Hi, attached is the cycle workbook I completed, please answer the following questions about the workbook.

1) What strategies is the business using to ensure responsible accounting practices?

2) Describe the overall accounting process and internal controls for cash that are in place

3) What opportunities can the company explore given its strengths and weaknesses?

Thank you so much.

Asset Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies Accounts Receivable Accumulated Depreciation 101 102 103 104 105 106 107 108 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 Equity 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 Common Stock 202 Dividends 203 204 Revenue Accounts Bakery Sales Merchandise Sales Expense Accounts Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense s Acct # 301 302 ts Acct # 401 402 ts Acct # 501 502 503 504 505 506 507 508 509 510 Peyton Approved General Journal Entries Jul-14 Date Accounts 1-Jul Cash Common Stock Debit 15,000.00 1-Jul Baking Supplies Accounts Payable Net 30 8,500.00 3-Jul Cash Credit 15,000.00 8,500.00 10,000.00 Parents Lend Money 7-Jul prepaid rent Rent expense Cash 10,000.00 1,500.00 1,500.00 3,000.00 10-Jul Business License Expense Cash 375.00 11-Jul Misc Expense Cash 250.00 13-Jul Baking Equipment Common Stock 375.00 250.00 5,000.00 5,000.00 13-Jul Advertising Expense Cash 200.00 14-Jul Misc. Supplies Cash 300.00 200.00 300.00 15-Jul No entry 30-Jul Telephone expense Accounts payable 31-Jul Prepaid Insurance Cash 45.00 45.00 1,200.00 1,200.00 31-Jul Salary and wages expense 120.00 Salary and wages payable 31-Jul Cash Accounts receivable Bakery Revenue 120.00 10,000.00 5,000.00 15,000.00 Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Salary and wages payable Cash 8-Aug Cash Debit 120.00 3,200.00 Accounts Receivable 10-Aug Accounts Payable Cash 15-Aug Baking Supplies Accounts Payable 15-Aug Salary and wages expense Salary and wages payable 45.00 5,000.00 480.00 15-Aug Rent expense Cash 1,500.00 18-Aug Cash 1,000.00 Accounts Receivable 20-Aug Accounts payable Cash 8,500.00 20-Aug Salary and wages payable Cash 480.00 22-Aug Misc Supplies Cash 300.00 31-Aug Telephone Expense Accounts payable 31-Aug Salary and wages expense Salary and wages payable 31-Aug Cash Accounts receivable 45.00 420.00 12,500.00 7,500.00 Bakery Revenue Credit 120.00 3,200.00 45.00 5,000.00 480.00 1,500.00 1,000.00 8,500.00 480.00 300.00 45.00 420.00 20,000.00 Peyton Approved General Journal Entries Sep-14 Date 1-Sep Dividends Cash Accounts 5-Sep Salary and wages payable Cash 7-Sep Merchandise Inventory Cash 8-Sep Cash Debit 3,000.00 Credit 3,000.00 420.00 420.00 60.00 60.00 4,000.00 Accounts Receivable 10-Sep Accounts payable Cash 4,000.00 45.00 45.00 11-Sep Baking Supplies Cash 7,000.00 13-Sep Accounts payable Cash 5,000.00 15-Sep Salary and wages expense salary and wages payable 7,000.00 5,000.00 456.00 456.00 15-Sep Rent expense Cash 1,500.00 15-Sep Cash (8 x $8.50) 68.00 1,500.00 68.00 Merchandise Sales Revenue Cost of goods sold Merchandise inventory 48.00 48.00 20-Sep Salary and wages payable Cash 456.00 20-Sep Merchandise Inventory Cash 122.00 456.00 122.00 24-Sep Cash 1(8 x $8.50) 153.00 153.00 Merchandise Sales Revenue Cost of goods sold Merchandise inventory 109.80 109.80 30-Sep Merchandise inventory Cash 151.25 30-Sep Salary and wages expense salary and wages payable 480.00 30-Sep Cash Accounts receivable Bakery Revenue 151.25 480.00 19,000.00 6,000.00 25,000.00 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 $ 157.80 60.00 10 8 $ 20 $ $ Sales 15-Sep 20-Sep 26 2 25 29 29 6.00 $ 48.00 122.00 2 22 22 24-Sep 30-Sep 18 $ 25 $ 55 6.05 $ $ 6.09 $ 109.62 4 157.62 29 29 151.25 333.25 26 $ 333.07 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 $ 6.09 $ $ $ $ 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 12.00 134.00 per unit 134.00 $6.09 24.38 175.45 175.45 $6.05 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 1-Jul 3-Jul 31-Jul 8-Aug 18-Aug 31-Aug 8-Sep 15-Sep 24-Sep 30-Sep Cash 15,000.00 10,000.00 10,000.00 3,200.00 1,000.00 12,500.00 4,000.00 68.00 153.00 19,000.00 3,000.00 375.00 250.00 200.00 300.00 1,200.00 date 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul date Notes Payable 10,000 date 3-Jul 10,000 5-Aug 45.00 1,500.00 8,500.00 480.00 300.00 3,000.00 420.00 60.00 45.00 7,000.00 5,000.00 1,500.00 456.00 10-Aug 15-Aug 20-Aug 20-Aug 22-Aug 1-Sep 5-Sep 7-Sep 10-Sep 11-Sep 13-Sep 15-Sep 20-Sep 122.00 151.25 20-Sep 30-Sep 31-Jul 31-Aug 30-Sep Accounts Rec. 5000 3,200.00 7,500.00 1,000.00 6,000.00 4,000.00 10,300.00 10300 8-Aug 18-Aug 8-Sep 74,921.00 41,016.75 11-Jul 33,904.25 Misc. expense 250.00 13-Jul Baking equipment 5,000 5,000 250 1-Jul 15-Aug 11-Sep Baking supplies 8,500 3900 5,000.00 7,000.00 14-Jul 22-Aug 16,600 7-Jul Prepaid rent 1,500 Misc. supplies 300 550 300.00 50 31-Jul Prepaid insurance 1,200 200 1,000 1,500 10-Aug 20-Aug 10-Sep 13-Sep Accounts payable 45.00 8,500.00 8,500 45 45 5,000 5,000 45 1-Jul 30-Jul 15-Aug 31-Aug Salary and wages expense 31-Jul 120.00 15-Aug 480.00 31-Aug 420.00 15-Sep 456.00 30-Sep 480.00 - 30-Jul 31-Aug Telephone expense 45 45.00 1,836 1-Sep Dividends 3,000 90 3,000 adj baking supplies expense 3,900 adj 3,900 misc supplies expense 550 15-Sep 24-Sep COGS LIF0 48.00 109.80 550 Merchandise Sales Revenue 68.00 153.00 157.80 15-Sep 24-Sep 221.00 15-Sep 24-Sep COGS Weighted Avg. 48.00 109.62 157.62 10-Jul Business License exp 375.00 375 Common Stock 15,000 5,000 1-Jul 13-Jul 20,000 Insurance expense 200 COMPLETION OF STEPS 1- 4 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT 200 13-Jul Advertising expense 200.00 200 7-Jul 15-Aug 15-Sep Rent expense 1,500 1,500.00 1,500.00 4,500 Bakery Sales 15,000 20,000 25,000 60,000 31-Jul 31-Aug Salaries and wages payable 5-Aug 120.00 120.00 20-Aug 480 480.00 5-Sep 420 420.00 20-Sep 456 456.00 480.00 31-Jul 15-Aug 31-Aug 15-Sep 30-Sep 480 depreciation expense 250 250 Interest expense 150 adj 15-Sep 24-Sep 150 COGS FIFO 48.00 109.60 157.60 acc dep 250 250 Interest payable 150 adj 150 7-Sep 20-Sep 30-Sep Merch. Inv. FIFO 60.00 48.00 122.00 109.60 151.25 175.65 15-Sep 24-Sep 7-Sep 20-Sep 30-Sep Merch. Inv. LIFO 60.00 48.00 122.00 109.80 151.25 175.45 15-Sep 24-Sep 7-Sep 20-Sep 30-Sep SUBMIT YOUR Merch. Inv. Avg. 60.00 48.00 122.00 109.62 151.25 175.63 15-Sep 24-Sep Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance 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 Interest expense Interest payable Misc. Supplies expense Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit Credit 41,016.75 20,500.00 175.45 1,500.00 1,200.00 5,000.00 600.00 10,300.00 10,000.00 480.00 20,000.00 3,000.00 60,000.00 221.00 4,500.00 250.00 375.00 200.00 1,836.00 90.00 157.80 90,701.00 90,701.00 - Approved Balance 014 Adjusting entries Debit Credit 3,900.00 200.00 550.00 Adjusted trial balance Debit Credit 41,016.75 16,600.00 175.45 1,500.00 1,000.00 5,000.00 50.00 10,300.00 10,000.00 480.00 20,000.00 3,000.00 60,000.00 221.00 3,900.00 200.00 3,900.00 