My Friend I have feedback from my prof about the work book that you help me out and she found some error which is highlight in the yellow , will you able to review those and can u update the work book ......Will you able to double check and let me know .............

Also those are highlight in the yellow color.

Asset Accounts Acct # Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory 101 102 103 104 105 106 107 108 109 This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. Liability Accounts Acct # Notes Payable Accounts Payable Wages Payable Interest Payable he appropriate accounts to record to as you are analyzing and is nothing to complete on this page; this is simply a resource for you. 201 202 203 204 Equity Accounts Acct # Common Stock Dividends 301 302 Revenue Accounts Acct # Bakery Sales Merchandise Sales 401 402 Expense Accounts Acct # Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Misc. Supplies Expense Cost of Goods Sold 501 502 503 504 505 506 507 508 509 510 511 512 Peyton Approved General Journal Entries Jul-14 Date Accounts 1-Jul Cash Common Stock Debit 15,000.00 1-Jul Baking Supplies Accounts Payable Net 30 8,500.00 3-Jul Cash 10,000.00 Notes Payable 7-Jul prepaid rent Rent expense Cash 1,500.00 1,500.00 10-Jul Business License Expense Cash 375.00 11-Jul Misc Expense Cash 250.00 13-Jul Baking Equipment Common Stock 13-Jul Advertising Expense Cash 7-Jul Misc. Supplies Cash 5,000.00 200.00 300.00 15-Jul No entry 30-Jul Telephone expense Accounts payable 31-Jul Prepaid Insurance 45.00 1,200.00 Cash 31-Jul Salary and wages expense Salary and wages payable 120.00 31-Jul Cash Accounts receivable Bakery Revenue 10,000.00 5,000.00 Credit 15,000.00 8,500.00 10,000.00 3,000.00 375.00 250.00 5,000.00 200.00 300.00 45.00 1,200.00 120.00 15,000.00 - - - Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Salary and wages payable Cash 8-Aug Cash Debit 120.00 3,200.00 Accounts Receivable 10-Aug Accounts Payable Cash 15-Aug Baking Supplies Accounts Payable 15-Aug Salary and wages expense Salary and wages payable 45.00 5,000.00 480.00 15-Aug Rent expense Cash 1,500.00 18-Aug Cash 1,000.00 Accounts Receivable 20-Aug Accounts payable Cash 8,500.00 20-Aug Salary and wages payable Cash 480.00 22-Aug Misc Supplies Cash 300.00 31-Aug Telephone Expense Accounts payable 31-Aug Salary and wages expense Salary and wages payable 31-Aug Cash Accounts receivable Bakery Revenue 45.00 420.00 12,500.00 7,500.00 Credit 120.00 3,200.00 45.00 5,000.00 480.00 1,500.00 1,000.00 8,500.00 480.00 300.00 45.00 420.00 20,000.00 Peyton Approved General Journal Entries Sep-14 Date 1-Sep Dividends Cash Accounts 5-Sep Salary and wages payable Cash 7-Sep Merchandise Inventory Cash 8-Sep Cash Debit 3,000.00 420.00 60.00 4,000.00 Accounts Receivable 10-Sep Accounts payable Cash 11-Sep Baking Supplies Cash 45.00 7,000.00 The baking supplies were purchased on account and not paid for on this date. This will look like your entry for the purchase of baking supplies on July 1 13-Sep Accounts payable 5,000.00 Cash 15-Sep Salary and wages expense salary and wages payable 456.00 15-Sep Rent expense Cash 1,500.00 15-Sep Cash (8 x $8.50) 68.00 Merchandise Sales Revenue Cost of goods sold Merchandise inventory 48.00 20-Sep Salary and wages payable Cash 456.00 20-Sep Merchandise Inventory Cash 122.00 24-Sep Cash 1(8 x $8.50) 153.00 Merchandise Sales Revenue Cost of goods sold Merchandise inventory 