Dear clintonpotus6,

I have sent the workbook, I am confused how to get the total for the bakery sales for the month. I feel like I have done it wrong. Once I complete that, I need to understand how to make the unadjusted trial balance. I don't understand why some things get zero balanced and other things do not.

Asset Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory 101 102 103 104 105 106 107 108 109 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. Liability Accounts Acct # Notes Payable Accounts Payable Wages Payable Interest Payable he appropriate accounts to record to as you are analyzing and is nothing to complete on this page; this is simply a resource for you. 201 202 203 204 Equity Accounts Acct # Common Stock Dividends 301 302 Revenue Accounts Acct # Bakery Sales Merchandise Sales 401 402 Expense Accounts Acct # Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Misc. Supplies Expense Cost of Goods Sold 501 502 503 504 505 506 507 508 509 510 511 512 Peyton Approved General Journal Entries Jul-14 Date Accounts 1-Jul Cash Common Stock Contributed cash for common stock 1-Jul Baking Supplies Accounts Payable Purchase baking supplies from vendor 3-Jul Cash Notes payable Received cash from parent loan 7-Jul Prepaid Rent Cash Pre-Paid lease for rent space for June 7-Jul Rent Prepaid Rent Rent Space for July Debit 15,000.00 8,500.00 8,500.00 10,000.00 10,000.00 3,000.00 3,000.00 1,500.00 1,500.00 10-Jul Business License Expense Cash Purchase business license 375.00 11-Jul Miscellaneous Expense Cash Purchase cash register 250.00 13-Jul Baking Equipment Common Stock Contributed to common stock from equipment 375.00 250.00 5,000.00 5,000.00 13-Jul Advertising Expense Cash Purchase business cards/flyers/posters/ads 200.00 14-Jul Miscellaneous Supplies Cash Purchase miscellaneous items 300.00 30-Jul Telephone Expense Accounts Payable Paid July phone bill 31-Jul Prepaid Insurance Cash Paid one year of insurance 31-Jul Wages expense Wages payable Accrued Wages earned 10hrs x $12/hr. 31-Jul Accounts Receiveable Cash Bakery Sales Credit 15,000.00 200.00 300.00 45.00 45.00 1,200.00 1,200.00 120.00 120.00 5,000.00 10,000.00 15,000.00 Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Wages Payable Cash Wages Paid 10hrs x $12/hr. 8-Aug Cash Accounts Receiveable Customer Payments on accounts 10-Aug Utility Expense Cash Paid July Phone Bill 15-Aug Baking Supplies Accounts Payable Purchase Baking supplies from vendor 15-Aug Wages Expense Wages Payable Accrued wages 40hrs x $12/hr. Debit 120.00 120.00 3,200.00 3,200.00 45.00 45.00 5,000.00 5,000.00 480.00 480.00 15-Aug Rent Expense Cash Pay one month rent for bakery space 1,500.00 18-Aug Cash Accounts Recieveable Customer Paymens on accounts 1,000.00 20-Aug Baking Supplies Accounts Payable Paid for bakin supplies via vendor 8,500.00 1,500.00 1,000.00 8,500.00 20-Aug Wages Payable Cash Paid Wages 40hrs x $12/hr. 8/1-8/15 480.00 22-Aug Misc supplies Cash Purchase miscellaneous supplies 300.00 31-Aug Telephone Expense Credit 480.00 300.00 45.00 Accounts Payable Bill for phone due 9/10 31-Aug Wages Expense Wages Payable Accrued wages 35hrs x $12/hr.8/16-8/31 31-Aug Accounts Receiveable Cash Bakery Sales 45.00 480.00 480.00 7,500.00 12,500.00 20,000.00 Peyton Approved General Journal Entries Sep-14 Date Accounts 1-Sep Dividends Cash Pay dividends to self Debit 3,000.00 3,000.00 5-Sep Wages Expense Wages Payable Pay wages for pay period 8/31 420.00 7-Sep Merchandise inventory Cash