I am unable to balance mybalance sheet for my company's financial workbook. My trial balance is balanced, but I am unsure if the retained earnings are correct which leads to my balance sheet. Some help, please.

\fAsset 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 Misc. Supplies Expense 501 502 503 504 505 506 507 508 509 510 511 Peyton Approved General Journal Entries Jul-14 Date Accounts 1-Jul Cash Common Stock issued common stock 1-Jul Baking supplies Accounts payable purchased supplies on account 3-Jul Cash Note Payable borrowed cash on notes payable 7-Jul Rent Expense Cash paid cash rent expense lease for 12months eff 1 jul 2014 Is part of this prepaid? Rent is 1500/month 10-Jul Business license exp paid cash license expense 11-Jul Misc Expense Cash Bought cash register deemed not suitable misc exp 13-Jul Baking Equipment Common Stock Issued common stock for baking equip-oven and mixer 13-Jul Advertising Expense Cash paid cash expense 14-Jul Misc Supplies Expense Cash paid cash for misc supplies 30-Jul Telephone Expense Accounts Payable accrued telephone liability 31-Jul Prepaid Insurance Cash Insurance in advance cash effective 1 Aug-31 Jul 2015 31-Jul Cash Accounts Receivable Bakery Sales 31-Jul Wages Expense Wages Accounts payable Debit 15,000.00 Credit 15,000.00 8,500.00 8,500.00 10,000.00 10,000.00 3,000.00 3,000.00 375.00 375.00 250.00 250.00 5,000.00 5,000.00 200.00 200.00 300.00 300.00 45.00 45.00 1,200.00 1,200.00 10,000.00 5,000.00 15,000.00 120.00 120.00 Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Wages account payable Cash paid employee salary period ending 7/31 8-Aug Cash Accounts receivable received cash from customers towards acc rec 10-Aug Accounts payable Cash paid phone bill on accounts payable 15-Aug Baking Supplies Vendor payable purchased baking supplies on account 18-Aug Cash Accounts receivable received cash from customers towards acc rec 20-Aug Vendor payable Cash paid cash for towards baking supplies vendor payable 20-Aug Salary Expense Cash paid employee salary period ending 8/15 22-Aug Misc Supplies Cash paid cash for miscellaneous supplies 31-Aug Telephone Expense Accounts payable accounts payable telephone bill Aug due 10 Sept 31-Aug Wages Expense wages account payable accrued wages payable for period ending 8/15 31-Aug Cash Accounts receivable Bakery Sales record bakery sales cash and accounts receivable Debit 120.00 Credit 120.00 3,200.00 3,200.00 45.00 45.00 5,000.00 5,000.00 1,000.00 1,000.00 8,500.00 8,500.00 480.00 480.00 300.00 300.00 45.00 45.00 420.00 420.00 12,500.00 7,500.00 20,000.00 Peyton Approved General Journal Entries Sep-14 Date Accounts 1-Sep Dividends Cash paid cash dividends 5-Sep Wage Account payable Cash paidcash wage expense period ending 8/31 7-Sep Merchandise Inventory (10 x $6) Cash purchased inventory cash 8-Sep Cash Accounts Receivable received cash payment from customers toward Accounts Receivable 10-Sep Accounts payable Cash paid cash accounts payable phone bill Aug 16 11-Sep Baking supplies Accounts payable bought bakings supplies on account 13-Sep Accounts payable Cash paid cash on accounts payable 15-Sep Wages Expense Wages Accounts payable accrued salaries expense perid 15sep 15-Sep Rent Expense Cash paid cash rent expense 15-Sep Cash Merchandise sales sales cash 15-Sep COGS(8x$6) merchandise Inventory record sale of inventory 20-Sep Wages Expense Cash paid cash salary expense 20-Sep Merchandise inventory (20 x $6.10) Cash paid cash merchandise inventory 24-Sep Cash Merchandise Sales sales cash 24-Sep cogs(2x$6)+(16x$6.10) merchandise inventory record sale of inventory 30-Sep Merchandise Inventory (25 x $6.05) Cash paid cash for merchandise inventory 30-Sep Wages Expense Wages Accounts payable accrued salaries expense perid 30sep 30-Sep Cash Accounts Receivable Bakery sales record bakery sales cash and accounts receivable Debit 3,000.00 Credit 3,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 45.00 45.00 7,000.00 7,000.00 5,000.00 5,000.00 456.00 456.00 1,500.00 1,500.00 68.00 68.00 48.00 48.00 456.00 456.00 122.00 122.00 153.00 153.00 109.60 109.60 151.25 151.25 480.00 480.00 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 24.38 151.25 175.63 $6.06 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 1-Jul 3-Jul 31-Jul 8-Aug 18-Aug 31-Aug 8-Sep 15-Sep 24-Sep 30-Sep Cash 15,000.00 3,000.00 10,000.00 375.00 10,000.00 250.00 3,200.00 200.00 1,000.00 300.00 12,500.00 1,200.00 4,000.00 120.00 68.00 45.00 153.00 8,500.00 19,000.00 480.00 300.00 3,000.00 420.00 60.00 45.00 5,000.00 1,500.00 456.00 122.00 151.25 date 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul 5-Aug 