July 2019: (using the Excel workbook complete the following 1 - Open a bank account for Peyton Approved 1 - You take $15,000 from your personal savings account and buy common stock in Peyton Approved 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 7-Sign a lease agreement for retail/bakery space. The agreement is for 1 year, with the option to extend the lease on a month-to-month basis after 1 year. The rent is $1,500 per month. The lease period starts on July 1, 2019, first and last month's rent due at that time. Subsequent rents are due on the 15th day of each month (no entry-record this transaction on July 15, see below) 10 - Pay $375 to the county for a business license. 11 - Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment-use misc, exp.). 13 - You have baking equipment, including an oven and mixer, that 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 $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life. 13 - Pay $200 for business cards/flyers/posters/ads to use for advertising, 14 - Pay $1,000 for baking ingredients (use baking supplies account). 14 - Pay $300 for miscellaneous (use misc, supplies) 15 - Hire part-time helper to be paid $12 per hour. Pay periods are the 1" through the 15 and 16" through the end of the month with paydays being the 20 for the first pay period and the 5th of the following month for the second pay period. 15 - Pay first and last month's rent in cash (1,500 January rent; January 2020 rent 1,500) 16 - Open the doors of the bakery. 31 - Pay $1,200 for a 12-month insurance policy beginning February 1, 2019 31- Record sales $5,000 $2,500 paid in cash remainder paid later 31- Received telephone bill, $45, will pay on 8/5 accrue invoice The following events occur during the next 6 months . . . . August August 5 - pay accrued telephone bill August 8-purchase Baking Supplies on credit $8,500 August 15-accrue Salary 40 hours @ 12.00/per hour - will be paid on 8/20 August 15 - customer paid $2,500 invoice from previous month August 15- Pay in cash August Rent $1,500 August 20-Pay employees for August 1-15 accrued on 8/15 August 25 - purchase for cash $300 miscellaneous supplies August 31" - record August sales $20,000 paid to Peyton in cash August 20h - Record payment to employee August 31" - Accrue Salary 40 hours @ 12/per hour - will be paid 9/5 August 31" - Record telephone bill for $45, to be paid on 9/10 . . . . . . . . September 2019 September 5 - Record payment to employee wages accrued on 8/31 September 10 - Record payment of telephone bill accrued 8/31 September 10 - Record purchase of baking supplies on credit, $9,000 September 15 Record rent payment September 15 Accrue w.e. 9/15 wages 38 hours @ 12.00/per hour September 15th - Record payment of baking supplies purchased on 8/8 September 19 - Record cash paid for miscellaneous supplies $325 September 20 - Record payment of employee wages accrued on 9/15 September 30 - Record telephone bill received $45, not paid until 10/5 September 30 - Record sales $27,000 from customers paid to Peyton in cash September 30th-Accrue w.e. 9/30 wages 40 hours @ 12/hr (pay to employees 10/5) October 2019 October 5- Pay telephone bill accrued 9/30 October 10 - Pay employees wages accrued 9/30 October 12 - Purchase on credit $10,000 baking supplies October 11"- Record payment of baking supplies purchased on 9/10 October 14" - Record purchase of miscellaneous supplies $310 for cash October 15th -- Accrue wages for w.e. 10/15 October 15- Pay in cash rent for October October 2009- Pay employee wages accrued on 10/15 October 30 - Record bakery sales paid to Peyton in cash, $27,000 October 30 - Accrue wages 40 hours @ 12.00/hr October 30- Record receipt of telephone bill, $45, not paid until 11/5 October 30th Record dividend payment $4,500 . . . . . . . . . . November 2019 November 5th - Pay telephone bill accrue 10/30 November 10th - Pay employee wages accrued on 10/30 November 10 - Pay baking supplies purchased on credit 10/12 November 10 - Purchase baking supplies on credit $10,000 due next month November 15th - Accrue wages for week ended 11/15 @ 35 hours 12.00/per hour November 15 - Purchase for cash $300 miscellaneous supplies November 15th - Paid November rent, $1,500 in cash November 15th - Purchase 10 bottles (merchandise inventory) @ 6.00 each November 20h - Sold 8 bottles $8.50 (record transaction assuming FIFO) for cash November 20th - Purchase 20 bottles @ 6.05 each for cash November 20h-Pay employees accrued on 11/15 November 30 - Sold 18 bottles @ $8.50 each for cash November 30th - Record telephone bill $45, paid 12/5 November 30th - Accrue wages w.e. 11/30 30 hours @ 12.00/hour November 30" - Record November sales $25,000 received by Peyton in cash November 30th-Pay owner dividends in cash $2.500 . July 2019: (using the Excel workbook complete the following 1 - Open a bank account for Peyton Approved 1 - You take $15,000 from your personal savings account and buy common stock in Peyton Approved 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 7-Sign a lease agreement for retail/bakery space. The agreement is for 1 year, with the option to extend the lease on a month-to-month basis after 1 year. The rent is $1,500 per month. The lease period starts on July 1, 2019, first and last month's rent due at that time. Subsequent rents are due on the 15th day of each month (no entry-record this transaction on July 15, see below) 10 - Pay $375 to the county for a business license. 