Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I dont know what data is missing. This is everything I have. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided
I dont know what data is missing. This is everything I have.
Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook, Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab.
| WORKSHEET | ||||||
| Peyton Approved | ||||||
| Trial Balance | ||||||
| 2017 | ||||||
| Unadjusted trial balance | Adjusting entries | Adjusted trial balance | ||||
| Account | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash | 55,428.00 | 55,428.00 | ||||
| Baking Supplies | 165,250.00 | 165,250.00 | ||||
| Merchandise Inventory (FIFO) | 25,750.00 | 25,750.00 | ||||
| Prepaid Rent | 7,500.00 | 7,500.00 | ||||
| Prepaid Insurance | 2,400.00 | 2,400.00 | ||||
| Baking Equipment | 26,000.00 | 26,000.00 | ||||
| Accumulated Depreciation | 3,000.00 | 3,000.00 | ||||
| Leasehold Improvements | 10,000.00 | 10,000.00 | ||||
| Accumulated Amortization | 2,000.00 | 2,000.00 | ||||
| Trademark | 2,300.00 | 2,300.00 | ||||
| Office Supplies | 1,600.00 | 1,600.00 | ||||
| Accounts Receivable | 30,401.00 | 30,401.00 | ||||
| Notes Payable | 10,000.00 | 10,000.00 | ||||
| Interest Payable | - | |||||
| Accounts Payable | 27,325.00 | 27,325.00 | ||||
| Wages Payable | - | |||||
| Loans Payable | 21,000.00 | 21,000.00 | ||||
| Common Stock | 30,000.00 | 30,000.00 | ||||
| Dividends | 20,000.00 | 20,000.00 | ||||
| Bakery Sales | 335,675.00 | 335,675.00 | ||||
| Merchandise Sales | 35,200.00 | 35,200.00 | ||||
| Baking Cost of Goods Sold | - | |||||
| Rent Expense | 90,000.00 | 90,000.00 | ||||
| Interest Expense | - | |||||
| Insurance Expense | - | |||||
| Depreciation Expense | - | |||||
| Amortization Expense | - | |||||
| Misc. Expense | 2,780.00 | 2,780.00 | ||||
| Office Supplies Expense | - | |||||
| Business License Expense | 375.00 | 375.00 | ||||
| Advertising Expense | 5,200.00 | 5,200.00 | ||||
| Wages Expense | - | |||||
| Telephone Expense | 3,456.00 | 3,456.00 | ||||
| Merchandise COGS (FIFO) | 15,760.00 | 15,760.00 | ||||
| Total: (FIFO) | 464,200.00 | 464,200.00 | - | - | 464,200.00 | 464,200.00 |
| Peyton Approved | ||||||
| Adjusting Journal Entries | ||||||
| 2017 | ||||||
| Date | Accounts | Debit | Credit | |||
| 31-Dec | Depreciation Expense | |||||
| Accumulated depreciation | ||||||
| 31-Dec | Amortization Expense | |||||
| Accumulated Amortization | ||||||
| 31-Dec | Interest Expense | |||||
| Interest Payable | ||||||
| 31-Dec | Insurance Expense | |||||
| Prepaid Insurance | ||||||
| 31-Dec | Baking Cost of Goods Sold | |||||
| Baking Supplies | ||||||
| 31-Dec | Office Supplies Expense | |||||
| Office Supplies | ||||||
| 31-Dec | Wages Expense | |||||
| Wages Payable | ||||||
| - | - | |||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started