Complete the Closing Entries tab in your workbook by closing all temporary income statement amounts to create closing entries.
Prepare the Post Closing Trial Balance tab for the next accounting period.
Adjusting entries Debit Credit Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 17,400.00 400.00 250.00 550.00 600.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS (FIFO) Adjusted trial balance Debit Credit 32,236.75 1,100.00 175.65 1,500.00 2,000.00 6,000.00 250.00 50.00 7,700.00 10,000.00 150.00 5,000.00 480.00 16,000.00 10.000.00 55,000.00 221.00 17,400.00 4,500.00 150.00 400.00 250.00 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 10.000.00 55,000.00 221.00 17,400.00 4,500.00 150.00 400.00 250.00 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 Total: (FIFO) 86,701.00 86,701.00 18,750.00 18,750.00 87,101.00 87,101.00 Peyton Approved Income Statement For Qtr. Ending 9/30/2018 Revenues: Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit (FIFO) $ 55,000.00 221.00 55,221.00 157.6 55,063.40 Operating Expenses: Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depriciation Expense Misc Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: 17,400.00 4,500.00 150.00 400.00 250.00 250.00 550.00 375.00 200.00 1,956.00 150.00 26,181.00 Net Income (FIFO) 28,882.40 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2018 Beginning Balance: plus Net Income (FIFO) less Dividends: Ending Balance (FIFO): 28,882.40 (10,000.00) 18,882.40 Balance Sheet As of September 30, 2018 Assets Current Assets: Cash Accounts Receivable Baking Supplies Office Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance 32,236.75 7,700.00 1,100.00 50.00 175.65 1,500.00 2,000.00 Liabilities and Owners' Equity Current Liabilities: Accounts Payable 5,000.00 Wages Payable 480.00 Interest Payable 150.00 Total Current Liabilities 5,630.00 Long-Term Liabilities: Dividends Total Long-Term Liabilities: 10,000.00 10,000.00 Total Current Assets 44,762.40 Total Liabilities: 15,630.00 Long-Term/Fixed Assets: Baking Equipment Less Accumulated Depreciation 6,000.00 (250.00) Equity: Common Stock Retained Earnings 16,000.00 18882.4 Total Long-Term/Fixed Assets 5,750.00 Total Assets: 50,512.40 Total Equity 34,882.40 Total Liabilities & Equity 50,512.40 Peyton Approved Closing Entries Qtr ending 9/30/2018 Debit Credit Date Accounts 30-Sep Bakery Sales Merchandise Sales Income Summary 30-Sep Income Summary (FIFO) Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS FIFO 30-Sep Income Summary (FIFO) Retained Earnings FIFO 30-Sep Retained Earnings Dividends Peyton Approved Post Closing Trial Balance Qtr. Ending 9/30/2018 Unadjusted Trial Balance Account Debit Credit Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings FIFO Totals