109.80 30-Sep Merchandise inventory Cash 151.25 30-Sep Salary and wages expense salary and wages payable 480.00 30-Sep Cash Accounts receivable Bakery Revenue 19,000.00 6,000.00 Credit 3,000.00 420.00 60.00 4,000.00 45.00 7,000.00 for on this date. This July 1 5,000.00 456.00 1,500.00 68.00 48.00 456.00 122.00 153.00 109.80 151.25 480.00 25,000.00 - FIFO Date 7-Sep Purchases 10 $ 6.00 $ Sales 60.00 15-Sep 20-Sep 8 $ 20 $ 6.10 $ 55 LIFO 7-Sep 6.05 $ 151.25 $ 333.25 Purchases 10 $ 6.00 $ 6.10 $ 6.05 $ $ 12.00 97.60 109.60 157.60 4 4 25 29 29 10 6.00 $ 48.00 122.00 151.25 2 2 20 22 18 $ 25 $ 6.00 $ 6.10 $ $ 60.00 24-Sep 30-Sep 26 8 $ 20 $ 2 Sales 15-Sep 20-Sep 48.00 2 20 22 2 $ 16 $ 25 $ 6.00 $ 122.00 24-Sep 30-Sep 10 6.10 $ 109.80 2 2 4 2 55 weighted average 7-Sep $ Purchases 10 $ 6.00 $ 333.25 6.10 $ 10 55 48.00 6.05 $ 151.25 $ 333.25 2 2 20 22 18 $ 25 $ 6.00 $ 122.00 24-Sep 30-Sep 157.80 60.00 8 $ 20 $ $ Sales 15-Sep 20-Sep 26 2 25 29 29 26 6.09 $ 109.62 4 157.62 4 25 29 $ Ending Inventory 6.00 $ 60.00 $ 6.00 $ 12.00 $ $ 6.00 $ 6.10 $ $ 12.00 122.00 134.00 $ 6.10 $ 24.40 $ $ 6.10 $ 6.05 $ $ $ 24.40 151.25 175.65 175.65 Ending Inventory $ 6.00 $ 60.00 $ $ $ $ $ $ 6.00 $ 6.00 $ 6.10 $ $ 6.00 $ 6.10 $ $ 6.00 $ 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory Dr 60.00 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 20-Sep Merchandise Inventory (20 x $6.10 ) Cash 122.00 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 109.60 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 12.00 12.00 122.00 134.00 12.00 12.20 24.20 12.00 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale 48.00 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 $ $ 6.10 $ 6.05 $ $ $ 12.20 151.25 175.45 175.45 Ending Inventory $ 6.00 $60 $ $ $ 6.00 $ 6.00 $ 6.10 $ $ $ $ $ 6.05 $ $ 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 24-Sep Cost of Goods Sold (18 x $6.10) Merchandise Inventory Record inventory reduction due to sale 109.80 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 7-Sep Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 12.00 12.00 122.00 per unit 134.00 $6.09 24.38 151.25 151.25 $5.22 15-Sep Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale 48.00 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 24-Sep Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 24-Sep Cost of Goods Sold (18 x $6.09) Merchandise Inventory Record inventory reduction due to sale 109.62 30-Sep Merchandise Inventory (25 x $6.05) Cash 151.25 Cr 60.00 68.00 ### 122.00 153.00 109.60 151.25 ### 68.00 ### 122.00 Purchases 9/7: 10 bottles purchased at $6 9/20: 20 bottles purchased at $6.10 9/30: 25 bottles purchased at $6.05 Sales - selling price, $8.50 a bottle 9/15: 8 bottles 9/24: 18 bottles 153.00 109.80 151.25 ### 68.00 ### 122.00 153.00 109.62 151.25 date 1-Jul 3-Jul 31-Jul 8-Aug 18-Aug 31-Aug 8-Sep 15-Sep 24-Sep 30-Sep Cash 15,000.00 10,000.00 10,000.00 3,200.00 1,000.00 12,500.00 4,000.00 68.00 153.00 19,000.00 3,000.00 375.00 250.00 200.00 300.00 1,200.00 date 7-Jul 10-Jul 11-Jul 13-Jul 7-Jul 31-Jul date Notes Payable 10,000 date 3-Jul 10,000 5-Aug 45.00 1,500.00 8,500.00 480.00 300.00 3,000.00 420.00 60.00 45.00 7,000.00 5,000.00 1,500.00 456.00 10-Aug 15-Aug 20-Aug 20-Aug 22-Aug 1-Sep 5-Sep 7-Sep 10-Sep 11-Sep 13-Sep 15-Sep 20-Sep 122.00 151.25 20-Sep 30-Sep 31-Jul 31-Aug 30-Sep Accounts Rec. 5000 3,200.00 7,500.00 1,000.00 6,000.00 4,000.00 8-Aug 18-Aug 