Hi,

I need help with a final project for an accounting class.

Running head: ACC 201 FINAL PROJECT PART II BANK MEMO 1 DELETE EVERYTHING THAT APPEARS IN RED Review the Final Project Part II Guidelines and Rubric document to see how your paper will be scored. Be sure to use the information from your accounting cycle workbook to support your answers. Be sure to follow APA format when providing references. If you have questions on APA formatting, you can check the Purdue OWL website or seek help from the SNHU Writing Lab. Notes on APA in a Formal Assignment Use one-inch margins on all sides. Use 12-point Times New Roman font with double spacing. Paragraphs should be at least three to four sentences in length. Do not include the headings \"Introduction\" and \"Conclusion.\" These are included below to help you lay out your paper. APA format assumes that the introduction begins the paper, the body continues the paper, and the conclusion wraps up the paper, so those headings are not needed. Indent the first line of every paragraph by 0.5\". Be careful not to use personal pronouns such as \"I.\" Be sure to replace all of the text in red with your own writing. (This entire first page can be deleted after you review the guidelines. Your paper should begin with the title page that follows.) ACC 201 Final Project Part II Bank Memo Your Name Southern New Hampshire University ACC 201 Final Project Part II Bank Memo 2 REMEMBER: DELETE EVERYTHING THAT APPEARS IN RED Memo Heading (delete this heading in your final paper) To: From: Date: Subject: Introduction (delete this heading in your final paper) In your opening paragraph, very briefly introduce the purpose of your memo. Prior to stating this purpose, state the name of the company, its primary business purpose, and some other general or demographic information about the business. Lastly, inform the reader of the purpose of your memo, which is to request a loan for business expansion. Three or four sentences are sufficient. Overview of the Company's Accounting System (Keep this heading in your final paper) Using content from your accounting cycle workbook and your accounting cycle report, submitted in Final Project Part I, provide an overview of the company's accounting system. What basis of accounting is used? Why? How does it support responsible practices within the company? Accounting Process and Internal Controls for Cash (Keep this heading in your final paper) Using content from your accounting cycle report, submitted in Final Project Part I, what strategies is the business using to ensure responsible accounting practices? Why have these strategies been selected? Describe the overall accounting process. For example, when are entries made, how often are statements produced and reviewed, and why? Describe the internal controls for cash that are in place. Results of Operations and Strengths and Weaknesses of the Company (Keep this heading in your final paper) Using content from your accounting cycle workbook, submitted in Final Project Part I, analyze the results of operations. What do these results tell a business? What is the company doing well and what changes might be needed? What do the financial statements say about the ACC 201 Final Project Part II Bank Memo 3 strengths and weaknesses of the company's financial position? Be sure to discuss the role of ratio analysis. Analysis and Opportunities (Keep this heading in your final paper) Overall, is the company going in the right direction? Why or why not? What opportunities can the company explore given its strengths and weaknesses? How would these be beneficial? Support your analysis with information from your accounting cycle workbook. Conclusion (delete this heading in your final paper) The conclusion reminds the reader what your memo is about and allows you to make a final point without introducing new information. You may request a meeting with your reader in this paragraph. Three or four sentences are sufficient. Use a sign-off greeting such as \"Sincerely\" or \"Cordially.