11 - Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment-use misc, exp.). 13 - You have baking equipment, including an oven and mixer, that 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 $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life. 13 - Pay $200 for business cards/flyers/posters/ads to use for advertising, 14 - Pay $1,000 for baking ingredients (use baking supplies account). 14 - Pay $300 for miscellaneous (use misc, supplies) 15 - Hire part-time helper to be paid $12 per hour. Pay periods are the 1" through the 15 and 16" through the end of the month with paydays being the 20 for the first pay period and the 5th of the following month for the second pay period. 15 - Pay first and last month's rent in cash (1,500 January rent; January 2020 rent 1,500) 16 - Open the doors of the bakery. 31 - Pay $1,200 for a 12-month insurance policy beginning February 1, 2019 31- Record sales $5,000 $2,500 paid in cash remainder paid later 31- Received telephone bill, $45, will pay on 8/5 accrue invoice The following events occur during the next 6 months . . . . August August 5 - pay accrued telephone bill August 8-purchase Baking Supplies on credit $8,500 August 15-accrue Salary 40 hours @ 12.00/per hour - will be paid on 8/20 August 15 - customer paid $2,500 invoice from previous month August 15- Pay in cash August Rent $1,500 August 20-Pay employees for August 1-15 accrued on 8/15 August 25 - purchase for cash $300 miscellaneous supplies August 31" - record August sales $20,000 paid to Peyton in cash August 20h - Record payment to employee August 31" - Accrue Salary 40 hours @ 12/per hour - will be paid 9/5 August 31" - Record telephone bill for $45, to be paid on 9/10 . . . . . . . . September 2019 September 5 - Record payment to employee wages accrued on 8/31 September 10 - Record payment of telephone bill accrued 8/31 September 10 - Record purchase of baking supplies on credit, $9,000 September 15 Record rent payment September 15 Accrue w.e. 9/15 wages 38 hours @ 12.00/per hour September 15th - Record payment of baking supplies purchased on 8/8 September 19 - Record cash paid for miscellaneous supplies $325 September 20 - Record payment of employee wages accrued on 9/15 September 30 - Record telephone bill received $45, not paid until 10/5 September 30 - Record sales $27,000 from customers paid to Peyton in cash September 30th-Accrue w.e. 9/30 wages 40 hours @ 12/hr (pay to employees 10/5) October 2019 October 5- Pay telephone bill accrued 9/30 October 10 - Pay employees wages accrued 9/30 October 12 - Purchase on credit $10,000 baking supplies October 11"- Record payment of baking supplies purchased on 9/10 October 14" - Record purchase of miscellaneous supplies $310 for cash October 15th -- Accrue wages for w.e. 10/15 October 15- Pay in cash rent for October October 2009- Pay employee wages accrued on 10/15 October 30 - Record bakery sales paid to Peyton in cash, $27,000 October 30 - Accrue wages 40 hours @ 12.00/hr October 30- Record receipt of telephone bill, $45, not paid until 11/5 October 30th Record dividend payment $4,500 . . . . . . . . . . November 2019 November 5th - Pay telephone bill accrue 10/30 November 10th - Pay employee wages accrued on 10/30 November 10 - Pay baking supplies purchased on credit 10/12 November 10 - Purchase baking supplies on credit $10,000 due next month November 15th - Accrue wages for week ended 11/15 @ 35 hours 12.00/per hour November 15 - Purchase for cash $300 miscellaneous supplies November 15th - Paid November rent, $1,500 in cash November 15th - Purchase 10 bottles (merchandise inventory) @ 6.00 each November 20h - Sold 8 bottles $8.50 (record transaction assuming FIFO) for cash November 20th - Purchase 20 bottles @ 6.05 each for cash November 20h-Pay employees accrued on 11/15 November 30 - Sold 18 bottles @ $8.50 each for cash November 30th - Record telephone bill $45, paid 12/5 November 30th - Accrue wages w.e. 11/30 30 hours @ 12.00/hour November 30" - Record November sales $25,000 received by Peyton in cash November 30th-Pay owner dividends in cash $2.500