Please create T-Account with the following information:
Telephone bill is 75.00 i'm sorry!
Print this page to use for your journal entries. Only accounts on this page can be used. Asset Accounts Liability Accounts Equity Accounts Acct # Acct # 301 302 201 Common Stock 202 Dividends 203 204 Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory Acct # 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 106 107 108 109 Revenue Accounts Bakery Sales Merchandise Sales Acct # 401 402 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. 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 Office Supplies Expense Cost of Goods Sold 509 510 511 Wage calculation data: Rate Pay 12 12 Month Hours 31 Jul. 10 15 Aug. 40 31 Aug. 35 15 Sep. 38 30 Sep. 40 120 480 420 12 12 456 480 September 24: Record impact of sales transaction on COGS and the inventory asset. See "Inventory Valuation" tab for details. September 30: Purchase merchandise inventory for resale to customers. See "Inventory Valuation" tab for details. September 30: Accrue employee wages for period of September 16th through September 30th September 30: Total September bakery sales are $20,000. $6,000 of these sales are on accounts receivable. FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases Sales 7-Sep 10 $ 6.00 $ 60.00 Cr Ending Inventory $ 6.00 $ 60.00 10 Dr 60.00 7-Sep Merchandise Inventory (10 x $6] Cash Purchased inventory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 20-Sep 20 $ 6.10 $ 12200 2 20 $ 6.00 $ 6.10 68.00 $ 12.00 $ 122.00 $ 134.00 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory 68.00 22 24-Sep 2 16 $ 6.00 $ 6.0 48.00 $ 12.00 $ 97.60 $79.60 4 $ 6.10 $ 24.40 15-Sep Cost of Goods Sold [8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 30-Sep 25 $ 6.05 $ 15125 4 $ 6.10 25 $ 6.05 20-Sep Merchandise Inventory (20 x $6.10 ) Cash 122.00 $ 24.40 $ 15125 $ 175.65 $ 175.651 122.00 55 $ 333 25 26 $57.60 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 109.60 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) 5125 Cash 15125 BU.UU 7-Sep Purchases 0 $6.00 $ 6000 10 Ending Inventory $ 6.00 $ 6000 7-Sep Merchandise Invertory (IU x 36] Cash Purchased inventory 60.00 8 $6.00 $ 48.00 2 $ 6.00 $ 12.00 15-Sep 20-Sep 68.00 20 $ 6.10 $ 12200 2 20 $ 6.00 $ 6.10 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory $ 12.00 $ 12200 $ 134.00 68.00 48.00 24-Sep 18 $ 6.0 $ 109.80 2 2 $ 6.00 $ 6.10 $ $ $ 48.00 15-Sep Cost of Goods Sold (8 X $6) Merchandise Inventory Record inventory reduction due to sale 12.00 12.20 24,20 20-Sep Merchandise Inventory (20 x $6.10) 12200 30-Sep 25 $ 6.05 $ 15125 Cash 122.00 2 $ 6.00 2 $ 6.10 25 $ 6.05 $ 1200 $ 12.20 $ 6125 $ 175.45 $ 175.45 153.00 24 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 55 $ 333.25 26 $67.80 109.80 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 15125 15125 weighted average 7-Sep BULUU Purchases 10 $ 6.00 $ Ending Inventory $ 600 S80 6000 10 7-Sep Merchandise Inventory (IU x $6] Cash Purchased invertory 60.00 15-Sep 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00 68.00 20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 20 $ 6.10 15-Sep Cash (8 x $8.50) Merchandise Sales Record sale of inventory $ 12.00 $ 122.00 per unik $ 134.00 $6.09 68.00 22 48.00 18 $ 6.09 $ 109.62 $ 24.38 15-Sep Cost of Goods Sold 18 X $6) Merchandise Inventory Record inventory reduction due to sale 24-Sep 30-Sep 48.00 25 $ 6.05 $ 15125 55 $ 333 25 35+ 25 26 5 25 $ 6.05 29 12200 7.62 $ 16125 $ 1512515.22 20-Sep Merchandise Inventory (20 x $6.10) Cash 122.00 153.00 24-Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153.00 109.62 24-Sep Cost of Goods Sold [ 18 x $6.09) Merchandise Inventory Record inventory reduction due to sale 109.621 30-Sep Merchandise Inventory (25 x $6.05) Cash 15125 151251