10-Aug 20-Aug 20-Aug 22-Aug 1-Sep 5-Sep 7-Sep 10-Sep 13-Sep 15-Sep 20-Sep 20-Sep 30-Sep date Notes Payable 10,000 date 3-Jul 10,000 31-Jul 31-Aug 30-Sep Accounts Rec. 5000 3200 7500 1000 6000 4000 Business License exp 10-Jul 375 Common Stock 15,000 5,000 375 1-Jul 13-Jul 20,000 Insurance expense 8-Aug 18-Aug 8-Sep COMPLETION OF STEPS 1- 4 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT 10300 74,921.00 49,396.75 11-Jul 14-Jul 0 25,524.25 Misc. expense 250 300 13-Jul Baking equipment 5,000 13-Jul Advertising expense 200 200 550 1-Jul 15-Aug 11-Sep Baking supplies 8,500 5000 7000 20,500 22-Aug Misc. supplies 300 7-Jul 15-Sep Rent expense 3,000 1500 300 4,500 Prepaid rent Prepaid insurance 31-Jul 1,200 Bakery Sales 15,000 31-Jul 20,000 25,000 31-Aug 30-Sep 1,200 60,000 - 10-Aug 20-Aug 10-Sep 13-Sep Accounts payable 45 8500 8,500 45 45 5,000 5,000 45 7,000 1-Jul 30-Jul 15-Aug 31-Aug 11-Sep Salary and wages expense 31-Jul 120 20-Aug 480 31-Aug 420 15-Sep 456 30-Sep 480 Salaries and wages payable 5-Aug 120 120 20-Aug 480 480 5-Sep 420 420 20-Sep 456 456 480 31-Jul 15-Aug 31-Aug 15-Sep 30-Sep 7,000 30-Jul 31-Aug Telephone expense 45 45 1,956 480 Dividends depreciation expense 3000 acc dep 1-Sep 90 0 Interest expense baking supplies expense adj 0 Interest payable adj 0 misc supplies expense adj 15-Sep 24-Sep COGS LIF0 48.00 109.80 adj 15-Sep 24-Sep 0 COGS FIFO 48.00 109.60 0 0 Merchandise Sales Revenue 68.00 153.00 157.80 157.60 15-Sep 24-Sep 221.00 COGS Weighted Avg. 15-Sep 48.00 24-Sep 109.62 157.62 7-Sep 20-Sep Merch. Inv. FIFO 60.00 48.00 122.00 109.60 24.40 15-Sep 24-Sep 7-Sep 20-Sep Merch. Inv. LIFO 60.00 48.00 122.00 109.80 24.20 15-Sep 24-Sep 7-Sep 20-Sep Merch. Inv. Avg. 60.00 48.00 122.00 109.62 24.38 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 Misc Supplies Expense* Interest Expense* Interest Payable* Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit Credit 49,396.75 20,500.00 175.65 Adjusting entries Debit Credit 19,400.00 1,200.00 Adjusted trial balance Debit Credit ### 1,100.00 ### 200.00 250.00 5,000.00 300.00 10,300.00 1,000.00 ### 50.00 ### 10,000.00 7,000.00 480.00 20,000.00 ### ### ### ### 3,000.00 ### 60,000.00 221.00 ### ### 19,400.00 200.00 ### ### ### 208.33 ### ### ### ### ### ### 208.33 4,500.00 550.00 375.00 200.00 1,956.00 90.00 157.60 208.33 250.00 150.00 97,701.00 20,208.33 CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR WORKBOOK TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT 208.33 ### ### 150.00 97,701.00 COMPLETION OF STEPS 5-7 DELIVERABLE: 20,208.33 *These accounts will not be utilized before the adjusting process. They should have zero balance in the unadjusted trial balance. 150.00 98,059.33 98,059.33 Peyton Approved Adjusting Journal Entries 2014 Date Accounts 30-Sep Depreciation Expense accumulated depreciation 30-Sep Interest Expense Interest payable to record interest expense 30-Sep Insurance Prepaid insurance to record insurance used 30-Sep Baking supplies Baking supplies used to record supplies on hand 30-Sep Misc supplies expense misc supplies to record misc supplies on hand Debit 208.33 Credit 208.33 150.00 150.00 200.00 200.00 19,400.00 19,400.00 50.00 50.00 Peyton Approved Income Statement For Qtr. Ending 9/30/2014 Revenues: Bakery Sales Revenue Total Revenue: Total Revenue: Less: cost of goods sold Gross Profit: Expenses: Baking supplies expense Rent Expense Insurance Expense Misc Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Depreciation Expense Misc Supplies Expense Interest Expense Total Expenses: Net Income: $ 60,000.00 221.00 60,221.00 157.6 60063.4 19400 4500 200 550 375 200 1956 90 208.33 250 150 10,920.67 49142.73 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2014 Retained earnings, July 1, 2014 Net income for Qtr Dividends Retained Earnings, September,30,2014 $0 $49,143 $49,142.73 -3000 $46,142.73 Peyton Approved Balance Sheet As of September 30, 2014 Assets Current Assets Cash Baking Supplies Merchandise Inventory Prepaid Insurance Misc Supplies Accounts Receivable Total Current Assets Plant Assets Baking Equipment Less: Accumulated Depreciation Total Plant Assets Total Assets Liabilities and Owners' Equity $ 49,396.75 1,100.00 175.65 1,000.00 50.00 10,300.00 62,022.40 5,000.00 (208.33) 4791.67 $ 66,814.07 Current Liabilities Notes Payable Accounts Payable Wages Payable Interest Payable $ 10,000.00 7,000.00 480.00 150.00 Stockholders Equity Common Stock Retained Earnings Total Stockholder Equity 20,000.00 46142.73 66142.73 Total liabilities and Stockholder Equity 83,772.73 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 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