8-Sep 10,300.00 10300 I have highlighted the accounts with incorrect endin Please make the necessary corrections to the Septem I have indicated the correct ending balance to the t-a 74,921.00 41,016.75 47896.75 11-Jul 33,904.25 Misc. expense 250.00 13-Jul Baking equipment 5,000 5,000 250 1-Jul 15-Aug 11-Sep Baking supplies 8,500 3900 5,000.00 7,000.00 7-Jul 22-Aug 16,600 7-Jul Misc. supplies 300 550 300.00 50 Prepaid rent 1,500 31-Jul Prepaid insurance 1,200 200 1,000 1,500 10-Aug 20-Aug 10-Sep 13-Sep Accounts payable 45.00 8,500.00 8,500 45 45 5,000 5,000 45 1-Jul 30-Jul 15-Aug 31-Aug Salary and wages expense 31-Jul 120.00 15-Aug 480.00 31-Aug 420.00 15-Sep 456.00 30-Sep 480.00 7,000 30-Jul 31-Aug Telephone expense 45 45.00 1,956 1-Sep Dividends 3,000 90 3,000 adj baking supplies expense 3,900 adj 3,900 misc supplies expense 550 15-Sep 24-Sep COGS LIF0 48.00 109.80 550 Merchandise Sales Revenue 68.00 153.00 157.80 15-Sep 24-Sep 221.00 COGS Weighted Avg. 15-Sep 48.00 24-Sep 109.62 157.62 10-Jul Business License exp 375.00 Common Stock 15,000 5,000 375 1-Jul 13-Jul 20,000 Insurance expense 200 COMPLETION OF STEPS 1- 4 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT 200 counts with incorrect ending balances due to missing entries or errors in how the entries were recorded. ary corrections to the September journal and update your t-accounts. ect ending balance to the t-accounts where the ending balance is in error. Advertising expense 13-Jul 200.00 200 7-Jul 15-Aug 15-Sep Rent expense 1,500 1,500.00 1,500.00 4,500 Bakery Sales 15,000 20,000 25,000 31-Jul 31-Aug 60,000 Salaries and wages payable 5-Aug 120.00 120.00 31-Jul 20-Aug 480 480.00 15-Aug 5-Sep 420 420.00 31-Aug 20-Sep 456 456.00 15-Sep 480.00 30-Sep 480 depreciation expense 250 acc dep 250 250 Interest expense 150 adj 15-Sep 24-Sep 250 Interest payable 150 adj 150 COGS FIFO 48.00 109.60 150 157.60 7-Sep 20-Sep 30-Sep Merch. Inv. FIFO 60.00 48.00 122.00 109.60 151.25 15-Sep 24-Sep 7-Sep 20-Sep 30-Sep Merch. Inv. LIFO 60.00 48.00 122.00 109.80 151.25 15-Sep 24-Sep 175.65 175.45 READY TO SUBMIT YOUR POINT REQUIREMENT 7-Sep 20-Sep 30-Sep Merch. Inv. Avg. 60.00 48.00 122.00 109.62 151.25 15-Sep 24-Sep 175.63 Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Misc. Supplies Accounts Receivable Notes Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Insurance Expense Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit Credit 41,016.75 20,500.00 175.45 1,500.00 1,200.00 5,000.00 600.00 10,300.00 10,000.00 480.00 20,000.00 3,000.00 60,000.00 221.00 4,500.00 - Misc. Expense 250.00 Business License Expense 375.00 Advertising Expense 200.00 Wages Expense 1,836.00 Telephone Expense 90.00 COGS 157.80 Depreciation Expense Accumulated Depreciation The entry for depreciation was already completed for you and the amount should not be chang Misc Supplies Expense* Interest Expense* Interest Payable* You will need to make corrections to the highlighted account balances in the unadjusted trial b and 4. Please see my feedback on Step 6 for corrections you need to make for the adjusting entries. 90,701.00 97,701.00 90,701.00 ### - *These accounts will not be utilized before the adjusting process. They should have zero balance in the unadjust Approved Balance 014 Adjusting entries Debit Credit 3,900.00 200.00 550.00 Adjusted trial balance Debit Credit 41,016.75 16,600.00 175.45 1,500.00 1,000.00 5,000.00 50.00 10,300.00 10,000.00 480.00 20,000.00 3,000.00 60,000.00 221.00 3,900.00 200.00 3,900.00 4,500.00 200.00 250.00 250.00 375.00 200.00 1,836.00 90.00 157.80 250.00 250.00 amount should not be changed. 