\" ACC 201 Final Project Part II Bank Memo 4 References Nobles, T. L., Mattison, B. L., Matsumura, E. M. (2014). Horngren's financial and managerial accounting (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc. Make sure that you provide appropriate citations in APA style. The textbook is provided as an example and should be kept in the references for your paper. Feel free to add other resources. To add credibility to your paper, remember to cite ALL of the sources within the body of the paper as well as in the References list at the end. References should be in alphabetical order by the author's last name. Asset Accounts Liability Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies Accounts Receivable Accumulated Depreciation Equity Accounts Acct # 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 Acct # 201 Common Stock 202 Dividends 203 204 301 302 Revenue Accounts Acct # Bakery Sales Merchandise Sales 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. 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 501 502 503 504 505 506 507 508 509 510 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 Purchased baking goods on account 3-Jul Cash Notes Payable To record two-year 6% noted payable issued 7-Jul Prepaid Rent Rent expense cash to prepay rent Debit 15,000.00 Credit 15,000.00 8,500.00 8,500.00 10,000.00 10,000.00 1,500.00 1,500.00 3,000.00 10-Jul Business license expense cash purchase of business license 375.00 11-Jul Misc Expense cash to record purchase of cash register 250.00 13-Jul Baking equipement common stock transfer of baking equipement to business 375.00 250.00 5,000.00 5,000.00 13-Jul advertising expense cash to record advertising expense incurred 200.00 14-Jul misc Supplies cash to record purchase of misc supplies 300.00 200.00 300.00 15-Jul no entry Part time help 30-Jul Telephone expense accounts payable to record telephone bill due in August 31-Jul Prepaid Insurance cash to record prepaid insurance 45.00 45.00 1,200.00 1,200.00 31-Jul Salary expense salary payable to record salary paid 120.00 31-Jul accounts receivable cash Sales 5,000.00 10,000.00 120.00 15,000.00 Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Salary payable cash Debit Credit 120.00 120.00 8-Aug cash accounts receivable 3,200.00 10-Aug accounts payable cash to pay telephone bill 15-Aug baking supplies accounts payable 45.00 15-Aug salary expense salary payable 3,200.00 45.00 5,000.00 5,000.00 480.00 480.00 15-Aug Rent expense cash 1,500.00 18-Aug cash accounts receivable 1,000.00 20-Aug accounts payable cash to record purchase of baking supplies 8,500.00 1,500.00 1,000.00 8,500.00 20-Aug wages payable cash 480.00 22-Aug misc supplies cash 300.00 31-Aug telephone expense accounts payable 31-Aug salary expense salary payable 31-Aug cash accounts receivable sales 480.00 300.00 45.00 45.00 420.00 420.00 12,500.00 7,500 $ 20,000.00 Peyton Approved General Journal Entries Sep-14 Date Accounts 1-Sep Dividends cash 5-Sep wages payable cash 7-Sep Merchandise Inventory (10 x $6) Cash purchased inventory 8-Sep Cash accounts Receivable 10-Sep accounts payable cash to pay telephone bill Debit Credit 3,000.00 3,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 45.00 45.00 11-Sep baking supplies accounts payable to record purchase of baking supplies 7,000.00 13-Sep accounts payable cash vendor payment on account 5,000.00 15-Sep wages payable salary payable 15-Sep rent expense cash 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 to 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 salary payable 456.00 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 (2x $6) + (16 x $6.10) Merchandise Inventory Recorded the cst of goods sold 109.60 30-Sep Merchandise Inventory (25 x $6.05) cash 151.25 30-Sep salary expense salary payable 480.00 30-Sep cash accounts receivable sales 456.00 122.00 153.00 109.60 151.25 480.00 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 $ 6.00 $ 6.10 $ $ 12.00 97.60 109.60 12.00 6.00 $ 6.10 $ $ 12.00 122.00 134.00 4 $ 6.10 $ 24.40 4 $ 25 $ 29 29 6.10 $ 6.05 $ $ $ 24.40 151.25 175.65 175.65 LIFO 7-Sep Purchases 10 $ 6.00 $ 333.25 6.10 $ 157.60 Ending Inventory 10 $ 6.00 $ 60.00 60.00 8 $ 20 $ $ Sales 15-Sep 20-Sep 26 6.00 $ 48.00 122.00 24-Sep 2 $ 2 $ 20 $ 22 18 $ 6.10 $ 109.80 2 $ 2 $ 4 6.00 $ 6.00 $ 6.10 $ $ 6.00 $ 6.10 $ $ 