Question
I need to write an Accounting Cycle Report and I have no clue what to write, these are my #: Unadjusted trial balance Adjusting entries
I need to write an Accounting Cycle Report and I have no clue what to write, these are my #:
Unadjusted trial balance | Adjusting entries | Adjusted trial balance | ||||
Account | Debit | Credit | Debit | Credit | Debit | Credit |
Cash | 47,896.75 | 47,896.75 | ||||
Baking Supplies | 20,500.00 | 19,400.00 | 1,100.00 | |||
Merchandise Inventory | 175.63 | 175.63 | ||||
Prepaid Rent | 1,500.00 | 1,500.00 | ||||
Prepaid Insurance | 1,200.00 | 200.00 | 1,000.00 | |||
Baking Equipment | 5,000.00 | 5,000.00 | ||||
Misc. Supplies | 600.00 | 550.00 | 50.00 | |||
Accounts Receivable | 10,300.00 | 10,300.00 | ||||
Notes Payable | 10,000.00 | 10,000.00 | ||||
Accounts Payable | 7,000.00 | 7,000.00 | ||||
Wages Payable | 480.00 | 480.00 | ||||
Common Stock | 20,000.00 | 20,000.00 | ||||
Dividends | 3,000.00 | 3,000.00 | ||||
Bakery Sales | 60,000.00 | 60,000.00 | ||||
Merchandise Sales | 221.00 | 221.00 | ||||
Baking Supplies Expense | 19,400.00 | 19,400.00 | ||||
Rent Expense | 4,500.00 | 4,500.00 | ||||
Insurance Expense | 200.00 | 200.00 | ||||
Misc. Expense | 250.00 | 250.00 | ||||
Business License Expense | 375.00 | 375.00 | ||||
Advertising Expense | 200.00 | 200.00 | ||||
Wages Expense | 1,956.00 | 1,956.00 | ||||
Telephone Expense | 90.00 | 90.00 | ||||
COGS | 157.62 | 157.62 | ||||
Depreciation Expense | 208.33 | 208.33 | ||||
Accumulated Depreciation | 208.33 | 208.33 | ||||
Misc Supplies Expense* | 550.00 | 550.00 | ||||
Interest Expense* | 150.00 | 150.00 | ||||
Interest Payable* | 150.00 | 150.00 | ||||
97,701.00 | 97,701.00 | 20,508.33 | 20,508.33 | 98,059.33 | 98,059.33 |
Adjusting entries
Accounts | Debit | Credit |
Depreciation Expense | 208.33 | |
accumulated depreciation | 208.33 | |
(5000/60 x 2.5) | ||
Interest Expense | 150.00 | |
Interset Payable | 150.00 | |
(10,000 x 6% x 3/12) | ||
Insurance Expense | 200.00 | |
Prepaid Insurance | 200.00 | |
(100 x 2) | ||
Baking Supply Expenses | 19,400.00 | |
Baking Supplies | 19,400.00 | |
(8500 +7000 +5000 -1100) | ||
Misc. Supply Expense | 550.00 | |
Misc. Supplies | 550.00 | |
(300 +300 -50) |
Income Statement | ||
Revenue | ||
Bakery Sales | 60,000.00 | |
Merchandise Sales | 221.00 | |
Expenses | ||
Cost of Goods Sold | 157.6 | |
License Expenses | 375.00 | |
Telephone Expenses | 90.00 | |
Wages Expenses | 1,956.00 | |
Rent Expenses | 4,500.00 | |
Misc. Expenses | 250.00 | |
Baking Supplies Expenses | 19,400.00 | |
Insurance Expenses | 200.00 | |
Depreciation Expenses | 208.33 | |
Misc. Supplies Expenses | 550.00 | |
Selling Expenses | ||
Adverrtising Expenses | 200.00 | |
Interest expense | 150.00 | |
Total | 28,036.93 | |
Net Income | 32,184.07 |
Balance Sheet | ||||||||
Assets | Liabilities and Owners' Equity | |||||||
Current Assets | Common Stock | $20,000.00 | ||||||
Cash | $48,009.00 | Retained earnings | $29,184.07 | |||||
Baking Supplies | $1,100.00 | |||||||
Prepaid Insurance Expense | $1,000.00 | Notes Payable | $10,000.00 | |||||
Accounts Recievable | $10,521.00 | Wages payable | $480.00 | |||||
Prepaid Rent | $1,500.00 | Interest payable | $150.00 | |||||
Misc. Supplies | $50.00 | Accounts Payable | 7000 | |||||
