ITEMS TO COMPLETE FOR MILESTONE ONE:

The tabs to complete are linked below and colored blue for convenience.

GENERAL

You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company$$s financials for the year$-$end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals.

$1.$ TRIAL BALANCE

Using the Peyton Approved financial data provided below:

A$.$ Create the necessary adjusting journal entries. Use the REF column to reference the entry to each event.

B$.$ Complete the adjusted trial balance. Dr Cr ref Dr Cr ref Dr Cr

Cash $67,520\mathrm{.}0467,520\mathrm{.}04$

Accounts Receivable $68,519\mathrm{.}9168,519\mathrm{.}91$

Other Receivable $-$ Insurance $-$

Baking Supplies $15,506\mathrm{.}7015,506\mathrm{.}70$

Merchandise Inventory $1,238\mathrm{.}071,238\mathrm{.}07$

Consignment Inventory $-$

Prepaid Rent $2,114\mathrm{.}552,114\mathrm{.}55$

Prepaid Insurance $2,114\mathrm{.}552,114\mathrm{.}55$

Misc. Supplies $170\mathrm{.}49170\mathrm{.}49$

Baking Equipment $14,000\mathrm{.}0014,000\mathrm{.}00$

Accumulated Depreciation $1,606\mathrm{.}441,606\mathrm{.}44$

Customer Deposit $-$

Accounts Payable $20,262\mathrm{.}1120,262\mathrm{.}11$

Wages Payable $3,383\mathrm{.}283,383\mathrm{.}28$

Interest Payable $211\mathrm{.}46211\mathrm{.}46$

Notes Payable $5,000\mathrm{.}005,000\mathrm{.}00$

Common Stock $20,000\mathrm{.}0020,000\mathrm{.}00$

Beginning Retained earnings $50,144\mathrm{.}8450,144\mathrm{.}84$

Dividends $105,000\mathrm{.}00105,000\mathrm{.}00$

Bakery Sales $327,322\mathrm{.}55327,322\mathrm{.}55$

Merchandise Sales $1,205\mathrm{.}641,205\mathrm{.}64$

Cost of Goods Sold $-$ Baked $105,834\mathrm{.}29105,834\mathrm{.}29$

Cost of Goods Sold $-$ Merchandise $859\mathrm{.}77859\mathrm{.}77$

Rent Expense $24,549\mathrm{.}1924,549\mathrm{.}19$

Wages Expense $10,670\mathrm{.}7210,670\mathrm{.}72$

Misc. Supplies Expense $3,000\mathrm{.}463,000\mathrm{.}46$

Business License Expense $2,045\mathrm{.}772,045\mathrm{.}77$

Misc. Expense $1,363\mathrm{.}841,363\mathrm{.}84$

Depreciation Expense $677\mathrm{.}86677\mathrm{.}86$

Insurance Expense $1,091\mathrm{.}081,091\mathrm{.}08$

Advertising Expense $1,549\mathrm{.}741,549\mathrm{.}74$

Interest Expense $818\mathrm{.}31818\mathrm{.}31$

Telephone Expense $490\mathrm{.}98490\mathrm{.}98$

Gain$/$Loss on disposal of equipment

$429,136\mathrm{.}32429,136\mathrm{.}32--429,136\mathrm{.}32429,136\mathrm{.}32$

Answer rating: 100% (QA)

To complete Milestone One you need to perform the following tasks A Create the necessary adjusting j... View the full answer