00 $ 60.00 7-Sep $ 60.00 10 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 68.00 20-Sep 20 $ 6.10 $ 122.00 2 20 22 68.00 $ $ 6.00 6.10 $ $ $ 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory 12.00 122.00 134.00 48.00 24-Sep 18 $ 6.10 $ 109.80 2 2 48.00 $ $ 6.00 6.10 $ $ $ 15-Sep Cost of Goods Sold (8 x $6) Merchandise Inventory Record inventory reduction due to sale 12.00 12.20 24.20 122.00 30-Sep 25 $ 6.05 $ 151.25 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 2 $ 2 $ 25 $ 6.00 6.10 6.05 $ $ $ $ $ 12.00 12.20 151.25 175.45 175.45 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 $ 333.25 26 $ 157.80 29 109.80 24-Sep Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale 109.80 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 Sales 60.00 weighted average 7-Sep Purchases 10 $ 6.00 $ Ending Inventory 6.00 60.00 10 $ $60 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 68.00 20-Sep 20 $ 6.10 $ 122.00 2 $ 20 $ 68.00 6.00 6.10 $ $ $ 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory 12.00 122.00 per unit 134.00 $6.09 48.00 24-Sep 18 $ 6.09 $ 109.62 $ 24.38 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale 48.00 30-Sep 25 $ 6.05 $ 151.25 6.05 $ $ $ . 151.25 151.25 $5.22 122.00 55 $ 333.25 25 $ 29 26 157.62 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 109.62 24-Sep Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale 109.62 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 Purchases 9/7: 10 bottles purchased at $6 9/20: 20 bottles purchased at $6.10 9/30:25 bottles purchased at $6.05 Sales selling price, $8.50 a bottle 9/15: 8 bottles 9/24: 18 bottles