September 1: Paid dividends to self in amount of $10,000. September 5: Pay employee for period ending 8/31. September 7: Purchase merchandise for resale. See "Inventory Valuation" tab for details. September 8: Receive payments from customers toward accounts receivable in amount of $4,000. September 10: Pay August telephone bill. September 11: Purchase baking supplies in amount of $7,000 from vendor on account September 13: Paid on supplies vendor account in amount of $5,000. September 15: Accrue employee wages for period of September 1 through September 15. September 15: Pay rent on bakery space: $1,500. September 15: Record merchandise sales transaction. See "Inventory Valuation" tab for details. September 15: Record impact of sales transaction on COGS and the inventory asset. See "Inventory Valuation" tab for details. September 20: Pay employee for period ending 9/15. September 20: Purchase merchandise inventory for resale to customers. See "Inventory Valuation" tab for details. September 24: Record sales of merchandise to customers. See "Inventory Valuation" tab for details. 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 16" through September 30 September 30: Total September bakery sales are $20,000. $6,000 of these sales are on accounts receivable. Wage calculation data: Rate Month 31 Jul. 15 Aug. 31 Aug 15 Sep. 30 Sep Hours 10 40 35 38 12 12 12 12 12 Pay 120 480 420 456 480 40 H Put entries in shaded cells G F Credit Debit Peyton Approved General Journal Entries Sep-18 Accounts Total Date 2 4 6 7 3 3 0 2 4 5 0 7 3 3 3 4 5 6 2 3 2 3 5 FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases 7-Sep 10 S 6.00 6000 Sales Cr Ending inventory 10 S 6.00 5 6000 7-SepMerchandise inventory (10 x 56) Dr 50.00 . Cach 60.00 15-Sep 8 $ 600 $ 48.00 2 S 6.00 S 1200 Purchased inventory . 20-Sep 20 $ 6.10 S 122.00 5800 2 $ 6.00 $ 12.00 20 $ 6.10 S12200 22 $ 134.00 15 Sep Cash (8x 58.50) Merchandise Sales Record sale of inventory 6800 1 2 24-Sep 48.00 2 $ 6.00 $12.00 16 $ 6.10 S 97.50 $ 109.60 4 $ 6.10 $ 2440 15-5ep Cost of Goods Sold 18 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 7 30-Sep 25 $ 6.055 15125 122.00 20 Sep Merchandise inventory (20 56.10 ) Cash 12200 45 6.10 S 24.40 25 $ 605 S 15125 29 $ 175 65 29 $ 175.65 55 $ 33325 26 $ 157.60 153.00 0 1 24 Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153 00 2 109 60 4 5 5 7 24-Sep Cost of Goods Sold (2 961416 x $6.10) Merchandise inventory Recorded the cost of goods sold 109.60 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151 25 LIFO Sales Purchases 10 $ 6.00 60 DO 7.Sep Ending inventory 30 $ 600S 00.00 60.00 7-Sep Merchandise Inventory 10 x 56) Casa Purchased inventory 50.00 15-Sep 8 $ 6.00 $ 48.00 2 $500 $ 12.00 GO 20-Sep 20 $ 6.10 $ 122.00 15-seo Cash 8x58,50) Merchandise Sales Record sale of inventory 2 $ 6005 12.00 20 $ 610 $ 122,00 22 $ 15400 58.00 48.00 24-5 18 $ 6.10 $ 109.80 25 6.00 $ 2 S 6 10 S 4 S 4800 15-sep Cost of Goods Sold 18 X $6] Merchandise Inventory Record inventory reduction due to sale 12.00 12.20 2420 122.00 30-Sep 25 $ 6.05 $ 15125 20 Sep Merchandise Inventory 120 x 56 101 Cash 12200 2 $ 6.00 $ 12.00 2 $ 6.10 $ 12.20 25 $ 6.05 $ 151.25 29 $ 175.45 29 $ 175.45 15300 24-Sep Cash 18x8.50) Merchandise Sales Record sale of inventory 153.00 55 S 32 26 $ 1570 109.80 24-Sep Cost of Goods Sold (1856 101 Merchandise inventory Record inventory reduction due to sale 109 80 30 Se Merchandise Inwentary 125 * $605) Cash 151.25 151.25 Sales 60.00 ghted average 7-Sep Purchases 10 $ 6.00 5 Ending Inventory 10 $ 6.00 $60 60.00 7-Sep Merchandise Inventory (1096) Cash Purchased inventory 50.00 15-Sep 8 $ 6.00 $ 4800 2 $ 6.00 $12.00 5800 20-Sep 20 $ 6.10 S 12200 15-sep Cash (8x 58.50) Merchandise Sales Record sale of inventory 2 $6.00 $ 12.00 20 $ 6.10 $ 122.00 per unit 22 $ 134.00 $6.09 68 00 48.00 24-Sep 18 $ 6.09 $ 309.62 4 $ 2438 15 sep Cost of Goods Sold (8 X 56) Merchandise inventory Record inventory reduction due to sale 48.00 30-Sep 25 $ 6.055 151 25 4 $ 25 $ 6.05 S 151.25 29 $ 151.25 55.22 122.00 20 Sep Merchandise Inventory (20 x $6.101 Cash 55 $ 33325 26 157.62 12200 153.00 24-Sep Cash (18x8.501 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 109.62 15125 30-Sep Merchandise Inventory (25 $6.051 Cash 151 25 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 September 