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 Merchandise Inventory (20 x $6.10 ) Cash 122.00 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 109.60 151.25 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 122.00 153.00 109.60 151.25 60.00 12.00 12.00 122.00 134.00 12.00 12.20 24.20 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 68.00 48.00 55 weighted average 7-Sep 6.05 $ $ Purchases 10 $ 6.00 $ 151.25 333.25 6.10 $ 25 $ 55 6.05 $ $ 6.00 $ 48.00 6.09 $ 109.62 151.25 333.25 2 $ 2 $ 20 $ 22 18 $ 26 6.00 $ 6.10 $ 6.05 $ $ $ 12.00 12.20 151.25 175.45 175.45 Ending Inventory 10 $ 6.00 $60 122.00 24-Sep 30-Sep 157.80 60.00 8 $ 20 $ $ Sales 15-Sep 20-Sep 26 2 $ 2 $ 25 $ 29 29 157.62 4 4 25 $ 29 6.00 $ 6.00 $ 6.10 $ $ $ $ 6.05 $ $ 122.00 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 109.80 30-Sep Merchandise Inventory (25 x $6.05) Cash 25 $ 20-Sep Merchandise Inventory (20 x $6.10) Cash 24-Sep Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale 30-Sep Cr 60.00 30-Sep Merchandise Inventory (25 x $6.05) Cash $ 151.25 6.00 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory Dr 60.00 24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 55 6.05 $ 48.00 2 $ 2 $ 20 $ 22 2 $ 16 $ 25 $ 6.00 $ 122.00 24-Sep 30-Sep Ending Inventory 10 $ 6.00 $ 60.00 151.25 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 122.00 153.00 109.80 151.25 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 68.00 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 153.00 122.00 153.00 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 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 151.25 109.62 151.25 date 15-Aug 20-Aug 20-Aug 22-Aug 31-Aug 1-Sep 7-Sep 45.00 420.00 5,000.00 10-Sep 5-Sep 13-Sep 15-Sep 20-Sep 122.00 20-Sep 151.25 8-Sep 1,500.00 480.00 8,500.00 300.00 45.00 1,500.00 456.00 31-Aug 10-Aug 3,000.00 60.00 18-Aug 5-Aug 45.00 8-Aug 31-Jul 120.00 31-Jul date 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 1,200.00 1-Jul 3-Jul Cash 15,000.00 3,000.00 10,000.00 375.00 250.00 200.00 300.00 date Notes Payable 30-Sep cash 10,000 date 3-Jul 10,000 bal 10-Jul Business License exp 375 bal 375 10,000.00 3,200.00 1,000.00 31-Jul 31-Aug 30-Sep 12,500.00 4,000.00 Accounts Rec. 5,000.00 3200 7500 1,000.00 6000 4,000.00 18500 10,300.00 bal 8-Aug 18-Aug 8-Sep Insurance expense 1,200.00 31-Jul 8200 bal 15-Sep 68.00 24-Sep 200 153.00 30-Sep 19,000.00 49,282.75 c/d bal b/d 74,921.00 47,896.75 11-Jul 27,024.25 bal Misc. expense 250 13-Jul Baking equipment 5,000 13-Jul bal bal bal 250 1-Jul 15-Aug 11-Sep Baking supplies 8,500 5000 7000 14-Jul 22-Aug bal bal 5,000 Misc. supplies 300 300 7-Jul 15-Aug 15-Sep 600 20,500 bal Prepaid insurance 7-Jul Prepaid rent 1,500 31-Jul bal bal 1,200 1,200 1,500 10-Aug 20-Aug 10-Sep 13-Sep Accounts payable 45 8500 8,500 45 45 5,000 5,000 45 7,000 31-Jul 15-Aug 31-Aug 15-Sep 30-Sep 1-Jul 30-Jul 15-Aug 31-Aug 11-Sep Salary and wages expense 120 480 420 456 480 5-Aug 20-Aug 5-Sep 20-Sep bal 7,000 bal bal 30-Jul 1,956 Telephone expense 45 1-Sep 31-Aug bal 45 90 bal adj Dividends 3,000 baking supplies expense 8500 3000 1-Jul adj COGS LIF0 0 8500 misc supplies expense adj 15-Sep 24-Sep 0 Merchandise Sales Revenue 15-Sep 68 24-Sep 153 bal 221.00 - bal COGS Weighted Avg. Merch. Inv. FIFO 7-Sep 60.00 20-Sep 30-Sep 122.00 151.25 333.00 - bal 176 cense exp Common Stock 15,000 5,000 1-Jul 13-Jul 20,000 bal expense 1,000.00 30-Sep COMPLETION OF STEPS 1- 4 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT Advertising expense 200 200 Rent expense 3,000 1500 1500 6,000 4,500 1,500 1,500 Bakery Sales 5,000 10,000 12,500 7,500 19,000 6,000 31-Jul 31-Jul 31-Aug 31-Aug 30-Sep 30-Sep 60,000 bal Salaries and wages payable 120 120 480 480 420 420 456 456 456 480 31-Jul 15-Aug 31-Aug 15-Sep 20-Sep 30-Sep 480 depreciation expense Adj Sep 30 208.33 acc dep Adj 208.33 208.33 Interest expense 1800 bal 208.33 Interest payable 150 adj 1800 COGS FIFO 48.00 109.60 150 157.60 nv. FIFO Merch. Inv. LIFO 48.00 109.60 158 15-Sep 24-Sep Merch. Inv. Avg. - - Account Peyton Approved Trial Balance 2014 Unadjusted trial balance Adjusting entries Debit Credit Debit Credit Cash 47,896.75 Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance 