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Prepare the unadjusted trial balance. Note that you should use the T account balances completed in the previous step to prepare the unadjusted trial balance portion of the Trial Balance tab in your workbook.

Complete the Adjusting Entries tab in your workbook using the Step Six data in the appendix. Note that you should take the adjusting entries from this worksheet and enter them into the Trial Balance tab in your workbook.

Apply adjusting entries to create the adjusted trial balance. Note that the adjusting entries from Step Six will apply to affected accounts in the unadjusted trial balance to arrive at the adjusted trial balance.

Step six Data:

Depreciation of baking equipment transferred to company on 7/13. Assume a half month of depreciation in July using the straight-line method.

Accrue interest for note payable. Assume a full month of interest for July. (6% annual interest on $10,000 loan from parents.)

Record insurance used for the year.

Actual baking supplies on-hand as of September 30 are $1,100.

Office supplies on-hand as of September 30 are $50.

Peyton Approved
Trial Balance
2018
	Unadjusted trial balance		Adjusting entries		Adjusted trial balance
Account	Debit	Credit	Debit	Credit	Debit	Credit
Cash	32,236.75				32,236.75
Baking Supplies	18,500.00				18,500.00
Merchandise Inventory (FIFO)	175.65				175.65
Prepaid Rent	1,500.00				1,500.00
Prepaid Insurance	2,400.00				2,400.00
Baking Equipment	6,000.00				6,000.00
Accumulated Depreciation
Office Supplies	600.00				600.00
Accounts Receivable	7,700.00				7,700.00
Notes Payable		10,000.00				10,000.00
Interest Payable						-
Accounts Payable		5,000.00				5,000.00
Wages Payable		480.00				480.00
Common Stock		16,000.00				16,000.00
Dividends	10,000.00				10,000.00
Bakery Sales		55,000.00				55,000.00
Merchandise Sales		221.00				221.00
Baking Supplies Expense					-
Rent Expense	4,500.00				4,500.00
Interest Expense					-
Insurance Expense					-
Depreciation Expense			250.00		250.00
Misc. Expense	250.00				250.00
Office Supplies Expense					-
Business License Expense	375.00				375.00
Advertising Expense	200.00				200.00
Wages Expense	1,956.00				1,956.00
Telephone Expense	150.00				150.00
COGS (FIFO)	157.60				157.60
Total: (FIFO)	86,701.00	86,701.00	250.00	250.00	86,951.00	86,951.00

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