Submit the accounting cycle report component of Final Project Part I.

For additional details, please refer to the Final Project Part I Guidelines and Rubric document and the Accounting Cycle Report Template in the Assignment Guidelines and Rubrics section of the course.

My friend can you please help me to solve this one asap .

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 Equity 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 Common Stock 202 Dividends 203 204 Revenue Accounts Bakery Sales Merchandise Sales Expense Accounts 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 s Acct # 301 302 ts Acct # 401 402 ts Acct # 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 Contributed cash for common stock 1-Jul Baking Supplies Accounts Payable Purchased baking supplies on account 3-Jul Cash Notes Payable To record 6% note to parents 7-Jul Prepaid Rent Cash To record prepayment of rent 7-Jul Rent Expense Cash To record June 30, 2015 rent expesnse 10-Jul Business License Cash To record purchase of business license 11-Jul Misc. Expense Cash To record purchase of cash register 13-Jul Baking Equipment Common Stock To record transfer of eq. to business 13-Jul Advertising Expense Cash To record purchase of business cards 14-Jul Misc. Supplies Cash To record purchase of misc. supplies 30-Jul Telephone Expense Accounts Payable To record telephone bill due in August 31-Jul Insurace - prepaid Cash To record 12 month insurace policy 31-Jul Salary Expense Salaries Payable Debit 15,000.00 Credit 15,000.00 8,500.00 8,500.00 10,000.00 10,000.00 1,500.00 1,500.00 1,500.00 1,500.00 375.00 375.00 250.00 250.00 5,000.00 5,000.00 200.00 200.00 300.00 300.00 45.00 45.00 1,200.00 1,200.00 120.00 120.00 To accrue salary expense July 16-31 31-Jul Accounts Receivable Cash Sales Revenue To record sales on account 5,000.00 10,000.00 15,000.00 Total 58,990.00 58,990.00 Peyton Approved General Journal Entries Aug-14 Date Accounts 5-Aug Salary Payable Cash To pay salary August 15-31 8-Aug Cash Accounts Receivable To record customer payment 10-Aug Accounts Payable Cash To record payment of telephone bill 15-Aug Supplies Accounts Payable To record purchase of baking supplies 15-Aug Salary Expense Salary Payable To accrue salary expenses for August 1-15 15-Aug Rent Expense Cash To record bakery monthly rent expense 18-Aug Cash Accounts Receivable To record customer payment 20-Aug Accounts Payable Cash To record payment to baking supply vendor 20-Aug Salary Payable Cash To pay salary August 1-15 22-Aug Misc. Supplies Cash To record misc. supplies purchases 31-Aug Telephone expense Accounts Payable To record telephone bill due in September 31-Aug Salary Expense Salary Payable To accrue salary expenses Aug 16-31 31-Aug Accounts Receivable Cash Debit 120.00 Credit 120.00 3,200.00 3,200.00 45.00 45.00 5,000.00 5,000.00 480.00 480.00 1,500.00 1,500.00 1,000.00 1,000.00 8,500.00 8,500.00 480.00 480.00 300.00 300.00 45.00 45.00 420.00 420.00 7,500.00 12,500.00 Sales Revenue To record sales on account 20,000.00 Total 41,090.00 41,090.00 Peyton Approved General Journal Entries Sep-14 Date Accounts 1-Sep Dividends Cash To record dividends paid to self 5-Sep Salary Payable Cash To record salary payment Aug 16- 31 7-Sep Merchandise for Inventory - 10 x $6 each Cash To record purchase of merchandise for inventory 8-Sep Cash Accounts Receivable To record customer payments 10-Sep Accounts Payable Cash To record payment of telephone bill 11-Sep Baking Supplies Accounts Payable To record purchase of baking supplies from vendor 13-Sep Accounts Payable Cash To record payment to supply vendor 15-Sep Salary Expense Salary Payable To accrue salary expense Sept 1-15 15-Sep Rent Expense Cash To record payment of rent expense 15-Sep Cash - 8 x $8.50 each Sales Revenue To record merchandise sales 15-Sep Cost of Goods Sold - 8 x $6 each Merchandise Inventory To record the cost of goods sold 20-Sep Salary Payable Cash To record salary expenses Sept 1-15 20-Sep Merchandise for Inventory - 20 x $6.10 each Cash Debit 3,000.00 Credit 3,000.00 420.00 420.00 60.00 60.00 4,000.00 4,000.00 45.00 45.00 7,000.00 7,000.00 5,000.00 5,000.00 456.00 456.00 1,500.00 1,500.00 68.00 68.00 48.00 48.00 456.00 456.00 122.00 122.00 24-Sep 24-Sep 30-Sep 30-Sep 30-Sep To record purchase of merchandise for inventory Cash - 18 x $8.50 each 153.00 Merchandise Sales Revenue To record merchandise sales Cost of Goods Sold - (2 x $6)+(16 x $6.10) each 109.60 Merchandise Inventory To record the cost of goods sold Merchandise Inventory - 25 x $6.05 each 151.25 Cash To record purchase of merchandise for inventory Salary Expense 480.00 Salary Payable To accrue salary expense Sept 16-30 Accounts Receivable 6,000.00 Cash 19,000.00 Sales Revenue To record sales on account Total 48,068.85 153.00 109.60 151.25 480.00 25,000.00 48,068.85 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 $ 4 4 25 29 29 10 6.00 $ 48.00 122.00 151.25 2 2 20 22 18 $ 25 $ $ 157.60 60.00 24-Sep 30-Sep 6.00 $ 12.00 6.10 $ 97.60 $ 109.60 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 $ 333.25 Purchases 10 $ 6.00 $ 60.00 6.10 $ 55 48.00 6.05 $ 151.25 $ 333.25 2 2 20 22 18 $ 25 $ 6.00 $ 122.00 24-Sep 30-Sep 10 8 $ 20 $ $ 157.80 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 $ $ $ Ending Inventory 6.00 $60 $ 6.00 $ $ 6.00 $ 6.10 $ $ $ $ $ 12.20 151.25 175.45 175.45 $ 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 1,500.00 10,000.00 1,500.00 10,000.00 375.00 250.00 3,200.00 200.00 1,000.00 300.00 12,500.00 1,200.00 4,000.00 120.00 68.00 45.00 153.00 1,500.00 19,000.00 8,500.00 480.00 300.00 date 7-Jul 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul 5-Aug 10-Aug 15-Aug 20-Aug 20-Aug 22-Aug 3,000.00 420.00 60.00 45.00 5,000.00 1,500.00 1-Sep 5-Sep 7-Sep 10-Sep 13-Sep 15-Sep 456.00 151.25 122.00 20-Sep 30-Sep 20-Sep date Notes Payable 10,000 0 31-Aug 31-Jul 30-Sep 0 10,000 Accounts Rec. 7,500 3,200 5,000 1,000 6,000 4,000 18,500 10,300 date 3-Jul 8,200 8-Aug 15-Aug 8-Sep 74,921.00 47,896.75 11-Jul 27,024.25 Misc. expense 250 13-Jul Baking equipment 5,000 5,000 250 1-Jul 15-Aug 11-Sep Baking supplies 8500 5,000 7000 22-Aug 14-Jul 20,500 7-Jul Prepaid rent 1,500 Misc. supplies 300 300 600 31-Jul Prepaid insurance 1,200 100 100 1,000 1,500 31-Aug Sep-31 10-Aug 20-Aug 10-Sep 13-Sep Accounts payable 45 8500 8,500 45 45 5,000 5,000 45 7,000 13,590 31-Aug 30-Jul 1-Jul 30-Jul 15-Aug 31-Aug 11-Sep Salary and wages expense 15-Aug 480 31-Aug 420 31-Jul 120 15-Sep 456 30-Sep 480 20,590 7,000 Telephone expense 45 45 1,956 1-Sep Dividends 3,000 90 3,000 adj baking supplies expense 19,400 adj 19,400 misc supplies expense 550 15-Sep 20-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 20-Sep 109.64 157.64 Business License exp 10-Jul 375 Common Stock 15,000 5,000 1-Jul 11-Jul 375 20,000 31-Aug 1-Sep Insurance expense 100 100 COMPLETION OF STEPS 1- 4 DELIVERABLE: CONGRATULATIONS! YOU ARE NOW READY TO SUBMIT YOUR WORKBOOK TO COMPLETE THE 3-3 CHECKPOINT REQUIREMENT 200 Advertising expense 13-Jul 200 200 7-Jul 15-Aug 15-Sep Rent expense 1,500 1500 1500 4,500 Bakery Sales 15,000 20,000 25,000 60,000 31-Jul 31-Aug 30-Sep 5-Aug 20-Aug 5-Sep 20-Sep Salaries and wages payable 120 120 31-Jul 480 480 15-Aug 420 420 31-Aug 456 456 15-Sep 480 30-Sep 1,476 1,956 480 depreciation expense adj 0 Interest expense 50 50 COGS FIFO 15-Sep 48.00 20-Sep 109.60 157.60 acc dep 0 Interest payable 50 adj 50 7-Sep 20-Sep 30-Sep Merch. Inv. FIFO 60.00 48.00 122.00 109.60 151.25 333.25 175.65 157.60 15-Sep 24-Sep 7-Sep 20-Sep 30-Sep Merch. Inv. LIFO 60.00 48.00 122.00 109.80 151.25 333.25 175.45 157.80 15-Sep 24-Sep 7-Sep 20-Sep 30-Sep UBMIT YOUR Merch. Inv. Avg. 60.00 48.00 122.00 