20,500.00 175.65 1,500.00 Baking Equipment 47,896.75 19,400.00 1,000.00 5,000.00 Misc. Supplies Accounts Receivable Notes Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Insurance Expense 20,500.00 175.65 ### 1,000.00 550.00 250.00 375.00 200.00 1,956.00 90.00 157.60 - 600.00 ### 10,000.00 7,000.00 480.00 20,000.00 550.00 ### ### ### ### 3,000.00 ### 60,000.00 221.00 ### ### 19,400.00 4,500.00 1,200.00 1,000.00 550.00 - 208.33 150.00 - 97,701.00 - 19,400.00 4,500.00 1,200.00 WORKBOOK TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT 150.00 21,308.33 150.00 119,009.33 COMPLETION OF STEPS 5-7 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR 208.33 150.00 21,308.33 1,000.00 800.00 375.00 ### ### ### 157.60 208.33 208.33 - 97,701.00 19,400.00 ### 600.00 10,300.00 Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS Depreciation Expense Accumulated Depreciation Interest expense Accrued interest payable Adjusted trial balance Debit Credit 119,009.33 Peyton Approved Adjusting Journal Entries 2014 Date Accounts 30-Sep Depreciation Expense accumulated depreciation 30-Sep interest expense accured interest expense 30-Sep insurance expense Prepaid insurance 30-Sep Baking supplies sales 30-Sep Misc. Supplies Cash Debit 208.33 Credit 208.33 150.00 150.00 1,000.00 1,000.00 19,400.00 19,400.00 550.00 550.00 Peyton Approved Income Statement For Qtr. Ending 9/30/2014 Revenues Sales revenue Mechandise Sales Total Revenue Less: Cost of Goods Sold Gross Profit Expenses Misc Supplies Expenses Baking Supplies Expenses Rent Expense salary Expenses Insurance Expense Depreciation expense-Equipment Telephone Expense Misc Expense Advertising expense Interest Expense Business License Expense Total Expense Net Income $60,000.00 $221.00 $60,221.00 $157.60 $60,063.40 $550.00 $19,400.00 $4,500.00 $1,956.00 $200.00 $208.33 $90.00 $250.00 $200.00 $150.00 $375.00 $27,879.33 $32,184.07 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 $ $32,184.07 $32,184.07 $3,000.00 $29,184.07 Peyton Approved Balance Sheet As of September 30, 2014 Assets Current Assets Cash Merchandise Inventory Baking supplies Accounts Receivable Miscellaneous supplies Prepaid Insurance Prepaid Rent Total Current assets Fixes Assets Equipment Less: Accumulated Depreciation Total assets $47,896.75 $175.65 $1,100.00 $10,300.00 $50.00 $1,000.00 $1,500.00 $62,022.40 $5,000.00 $208.33 $4,791.67 $4,791.67 $66,814.07 Liabilities and Owners' Equity Current Liabilities Account Payable Salaries payable $7,000.00 $480.00 Interest payable Total current liabilities Long-term liabilities Note payable Total Liabilities $150.00 $7,630.00 $10,000.00 $17,630.00 Owner Equity Common Stock Retained Earnings Total owner equity $20,000.00 $29,184.07 $49,184.07 Total Liabilities and equity $66,814.07 Peyton Approved Closing Entries 9/30/2014 Date Accounts 30-Sep Sales Revenue Income summary To close revenue account Debit 60,221.00 Credit 60,221.00 Income summary Misc supplies expense Baking supplies expense Rent expense Salary expense Insurance expense Depreciation expense - Equiptment Telephone expense Misc expense Advertising expense Interest expense Buisness License Expense 27,879.33 550.00 19,400.00 4,500.00 1,956.00 200.00 208.33 90.00 250.00 200.00 150.00 375.00 To close all expense account Income summary Retained Earnings To transfer net income to R/E $ Retained Earnings Dividends To close dividend to R/E $ 32,184.07 $ 32,184.07 $ 3,000.00 3,000.00 Peyton Approved Post Closing Trial Balance 9/30/2014 Account Cash Merchandise inventory Baking supplies Accounts receivable Miscellaneous supplies Prepaid insurance Equiptment Prepaid Rent Accumulated Depreciation - Equiptment Account payable Salaries payable Note payable Interest payable Common Stock Retained Earnings Total Unadjusted Trial Balance Debit Credit $47,897.00 $176.00 $1,100.00 $10,300.00 $50.00 $1,000.00 $5,000.00 $1,500.00 $67,022 $208 $7,000.00 $480.00 $10,000.00 $150.00 $20,000.00 $29,184.00 $67,022.00 Peyton Approved Reversing Entries 9/30/2014 Date Accounts 30-Sep interest payable interest Expense 30-Sep Prepaid Insurance Insurance Expense Debit $150.00 Credit $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