Purcashed 10 bottles 6@10/ea. 60.00 8-Sep Cash Accounts Receivable Received payments on customer accounts 10-Sep Telephone Expenses Cash Paid Phone bill 420.00 60.00 4,000.00 4,000.00 45.00 45.00 11-Sep Baking Supplies Accounts Payable Purchased Baking supplies on vendor acct. 7,000.00 13-Sep Accounts Payable Cash Paid on vendor accounts 5,000.00 15-Sep Wages Expense Wages Payable Accrued Wages 15-Sep Rent Expense Cash Pay Rent on Bakery Space 7,000.00 5,000.00 456.00 456.00 1,500.00 1,500.00 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 68.00 48.00 20-Sep Wages Payable Cash Pay wages from period ending 9/15 456.00 20-Sep Merchandise Inventory (20 x $6.10 ) Cash Merchanise Inventory for resale 122.00 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 109.60 30-Sep Merchandise Inventory (25 x $6.05) Cash Merchandise Inventory for resale 151.25 30-Sep Wages Payable Wages Expense Accrued Wages 480.00 30-Sep Accounts Receiveable Cash Bakery Sales Credit 456.00 122.00 153.00 109.60 151.25 480.00 6,000.00 19,000.00 25,000.00 48,068.85 48,068.85 FIFO Date 7-Sep Purchases 10 $ 6.00 $ Sales 60.00 15-Sep 20-Sep 8 $ 20 $ 6.10 $ 55 LIFO 7-Sep 6.05 $ 151.25 $ 333.25 Purchases 10 $ 6.00 $ 6.10 $ 6.05 $ $ 12.00 97.60 109.60 157.60 4 4 25 29 29 10 6.00 $ 48.00 122.00 151.25 2 2 20 22 18 $ 25 $ 6.00 $ 6.10 $ $ 60.00 24-Sep 30-Sep 26 8 $ 20 $ 2 Sales 15-Sep 20-Sep 48.00 2 20 22 2 $ 16 $ 25 $ 6.00 $ 122.00 24-Sep 30-Sep 10 6.10 $ 109.80 2 2 4 2 55 weighted average 7-Sep $ Purchases 10 $ 6.00 $ 333.25 6.10 $ 10 55 48.00 6.05 $ 151.25 $ 333.25 2 2 20 22 18 $ 25 $ 6.00 $ 122.00 24-Sep 30-Sep 157.80 60.00 8 $ 20 $ $ Sales 15-Sep 20-Sep 26 2 25 29 29 26 6.09 $ 109.62 4 157.62 4 25 29 Ending Inventory $ 6.00 $ 60.00 $ 6.00 $ 12.00 $ $ 6.00 $ 6.10 $ $ 12.00 122.00 134.00 $ 6.10 $ 24.40 $ $ 6.10 $ 6.05 $ $ $ 24.40 151.25 175.65 175.65 Ending Inventory $ 6.00 $ 60.00 $ $ $ $ $ $ 6.00 $ 6.00 $ 6.10 $ $ 6.00 $ 6.10 $ $ 6.00 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory Dr 60.00 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 20-Sep Merchandise Inventory (20 x $6.10 ) Cash 122.00 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 109.60 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 12.00 12.00 122.00 134.00 12.00 12.20 24.20 12.00 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale 48.00 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 $ $ 6.10 $ 6.05 $ $ $ 12.20 151.25 175.45 175.45 Ending Inventory $ 6.00 $60 $ $ $ 6.00 $ 6.00 $ 6.10 $ $ $ $ $ 6.05 $ $ 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 24-Sep Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale 109.80 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 12.00 12.00 122.00 per unit 134.00 $6.09 24.38 151.25 151.25 $5.22 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale 48.00 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 24-Sep Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale 109.62 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 Cr 60.00 68.00 ### 122.00 153.00 109.60 151.25 ### 68.00 ### 122.00 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 153.00 109.80 151.25 ### 68.00 ### 122.00 153.00 109.62 151.25 date Cash 1-Jul 15,000.00 3,000.00 3-Jul $ 10,000.00 375.00 8-Aug 3,200.00 250.00 18-Aug 1,000.00 200.00 8-Sep 4,000.00 300.00 15-Sep 68.00 1,200.00 24-Sep 153.00 120.00 45.00 1,500.00 480.00 300.00 3,000.00 420.00 60.00 45.00 5,000.00 1,500.00 456.00 151.25 date 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul 5-Aug 10-Aug 15-Aug 20-Aug 22-Aug 1-Sep 5-Sep 7-Sep 10-Sep 13-Sep 15-Sep 20-Sep 30-Sep date Notes Payable 10,000 date 3-Jul 10,000 31-Jul 31-Aug Sep-31 Accounts Rec. 5000 3200 7500 1000 6000 4000 10300 8-Aug 18-Aug 8-Sep 33,421.00 15,018.75 11-Jul 18,402.25 Misc. expense 250 13-Jul Baking equipment 5,000 5,000 250 1-Jul 15-Aug 20-Aug Baking supplies 8,500 5000 8500 14-Jul 22,000 7-Jul Misc. supplies 300 300 Prepaid rent 1,500 Prepaid insurance 31-Jul 1,200 1,200 1,500 13-Sep Accounts payable 5000 8500 1-Jul Salary and wages expense 31-Jul 120 45 5000 8,500 7,000 30-Jul 15-Aug 20-Aug 11-Sep 15-Aug 20-Aug 31-Aug 5-Sep 15-Sep 480 480 480 420 456 24,045 30-Jul 10-Sep Telephone expense 45 45 2,436 1-Sep Dividends 3,000 90 3,000 baking supplies expense 1-Jul 8,500 11-Sep 7000 22-Aug 15,500 misc supplies expense 300 15-Sep 30-Sep COGS LIF0 48.00 151.25 300 30-Sep Merchandise Sales Revenue 151.25 68.00 109.60 199.25 15-Sep 24-Sep 177.60 COGS Weighted Avg. - 10-Jul Business License exp 375 375 Common Stock 15,000 5,000 1-Jul 13-Jul 20,000 Insurance expense COMPLETION OF STEPS 1- 4 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT 0 13-Jul Advertising expense 200 200 7-Jul 15-Aug 15-Sep Rent expense 1,500 1500 1500 4,500 Bakery Sales 15,000 20,000 25,000 31-Jul 31-Aug 30-Sep 60,000 Salaries and wages payable 5-Aug 120 120 31-Jul 20-Aug 20-Sep 30-Sep 480 456 480 120 480 480 420 480 5-Aug 15-Aug 31-Aug 5-Sep 30-Sep 684 depreciation expense acc dep 0 Interest expense 0 Interest payable adj adj 15-Sep 30-Sep 0 COGS FIFO 48.00 151.25 0 199.25 7-Sep 20-Sep Merch. Inv. FIFO 60.00 48.00 122.00 153.00 15-Sep 24-Sep 7-Sep 20-Sep Merch. Inv. LIFO 60.00 48.00 122.00 153.00 15-Sep 24-Sep 24-Sep 109.60 90.60 24-Sep 109.60 90.60 SUBMIT YOUR Merch. Inv. Avg. - Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit Credit Baking Equipment Misc. Supplies Accounts Receivable Notes Payable Accounts Payable Wages 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 COGS Depreciation Expense Accumulated Depreciation Misc Supplies Expense* Interest Expense* Interest Payable* - - - *These accounts will not be utilized before the adjusting process. They should have zero balance in the unadjust Approved Balance 014 Adjusting entries Debit Credit Adjusted trial balance Debit Credit COMPLETION OF STEPS 5-7 DELIVERABL CONGRATULATIONS! YOU ARE NO WORKBOOK TO COMPLETE THE 4-3 CHE 208.33 ### 208.33 208.33 208.33 have zero balance in the unadjusted trial balance. 208.33 208.33 208.33 N OF STEPS 5-7 DELIVERABLE: ULATIONS! YOU ARE NOW READY TO SUBMIT YOUR TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT Peyton Approved Adjusting Journal Entries 2014 Date Accounts 30-Sep Depreciation Expense accumulated depreciation Debit 208.33 Credit 208.33 Peyton Approved Income Statement For Qtr. Ending 9/30/2014 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2014 Peyton Approved Balance Sheet As of September 30, 2014 Assets Peyton Approved Balance Sheet As of September 30, 2014 Liabilities and Owners' Equity Peyton Approved Closing Entries 9/30/2014 Date Accounts Debit Credit Peyton Approved Post Closing Trial Balance 9/30/2014 Account Unadjusted Trial Balance Debit adjusted Trial Balance Credit Peyton Approved Reversing Entries 9/30/2014 Date Accounts Debit Credit COMPLETION OF STEPS 8-11 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR COMPLETED WORKBOOK (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT REQUIREMENT HE 6-2 CHECKPOINT