Merchandise Inventory | $175.65 | |||||||
Total | $62,355.65 | |||||||
Total | $66,814.07 | |||||||
Baking Equipment | $5,000.00 | |||||||
Accumulated Depreciation | -$208.33 | $4,791.67 | ||||||
Total Assests | $67,147.32 |
Closing Entries | |||
Date | Accounts | Debit | Credit |
Income Summary | 28036.93 | ||
Cost of goods sold | 157.60 | ||
Rent Expense | 4,500.00 | ||
Insurance Expense | 200.00 | ||
Misc Expenses | 250.00 | ||
Business License Expense | 375.00 | ||
Wages Expense | 1,956.00 | ||
Telephone expense | 90.00 | ||
Depreciation expense | 208.33 | ||
Misc. Supplies Expense | 550.00 | ||
Baking Supplies expense | 19,400.00 | ||
Advertising expenses | 200.00 | ||
Interest expense | 150.00 | ||
Bakery Sales | 60,000.00 | ||
Merchandise Sales | 221.00 | ||
Income Summary | 60,221.00 | ||
Income summary | 32,184.07 | ||
Retained earnings | 32,184.07 | ||
Retained earnings | 3,000.00 | ||
Dividends payable | 3000 |
Post Closing Trial Balance | Unadjusted Trial Balance | |
Account | Debit | Credit |
Common Stock | 20000 | |
Retained Earnings | 29184.07 | |
Notes Payable | 10000 | |
Wages Payable | 480 | |
Accounts Payable | 7000 | |
Interest Payable | 150 | |
Accumulated Depreciation | -208.33 | |
Baking Equipment | 5000 | |
Cash | 47896.75 | |
Baking Supplies | 1100 | |
Merchandise Inventory | 175.65 | |
Prepaid Rent | 1500 | |
Prepaid Insurance | 1000 | |
Misc. Supplies | 50 | |
Accounts Recievable | 10300 | |
Total | 66814.07 | 66814.07 |
The instructions are:
Introduction (delete this heading in your final paper) In your opening paragraph, very briefly introduce the purpose of your paper. Recall that you will be discussing the accounting cycle in keeping with the key terms of steps, role, omission, and finally financial statements, as explained in your rubric instructions. Three or four sentences are sufficient. Paragraph One (delete this heading in your final paper) Using content from your accounting cycle workbook submitted in Final Project Part I and from your readings in Chapter 4 of the textbook, identify the steps of the accounting cycle. Provide a description of each step. Also, discuss what role each step plays in the success of a business. Paragraph Two (delete this heading in your final paper) Describe how the omission of a step could impact the success of a business. What strategies could be used to avoid this? Include in your discussion the omission of at least three different steps. A minimum of five to six sentences is required to support your thoughts. Focus your thinking around the role of each step, as discussed in the previous paragraph, and how its omission will impact the success of a business. Paragraph Three (delete this heading in your final paper) Identify and describe the major financial statements that come out of the accounting cycle. Why are they important? A minimum of five to six sentences is required to support your thoughts. Be specific in your answer and use examples to support your thoughts. Conclusion (delete this heading in your final paper) The conclusion reminds the reader what your paper is about and allows you to make a final point without introducing new information. Three or four sentences are sufficient. Thanks in advance
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