4,500.00 200.00 250.00 250.00 375.00 200.00 1,836.00 90.00 157.80 250.00 250.00 150.00 CONGRATULATIONS! YOU ARE NOW R WORKBOOK TO COMPLETE THE 4-3 CHECKP 250.00 150.00 150.00 550.00 5,050.00 COMPLETION OF STEPS 5-7 DELIVERABLE: 150.00 550.00 5,050.00 91,101.00 91,101.00 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 250 250.00 30-Sep Interest expense interest payable 150.00 30-Sep Insurance expense Prepaid Insurance 200.00 30-Sep baking supplies expense baking Supplies 30-Sep Misc Supplies expense Misc. Supplies Credit 150.00 200.00 3,900.00 3,900.00 550.00 550.00 Peyton Approved Income Statement For Qtr. Ending 9/30/2014 Revenues: Bakery Revenue Merchandise Sales Total Revenues Less Cost of Goods Sold Gross Profit Less: Expenses Baking supplies expense Rent expense Salary expense Miscellanepus supplies expense Insurance expense Business License expense Depreciation expense Telephone expense Miscellanepus expense Advertising expense Interest expense Total expenses Net Income 60,000.00 221.00 60,221.00 (157.80) 60,063.20 3,900.00 4,500.00 1,836.00 550.00 200.00 375.00 250.00 90.00 250.00 200.00 150.00 12,301.00 $47,762.20 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2014 Retained Earnings beginning bal Add: Net Income Less: Dividends Retained Earnings ending bal 47,762.20 47,762.20 (3,000.00) 44,762.20 Peyton Approved Balance Sheet As of September 30, 2014 Assets Current assets Cash Accounts receivable Merchandise inventory Baking supplies Miscellaneous supplies Prepaid insurance Prepaid Rent Total Current assets Fixed Assets Equipment Less: Accumulated Depreciation Total Fixed assets Total Assets 41,016.75 10,300.00 175.45 16,600.00 50.00 1,000.00 1,500.00 70,642.20 5000 250.00 4,750.00 $ 4,750.00 $75,392.20 Peyton Approved Balance Sheet As of September 30, 2014 Liabilities and Owners' Equity Current Liabilities Account payable Salaries payable Interest payable Total current liabilities Non-current liability Note payable Total Liabilities Owner Equity Common Stock Retained Earnings Total owner equity Total Liabilities and equity $ 480.00 150.00 630.00 10,000.00 10,630.00 20,000.00 44,762.20 64,762.20 $75,392.20 Peyton Approved Closing Entries 9/30/2014 Date Accounts 30-Sep Bakery Revenue Merchandise Sales Income Summary Debit 60,000.00 221.00 60,221.00 Income summary cost of goods Sold Baking supplies expense Rent expense Salary expense Miscellanepus supplies expense Insurance expense Business License expense Depreciation expense Telephone expense Miscellanepus expense Advertising expense Interest expense 12,458.80 Income Summary Retained earnings 47,762.20 Retained earnings Dividend Credit 157.80 3,900.00 4,500.00 1,836.00 550.00 200.00 375.00 250.00 90.00 250.00 200.00 150.00 47,762.20 3,000.00 3,000.00 Peyton Approved Post Closing Trial Balance 9/30/2014 Account Cash Baking Supplies Merchandise Inventory Accounts receivable Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies Accumulated depreciation Notes Payable Accounts Payable Wages Payable Interest payable Common Stock Unadjusted Trial Balance Debit 41,016.75 16,600.00 175.45 10,300.00 1,500.00 1,000.00 5,000.00 50.00 Retained Earnings Total 75,642.20 adjusted Trial Balance Credit 250 10,000.00 0 480.00 150.00 20,000.00 44,762.20 75,642.20 Peyton Approved Reversing Entries 9/30/2014 Date Accounts 30-Sep Interest payable Interest Expense 30-Sep Prepaid insurance Insurance Expense Debit Credit 150 $150.00 200.00 200.00 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