109.64 151.25 333.25 175.61 157.64 15-Sep 24-Sep 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 Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS Depreciation Expense Accumulated Depreciation Misc Supplies Expense* Interest Expense* Interest Payable* Peyton Approved Trial Balance 2014 Unadjusted trial balance Debit Credit 47,896.75 20,500.00 175.65 1,500.00 1,000.00 Adjusting entries Debit Credit 19,400.00 200.00 5,000.00 600.00 10,300.00 550.00 Adjusted trial balance Debit Credit 47,896.75 1,100.00 175.65 1,500.00 1,000.00 5,000.00 50.00 10,300.00 10,000.00 7,000.00 480.00 20,000.00 10,000.00 7,000.00 480.00 20,000.00 3,000.00 3,000.00 60,000.00 221.00 60,000.00 221.00 19,400.00 200.00 19,400.00 4,500.00 200.00 208.33 250.00 375.00 200.00 1,956.00 90.00 157.60 208.33 4,500.00 250.00 375.00 200.00 1,956.00 90.00 157.60 208.33 550.00 150.00 208.33 550.00 150.00 150.00 97,501.00 97,701.00 20,508.33 20,508.33 150.00 98,059.33 98,059.33 - Peyton Approved Adjusting Journal Entries 2014 Date Accounts 30-Sep Depreciation Expense accumulated depreciation Interest Expense Interest Payable Insurance Expense Insurance Payable Baking Supplies Expense Baking Supplies Misc. Supplies Expense Misc. Supplies Debit 208.33 Credit 208.33 150.00 150.00 1,200.00 1,200.00 19,400.00 19,400.00 550.00 550.00 Peyton Approved Income Statement For Qtr. Ending 9/30/2014 Revenues: Bakery Sales Merchandise Sales $60,000.00 $221.00 $60,221.00 Expenses: Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Depreciation Expense Misc. Supplies Expense COGS Interest Expense $19,400.00 $4,500.00 $200.00 $250.00 $375.00 $200.00 $1,956.00 $90.00 $208.33 $550.00 $157.60 $150.00 Total Expenses Net Income $28,036.93 $32,184.07 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2014 Retained Earnings, QTR2 2014 Net Income QTR3 2014 Dividends Retained Earnings QTR3 2014 $0.00 $32,184.07 $32,184.07 ($3,000) $29,184.07 Peyton Approved Balance Sheet As of September 30, 2014 Assets Cash Accounts Receivable Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Misc. Supplies Baking Equipment Less: Accumulated Depreciation Total Assets $47,896.75 $10,300.00 $1,100.00 $175.65 $1,500.00 $1,000.00 $50.00 $5,000.00 ($208.33) $4,791.67 $66,814.07 Peyton Approved Balance Sheet As of September 30, 2014 Liabilities and Owners' Equity Accounts Payable Notes Payable Wages Payable Interest Payable Total Liabilities $7,000.00 $10,000.00 $480.00 $150.00 $17,630.00 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders Equity $20,000.00 $29,184.07 $49,184.07 $66,814.07 Peyton Approved Closing Entries 9/30/2014 Date Accounts 30-Sep Service Revenue Income Summary To close revenue 30-Sep Income Summary Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Depreciation Expense Misc. Supplies Expense COGS Interest Expense To close expenses 30-Sep Income Summary Retained Earnings To close Income Summary 30-Sep Retained Earnings Dividends To close Dividends Debit 60,221.00 Credit 60,221.00 28,036.93 19,400.00 4,500.00 200.00 250.00 375.00 200.00 1,956.00 90.00 208.33 550.00 157.60 150.00 32,184.07 32,184.07 3,000.00 3,000.00 Peyton Approved Post Closing Trial Balance 9/30/2014 Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Misc. supplies Accounts Receivable Notes Payable Accounts Payable Wages Payable Intereset Payable Common Stock Accumlated Depreciation Retained Earnings Total Unadjusted Trial Balance Debit 47,896.75 1,100.00 175.65 1,500.00 1,000.00 5,000.00 50.00 10,300.00 $67,022.40 adjusted Trial Balance Credit 10,000.00 7,000.00 480.00 150.00 20,000.00 208.33 29184.07 $67,022.40 Peyton Approved Reversing Entries 9/30/2014 Date Accounts 30-Sep Interest Expense Interest Payable To accrue Interest Expense Debit 150.00 Credit 150.00 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 Running head: ACC 201 FINAL PROJECT PART I