150.00 COMPLETION OF STEPS 5-7 DELIVERABL CONGRATULATIONS! YOU ARE NO WORKBOOK TO COMPLETE THE 4-3 CHE 250.00 150.00 150.00 150.00 550.00 550.00 ces in the unadjusted trial balance after making corrections to steps 3 ke for the adjusting entries. 5,050.00 20,508.33 5,050.00 20,508.33 91,101.00 98,059.33 91,101.00 98,059.33 have zero balance in the unadjusted trial balance. N OF STEPS 5-7 DELIVERABLE: ULATIONS! YOU ARE NOW READY TO SUBMIT YOUR TO COMPLETE THE 4-3 CHECKPOINT REQUIREMENT Peyton Approved Adjusting Journal Entries 2014 Date Accounts 30-Sep Depreciation Expense accumulated depreciation Debit 208.33 Credit 208.33 For the adjusting entries, you will only need to record 4 of the 5 as the depreciation entry has already been don The adjusting entry for interest will look similar to the entry for accrued interest expense on pages 132-133. The You also need to record an entry for the amount of insurance used during August and September. This is similar To record the adjusting entry for Baking Supplies, you need to calculate the amount of Baking Supplies used dur the ending balance in your T-account) less supplies on hand of $1,1,00. This will give you the amount used durin To record the adjusting entry for Misc. Supplies, you need to calculate the amount of Misc. Supplies used during balance in your T-account) less supplies on hand of $50. This will give you the amount used during the year, wh n entry has already been done for you. pense on pages 132-133. The interest rate is always given on an annual basis, so you will need to calculate the amount of interest for th nd September. This is similar the entry shown on page 124 of the text for Prepaid Rent. The policy was paid for 12 months, but only us t of Baking Supplies used during the year which will be the amount of your adjusting entry. You should take the amount purchased du ve you the amount used during the year, which is your adjusting entry. This is similar to the entry shown on page 125 of the text. of Misc. Supplies used during the year which will be the amount of your adjusting entry. You should take the amount purchased during unt used during the year, which is your adjusting entry. This is similar to the entry shown on page 125 of the text. ulate the amount of interest for the three months the note is outstanding. as paid for 12 months, but only used in August and September. ld take the amount purchased during the year (this is wn on page 125 of the text. ake the amount purchased during the year (this is the ending 5 of the text. Peyton Approved Income Statement For Qtr. Ending 9/30/2014 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2014 Peyton Approved Balance Sheet As of September 30, 2014 Assets Peyton Approved Balance Sheet As of September 30, 2014 Liabilities and Owners' Equity Peyton Approved Closing Entries 9/30/2014 Date Accounts Debit Credit Peyton Approved Post Closing Trial Balance 9/30/2014 Account Unadjusted Trial Balance Debit adjusted Trial Balance Credit Peyton Approved Reversing Entries 9/30/2014 Date Accounts Debit Credit COMPLETION OF STEPS 8-11 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR COMPLETED WORKBOOK (STEPS 1 - 11)TO COMPLETE THE 6-2 CHECKPOINT REQUIREMENT E 6-2 CHECKPOINT