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Misc. expense 250.00 Baking equipment 6,000 Advertising expense 200.00 11-Jul 13-Jul 13-Jul 250.00 250.00 6,000.00 6,000.00 200.00 200.00 Balance Balance Balance 1-Jul 15-Aug 11-Sep Baking supplies 6,500 5,000 14-Jul 22-Aug Office supplies 300 300 7-Jul 15-Aug Rent expense 1,500 1,500 1,500 7,000 15-Sep 18,500.00 18,500.00 600.00 600.00 4,500.00 4,500.00 Balance Balance Balance Prepaid rent Prepaid insurance 2,400 7-Jul 1,500 31-Jul Bakery Sales 5,000 31-Jul 7,500 31-Aug 6,000 30-Sep 18,500.00 18,500.00 Balance 1,500.00 1,500.00 2,400.00 2,400.00 Balance Balance Accounts payable 6,500.00 75 31-Jul 1-Jul 30-Jul 31-Jul 15-Aug 5-Aug Wages expense 120 480 420 456 480 Wages payable 120 120 120 480 480 420 10-Aug 75 31-Aug 15-Aug 5,000 15-Aug 20-Aug 15-Sep 30-Sep 20-Aug 8,500 31-Aug 75 31-Aug 5-Sep 420 10-Sep 75 456.00 15-Sep 7,000.00 11-Sep 20-Sep 456 13-Sep 5,000 480.00 30-Sep 13,650 1,476 18,650 5,000 Balance 1,956 1,956 1,956 480 Balance Balance depreciation expense Dividends 10,000 1-Sep Telephone expense 75 30-Jul 31-Aug 75 acc dep 10,000 10,000 Balance 150 Interest expense Balance 150 baking supplies expense Interest payable 15-Sep 24-Sep COGS FIFO 48.00 109.60 misc supplies expense 157.60 157.60 Balance Merchandise Sales 68.00 153.00 15-Sep 24-Sep 7-Sep 15-Sep 20-Sep Merch. Inv. FIFO 60.00 48.00 122.00 109.60 151.25 333.25 157.60 175.65 24-Sep 221 221 Balance 30-Sep Balance Peyton Approved Adjusting Journal Entries 2018 Credit Date Accounts 30-Sep Depreciation Expense Accumulated depreciation Debit 250 250.00 150.00 30-Sep Interest Expense Interest Expense Payable 150.00 400.00 30-Sep Insurance Expense Prepaid Insurance 400.00 17,400.00 30-Sep Baking Supplies Expense Baking Supplies 17,400.00 550.00 30-Sep Misc. Supplies Misc. Supplies Expense 550.00 18,750.00 18,750.00 Income Statement For Qtr. Ending 9/30/2018 $ Revenues: Bakery Revenue Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit (FIFO) 55,000.00 221.00 55,221.00 157.6 55,063.40 Operating Expenses: Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Office Supplies Expense Total Operating Expenses: 17,400.00 4,500.00 400.00 550.00 375.00 200.00 1,956.00 150.00 150.00 250.00 600.00 26,531.00 Net Income (FIFO) 28,532.40