1: Paid dividends to self in amount of $10,000. September 5: Pay employee for period ending 8/31. September 7: Purchase merchandise for resale. See "Inventory Valuation" tab for details. September 8: Receive payments from customers toward accounts receivable in amount of $4,000. September 10: Pay August telephone bill. September 11: Purchase baking supplies in amount of $7,000 from vendor on account September 13: Paid on supplies vendor account in amount of $5,000. September 15: Accrue employee wages for period of September 1 through September 15. September 15: Pay rent on bakery space: $1,500. September 15: Record merchandise sales transaction. See "Inventory Valuation" tab for details. September 15: Record impact of sales transaction on COGS and the inventory asset. See "Inventory Valuation" tab for details. September 20: Pay employee for period ending 9/15. September 20: Purchase merchandise inventory for resale to customers. See "Inventory Valuation" tab for details. September 24: Record sales of merchandise to customers. See "Inventory Valuation" tab for details. 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 16" through September 30 September 30: Total September bakery sales are $20,000. $6,000 of these sales are on accounts receivable. Wage calculation data: Rate Month 31 Jul. 15 Aug. 31 Aug 15 Sep. 30 Sep Hours 10 40 35 38 12 12 12 12 12 Pay 120 480 420 456 480 40 H Put entries in shaded cells G F Credit Debit Peyton Approved General Journal Entries Sep-18 Accounts Total Date 2 4 6 7 3 3 0 2 4 5 0 7 3 3 3 4 5 6 2 3 2 3 5 FIFO USE THIS ONE FOR THE SEPTEMBER ENTRIES Date Purchases 7-Sep 10 S 6.00 6000 Sales Cr Ending inventory 10 S 6.00 5 6000 7-SepMerchandise inventory (10 x 56) Dr 50.00 . Cach 60.00 15-Sep 8 $ 600 $ 48.00 2 S 6.00 S 1200 Purchased inventory . 20-Sep 20 $ 6.10 S 122.00 5800 2 $ 6.00 $ 12.00 20 $ 6.10 S12200 22 $ 134.00 15 Sep Cash (8x 58.50) Merchandise Sales Record sale of inventory 6800 1 2 24-Sep 48.00 2 $ 6.00 $12.00 16 $ 6.10 S 97.50 $ 109.60 4 $ 6.10 $ 2440 15-5ep Cost of Goods Sold 18 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 7 30-Sep 25 $ 6.055 15125 122.00 20 Sep Merchandise inventory (20 56.10 ) Cash 12200 45 6.10 S 24.40 25 $ 605 S 15125 29 $ 175 65 29 $ 175.65 55 $ 33325 26 $ 157.60 153.00 0 1 24 Sep Cash (18 x 8.50) Merchandise Sales Record sale of inventory 153 00 2 109 60 4 5 5 7 24-Sep Cost of Goods Sold (2 961416 x $6.10) Merchandise inventory Recorded the cost of goods sold 109.60 151.25 30-Sep Merchandise Inventory (25 x $6.05) Cash 151 25 LIFO Sales Purchases 10 $ 6.00 60 DO 7.Sep Ending inventory 30 $ 600S 00.00 60.00 7-Sep Merchandise Inventory 10 x 56) Casa Purchased inventory 50.00 15-Sep 8 $ 6.00 $ 48.00 2 $500 $ 12.00 GO 20-Sep 20 $ 6.10 $ 122.00 15-seo Cash 8x58,50) Merchandise Sales Record sale of inventory 2 $ 6005 12.00 20 $ 610 $ 122,00 22 $ 15400 58.00 48.00 24-5 18 $ 6.10 $ 109.80 25 6.00 $ 2 S 6 10 S 4 S 4800 15-sep Cost of Goods Sold 18 X $6] Merchandise Inventory Record inventory reduction due to sale 12.00 12.20 2420 122.00 30-Sep 25 $ 6.05 $ 15125 20 Sep Merchandise Inventory 120 x 56 101 Cash 12200 2 $ 6.00 $ 12.00 2 $ 6.10 $ 12.20 25 $ 6.05 $ 151.25 29 $ 175.45 29 $ 175.45 15300 24-Sep Cash 18x8.50) Merchandise Sales Record sale of inventory 153.00 55 S 32 26 $ 1570 109.80 24-Sep Cost of Goods Sold (1856 101 Merchandise inventory Record inventory reduction due to sale 109 80 30 Se Merchandise Inwentary 125 * $605) Cash 151.25 151.25 Sales 60.00 ghted average 7-Sep Purchases 10 $ 6.00 5 Ending Inventory 10 $ 6.00 $60 60.00 7-Sep Merchandise Inventory (1096) Cash Purchased inventory 50.00 15-Sep 8 $ 6.00 $ 4800 2 $ 6.00 $12.00 5800 20-Sep 20 $ 6.10 S 12200 15-sep Cash (8x 58.50) Merchandise Sales Record sale of inventory 2 $6.00 $ 12.00 20 $ 6.10 $ 122.00 per unit 22 $ 134.00 $6.09 68 00 48.00 24-Sep 18 $ 6.09 $ 309.62 4 $ 2438 15 sep Cost of Goods Sold (8 X 56) Merchandise inventory Record inventory reduction due to sale 48.00 30-Sep 25 $ 6.055 151 25 4 $ 25 $ 6.05 S 151.25 29 $ 151.25 55.22 122.00 20 Sep Merchandise Inventory (20 x $6.101 Cash 55 $ 33325 26 157.62 12200 153.00 24-Sep Cash (18x8.501 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 109.62 15125 30-Sep Merchandise Inventory (25 $6.051 Cash 151 25 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
