I need my trial balance to be corrected as I know it does not match and I need a lot of help completing steps 8-11.

Record financial data that accurately captures business transactions according to accepted accounting principles:

A. Step One: Complete the July Journal Entries tab in your workbook using the Step One data in the appendix.

Step Two: Complete the August Journal Entries tab in your workbook using the Step Two data in the appendix.

C. Step Three: Complete the September Journal Entries tab in your workbook using the Step Three data and updated scenario information in the appendix. Note that there was an additional line of products added this month, so you must first complete the Inventory Valuation tab in your workbook and copy the journal entries from the inventory evaluation page into your journal for this month to ensure the impact of merchandising is reflected in your reporting.

Apply the accrual basis of accounting to correctly create adjusting entries in the preparation of financial statements:

A. Step Five: Prepare the unadjusted trial balance. Note that you should use the T account balances completed in Step Four to prepare the unadjusted trial balance portion of the Trial Balance tab in your workbook.

B. Step Six: 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.

C. Step Seven: 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.

Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles:

A. Step Eight: Prepare the financial statements. Note that you must use your adjusted trial balance to prepare the income statement, statement of owners equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them.

B. Step Nine: Complete the Closing Entries tab in your workbook by closing all temporary income statement amounts to create closing entries.

C. Step Ten: Prepare the Post Closing Trial Balance tab for the next accounting period. [ACC-201-03] D. Step Eleven: Prepare the reversing entries in the Reversing Entries tab of your workbook.

Step One Data

The following events occur in July, 2018: July 1: You take $10,000 from your personal savings account and buy common stock in Peyton Approved.

July 1: Purchase $6,500 in baking supplies from vendor, on account.

July 3: Your parents lend the company $10,000 cash in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.

July 7: Enter into a lease agreement for bakery space. The agreement is for 1 year. The rent is $1,500 per month, and the last months rent payment of $1,500 is required at time of lease agreement. The payment was made in cash. Lease period is effective July 1, 2018, through June 30, 2019.

July 10: Pay $375 to the county for a business license.

July 11: Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipmentuse misc. exp.).

July 13: You have baking equipment, including an oven and mixer, which you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $6,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life.

July 13: Pay $200 for business cards/flyers/posters/ads to use for advertising.

July 14: Pay $300 for office supplies.

July 15: Hire part-time helper to be paid $12 per hour. Pay periods are the 1st through the 15th and 16th through the end of the month, with paydays being the 20th for the first pay period and the 5th of the following month for the second pay period. (No entry is required on this date; it is here for informational purposes only.)

July 30: Received telephone bill for July in amount of $75. Payment is due on August 10.

July 31: Pay $2,400 for a 12-month insurance policy. Policy effective dates are August 1, 2018, through July 31, 2019.

July 31: Accrue wages earned for employee for period of 16th through 31st of July (Wage calculations table provided below). July 31: Total July bakery sales were $15,000. $5,000 of these sales are on accounts receivable.

Step Two Data

The following events occur in August, 2018:

August 5: Paid employee for period ending 7/31.

August 8: Receive payments from customers towards accounts receivable in amount of $3,800.

August 10: Paid July telephone bill. August 15: Purchase additional baking supplies in amount of $5,000 from vendor, on account.

August 15: Accrue wages earned for employee from period of 1st through 15th of August (Wage calculations table provided below).

August 15: Pay rent on bakery space.

August 18: Receive payments from customers towards accounts receivable in amount of $3,000.

August 20: Paid $8,500 toward baking supplies vendor payable.

August 20: Pay employee for period ending 8/15.

August 22: $300 in office supplies purchased.

August 31: Received telephone bill for August in amount of $75. Payment is due on September 10.

August 31: Accrue wages earned for employee for period of August 16th through August 31st (Wage calculations table provided below).

August 31: August bakery sales total $20,000. $7,500 of this total is on accounts receivable.

Step Three

Updated Scenario: Many customers have been asking for more hypoallergenic products, so in September you start carrying a line of hypoallergenic shampoos on a trial basis. The following information relates to the purchase and sales of the shampoo: ? You use the perpetual inventory method. You are uncertain as to which valuation method to useFIFO, LIFO, or weighted average, so you calculate inventory using all three and then decide which one you would like to choose. Data: The following events occur in September, 2018:

September 1: Paid dividends to self in amount of $10,000.

September 5: Pay employee for period ending 8/31. S

eptember 7: Purchase merchandise for resale. See Inventory Valuation tab for details.

September 8: Receive payments from customers toward accounts receivable in amount of $4,000.

September 10: Pay August telephone bill.

September 11: Purchase baking supplies in amount of $7,000 from vendor on account.

September 13: Paid on supplies vendor account in amount of $5,000.

September 15: Accrue employee wages for period of September 1 through September 15.

September 15: Pay rent on bakery space: $1,500.

September 15: Record merchandise sales transaction. See Inventory Valuation tab for details.

September 15: Record impact of sales transaction on COGS and the inventory asset. See Inventory Valuation tab for details.

September 20: Pay employee for period ending 9/15.

September 20: Purchase merchandise inventory for resale to customers. See Inventory Valuation tab for details.

September 24: Record sales of merchandise to customers. See Inventory Valuation tab for details.

September 24: Record impact of sales transaction on COGS and the inventory asset. See Inventory Valuation tab for details.

September 30: Purchase merchandise inventory for resale to customers. See Inventory Valuation tab for details.

September 30: Accrue employee wages for period of September 16th through September 30th

September 30: Total September bakery sales are $20,000. $6,000 of these sales are on accounts receivable.

Step Six Data

On September 30, the following adjustments must be made: ? [Note: This is a sample.] 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.

	Unadjusted trial balance		Adjusting entries		Adjusted trial balance
Account	Debit	Credit	Debit	Credit	Debit	Credit
Cash	27,891.75				27,891.75
Baking Supplies	18,500.00			1,100.00	17,400.00
Merchandise Inventory (FIFO)	175.65				175.65
Prepaid Rent	1,500.00				1,500.00
Prepaid Insurance	2,400.00			1,200.00	1,200.00
Baking Equipment	6,000.00				6,000.00
Accumulated Depreciation				208.33		208.33
Office Supplies	600.00			50.00	550.00
Accounts Receivable	7,700.00				7,700.00
Notes Payable		10,000.00				10,000.00
Interest Payable				150.00		150.00
Accounts Payable		4,955.00				4,955.00
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			1,100.00		1,100.00
Rent Expense	4,500.00				4,500.00
Interest Expense			1,350.00		1,350.00
Insurance Expense					-
Depreciation Expense			208.33		208.33
Misc. Expense	250.00				250.00
Office Supplies Expense			50.00		50.00
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)	82,356.00	86,656.00	2,708.33	2,708.33	82,714.33	87,014.33