. Step Six: Complete the Adjusting Entries tab in your workbook using the Step Six data in the appendix. Note that you should take the adjusting entries from this worksheet and enter them into the Trial Balance tab in your workbook.

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. Step Six Data (Click on the link to return to the prompt.) On September 30, the following adjustments must be made: [Note: This is a sample.] Depreciation of baking equipment transferred to company on 7/13. Assume a half month of depreciation in July using the straight-line method. Accrue interest for note payable. Assume a full month of interest for July. (6% annual interest on $10,000 loan from parents.) Record insurance used for the year. Actual baking supplies on-hand as of September 30 are $1,100. Office supplies on-hand as of September 30 are $50.

Wage calculation data: Month Hours Rate Pay 31 Jul. 10 12 120 15 Aug. 40 12 480 31 Aug. 35 12 420 15 Sep. 38 12 456 30 Sep. 40 12 480

misc supplies D E F B d Peyton Approved Adjusting Journal Entries 2018 Credit Debit 250 Data Accounts 30-Sep Depreciation Expense accumulated depreciation 250.00 150.00 30-Sep intrest expense intrest Payable 150.00 1,200.00 30-Sep Insurance expense prepaid insurance 1,200.00 19,400.00 30-Sep baking supplies expense baking supplies expense 19,400.00 350.00 30-Sep misc supplies expense misc supplies 350.00 T-Accounts Inventory Valuation Trial Balance Incor Adjusting Entries