Please please please I need help, not sure where to even start on this one. If there is anything you need to see more, I will provide it!
Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles: A. Step Eight: Prepare the financial statements. Note that you must use your adjusted trial balance to prepare the income statement, statement of owner's equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them. [ACC-201 03] Step Nine: Complete the "Closing Entries" tab in your workbook by closing all temporary income statement amounts to create closing entries. [ACC-201-03] Step Ten: Prepare the "Post Closing Trial Balance" tab for the next accounting period. [ACC-201-03] Step Eleven: Prepare the reversing entries in the "Reversing Entries" tab of your workbook. [ACC-201-03] B. C. D. Peyton Approved Trial Balance 2018 Unadjusted trial balance Adjusting entries Debit Adjusted trial balance Credit Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Debit Credit Credit Debit 32,236.75 18,500.00 175.63 1,500.00 2,400.00 6,000.00 32,236.75 1,100,00 17,400.00 175.63 1,500.00 1,200.00 6,000.00 1,200.00 250.00 250.00 600.00 550,00 50.00 7,700,00 Accounts Receivable 7,700.00 Notes Payable Interest Payable Accounts Payable Wages Payable 10,000.00 10,000.00 50.00 50.00 5,000.00 5,000.00 480.00 480.00 Common Stock 16,000.00 16,000.00 Dividends 10,000.00 10,000.00 Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS (FIFO) 55,000.00 55,000.00 221.00 221.00 17,400.00 17,400.00 4,500.00 4,500.00 50.00 50.00 1,200.00 1,200,00 25.00 25.00 250.00 250.00 550.00 550.00 375.00 375.00 200.00 200.00 1,956.00 150.00 1,956.00 150.00 157.62 157.62 Total: (FIFO) 86,701.00 86,701.00 19,225.00 19,450.00 86,776.00 87,001.00 Peyton Approved Adjusting Journal Entries 2018 Credit Date Accounts Debit 30-Sep Depreciation Expense accumulated depreciation 250 250.00 30-Sep Interest Expense Interest Payable 150.00 150.00 30-Sep Insurance Expense Prepaid Insurance 400.00 400.00 17,400.00 30-Sep Baking Supplies Expense Baking Supplies 17,400.00 30-Sep Miscellaneous Expense Miscellaneous Supplies 550.00 550.00 18,750.00 18,750.00 Peyton Approved Income Statement For Qtr. Ending 9/30/2018 Revenues: Total Revenues Cost of Goods Sold Gross Profit (FIFO) Operating Expenses Total Operating Expenses: Net Income (FIFO) Peyton Approved Balance Sheet As of September 30, 2018 Liabilities and Owners' Equity Assets Current Assets: Current Liabilities: Total Current Liabilities Long-Term Liabilities: Total Long-Term Liabilities: Total Current Assets Total Liabilities: Long-Term/Fixed Assets: Equity: Less Accumulated Depreciation Total Long-Term/Fixed Assets Total Equity Total Assets: Total Liabilities & Equity Peyton Approved Closing Entries Qtr ending 9/30/2018 Date Accounts Debit Credit 30-Sep Bakery Sales Merchandise Sales Income Summary 30-Sep Income Summary (FIFO) Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License en Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS FIFO 30-Sep Income Summary (FIFO) Retained Earnings FIFO 30-Sep Retained Earnings Dividends Peyton Approved Post Closing Trial Balance Qtr. Ending 9/30/2018 Unadjusted Trial Balance Credit Account Debit Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings FIFO Totals Peyton Approved Reversing Entries Qtr ending 9/30/2018 Date Accounts Debit Credit 30-Sep Interest Payable 150.00 Interest Expense 150.00