ACCOUNTING CYCLE REPORT 1 DELETE EVERYTHING THAT APPEARS IN RED Review the Final Project Part I Guidelines and Rubric document to see how your paper will be scored. Be sure to follow APA format when providing references. If you have questions on APA formatting, you can check the Purdue OWL website or seek help from the SNHU Writing Lab. Notes on APA in a Formal Assignment Use one-inch margins on all sides. Use 12-point Times New Roman font with double spacing. Paragraphs should be at least three to four sentences in length. Do not include the headings \"Introduction\" and \"Conclusion.\" These are included below to help you lay out your paper. APA format assumes that the introduction begins the paper, the body continues the paper, and the conclusion wraps up the paper, so those headings are not needed. Indent the first line of every paragraph by 0.5\". Be careful not to use personal pronouns such as \"I.\" Make sure to delete headings such as Paragraph One, Paragraph Two, and so on. Be sure to replace all of the text in red with your own writing. (This entire first page can be deleted after you review the guidelines. Your paper should begin with the title page that follows.) ACC 201 Final Project Part I Accounting Cycle Report ACC 201 Final Project Part I Accounting Cycle Report Your Name Southern New Hampshire University 2 ACC 201 Final Project Part I Accounting Cycle Report 3 REMEMBER: DELETE EVERYTHING THAT APPEARS IN RED Introduction (delete this heading in your final paper) In your opening paragraph, very briefly introduce the purpose of your paper. Recall that you will be discussing the accounting cycle in keeping with the key terms of steps, role, omission, and finally financial statements, as explained in your rubric instructions. Three or four sentences are sufficient. Paragraph One (delete this heading in your final paper) Using content from your accounting cycle workbook submitted in Final Project Part I and from your readings in Chapter 4 of the textbook, identify the steps of the accounting cycle. Provide a description of each step. Also, discuss what role each step plays in the success of a business. Paragraph Two (delete this heading in your final paper) Describe how the omission of a step could impact the success of a business. What strategies could be used to avoid this? Include in your discussion the omission of at least three different steps. A minimum of five to six sentences is required to support your thoughts. Focus your thinking around the role of each step, as discussed in the previous paragraph, and how its omission will impact the success of a business. Paragraph Three (delete this heading in your final paper) Identify and describe the major financial statements that come out of the accounting cycle. Why are they important? A minimum of five to six sentences is required to support your thoughts. Be specific in your answer and use examples to support your thoughts. Conclusion (delete this heading in your final paper) ACC 201 Final Project Part I Accounting Cycle Report The conclusion reminds the reader what your paper is about and allows you to make a final point without introducing new information. Three or four sentences are sufficient. 4 ACC 201 Final Project Part I Accounting Cycle Report 5 References Nobles, T. L., Mattison, B. L., Matsumura, E. M. (2014). Horngren's financial and managerial accounting (4th ed.). Upper Saddle River, NJ: Pearson Education, Inc. Make sure that you provide appropriate citations in APA style. The textbook is provided as an example and should be kept in the references for your paper. Feel free to add other resources. To add credibility to your paper, remember to cite ALL of the sources within the body of the paper as well as in the References list at the end. References should be in alphabetical order by the author's last name