The first three pictures consist of the data I entered into the Journal. The next step is to do T-Accounts. I am still confused on how to do this step and was looking for some help for this. It would be greatly apprectiated if I could get some help as well as an explanation. Thank you in advance.

Peyton Approved General Journal Entries Jul-18 Accounts Credit Date 1-Jul Cash Common Stock Debit 10,000.00 10,000.00 6,500.00 1-Jul Baking Supplies Acounts Payable 6,500.00 10,000.00 3-Jul Cash Notes Payable 10,000.00 7-Jul Prepaid Rent Rent Expense Cash 1,500.00 1,500.00 3,000.00 375.00 10-Jul Business License Expense Cash 375.00 250.00 11-Jul Misc. Expense Cash 250.00 6,000.00 13-Jul Baking Equipment Common Stock 6,000.00 200.00 13-Jul Advertising Expense Cash 200.00 300.00 14-Jul Misc. Supplies Cash 300.00 75.00 30-Jul Telephone Expense Accounts Payable 75.00 2,400.00 31-Jul Prepaid Insurance Cash 2,400.00 120.00 31-Jul Wages Expense Wages Payable 120.00 31-Jul Cash Accounts Receivable Bakery Revenue 10,000.00 5,000.00 15,000.00 Total 54,220.00 54,220.00 Peyton Approved General Journal Entries Aug-18 Accounts Credit Date 5-Aug Wages Payable Cash Debit 120.00 120.00 3,800.00 8-Aug Cash Accounts Receivable 3,800.00 75.00 10-Aug Accounts Payable Cash 75.00 5,000.00 15-Aug Baking Supplies Expense Accounts Payable 5,000.00 480.00 15-Aug Wages Expense Wages Payable 480.00 1,500.00 15-Aug Rent Expense Cash 1,500.00 3,000.00 18-Aug Cash Accounts Receivable 3,000.00 8,500.00 20-Aug Baking Supplies Expense Accounts Payable 8,500.00 480.00 20-Aug Wages Payable Cash 480.00 300.00 22-Aug Misc. Supplies Cash 300.00 75.00 31-Aug Telephone Expense Accounts Payable 75.00 420.00 31-Aug Wages Expense Wages Payable 420.00 31-Aug Cash Accounts Receivable Bakery Revenue 12,500.00 7,500.00 20,000.00 Total 43,750.00 $ 43,750.00 Peyton Approved General Journal Entries Sep-18 Accounts Credit Date 1-Sep Dividends Cash Debit 10,000.00 10,000.00 420.00 5-Sep Wages Payable Cash 420.00 60.00 7-Sep Merchandise Inventory Cash 60.00 4,000.00 8-Sep Cash Accounts Receivable 4,000.00 75.00 10-Sep Accounts Payable Cash 75.00 7,000.00 11-Sep Baking Supplies Expense Accounts Payable 7,000.00 5,000.00 13-Sep Baking Supplies Expense Accounts Payable 5,000.00 456.00 15-Sep Wages Expense Wages Payable 456.00 15-Sep Rent Expense Cash 1,500.00 1,500.00 68.00 15-Sep Cash Merchandise Sales Revenue 68.00 48.00 15-Sep Cost of Goods Sold Merchandise Inventory 48.00 456.00 20-Sep Wages Payable Cash 456.00 122.00 20-Sep Merchandise Inventory Cash 122.00 153.00 24-Sep Cash Merchandise Sales Inventory 153.00 109.60 24-Sep Cost of Goods Sold Merchandise Inventory 109.60 30-Sep Merchandise Inventory Cash 151.25 151.25 480.00 30-Sep Wages Expense Wages Payable 480.00 14,000.00 6,000.00 30-Sep Cash Accounts Receivable Bakery Revenue Total 20,000.00 50.098.85 50,098.85 Cash date date Notes Payable Business License exp Common Stock date 1-Jul 3-Jul date 3-Jul 10-Jul 1-Jul 13-Jul Balance Balance Balance 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul 31-Jul 5-Aug 8-Aug 10-Aug 18-Aug 15-Aug Accounts Rec. Insurance expense 20-Aug 20-Aug 31-Jul 22-Aug 8-Aug 18-Aug 31-Aug 31-Aug 1-Sep 5-Sep 7-Sep 8-Sep 30-Sep 8-Sep 10-Sep 13-Sep 15-Sep Balance 15-Sep 20-Sep 20-Sep 24-Sep 30-Sep 30-Sep Balance Misc. expense Baking equipment Advertising expense 11-Jul 13-Jul 13-Jul Balance Balance Balance Baking supplies Office supplies Rent expense 1-Jul 15-Aug 11-Sep 14-Jul 22-Aug 7-Jul 15-Aug 15-Sep Balance Balance Balance Prepaid rent Prepaid insurance Bakery Sales 7-Jul 31-Jul 31-Jul 31-Aug 30-Sep Balance Balance Balance Accounts payable Wages expense Wages payable 31-Jul 1-Jul 30-Jul 5-Aug 10-Aug 31-Jul 15-Aug 31-Aug 15-Sep 30-Sep 15-Aug 15-Aug 20-Aug 20-Aug 31-Aug 31-Aug 5-Sep 10-Sep 15-Sep 11-Sep 20-Sep 13-Sep 30-Sep Balance Balance Balance Dividends depreciation expense Telephone expense 1-Sep 30-Jul 31-Aug acc dep Balance Interest expense Balance baking supplies expense COGS FIFO Interest payable 15-Sep 24-Sep misc supplies expense Balance Merchandise Sales Merch. Inv. FIFO 15-Sep 24-Sep 7-Sep 15-Sep 20-Sep 24-Sep Balance 30-Sep Balance

Question

The first three pictures consist of the data I entered into the Journal. The next step is to do T-Accounts. I am still confused on how to do this step and was looking for some help for this. It would be greatly apprectiated if I could get some help as well as an explanation. Thank you in advance.

image text in transcribed

Peyton Approved General Journal Entries Jul-18 Accounts Credit Date 1-Jul Cash Common Stock Debit 10,000.00 10,000.00 6,500.00 1-Jul Baking Supplies Acounts Payable 6,500.00 10,000.00 3-Jul Cash Notes Payable 10,000.00 7-Jul Prepaid Rent Rent Expense Cash 1,500.00 1,500.00 3,000.00 375.00 10-Jul Business License Expense Cash 375.00 250.00 11-Jul Misc. Expense Cash 250.00 6,000.00 13-Jul Baking Equipment Common Stock 6,000.00 200.00 13-Jul Advertising Expense Cash 200.00 300.00 14-Jul Misc. Supplies Cash 300.00 75.00 30-Jul Telephone Expense Accounts Payable 75.00 2,400.00 31-Jul Prepaid Insurance Cash 2,400.00 120.00 31-Jul Wages Expense Wages Payable 120.00 31-Jul Cash Accounts Receivable Bakery Revenue 10,000.00 5,000.00 15,000.00 Total 54,220.00 54,220.00 Peyton Approved General Journal Entries Aug-18 Accounts Credit Date 5-Aug Wages Payable Cash Debit 120.00 120.00 3,800.00 8-Aug Cash Accounts Receivable 3,800.00 75.00 10-Aug Accounts Payable Cash 75.00 5,000.00 15-Aug Baking Supplies Expense Accounts Payable 5,000.00 480.00 15-Aug Wages Expense Wages Payable 480.00 1,500.00 15-Aug Rent Expense Cash 1,500.00 3,000.00 18-Aug Cash Accounts Receivable 3,000.00 8,500.00 20-Aug Baking Supplies Expense Accounts Payable 8,500.00 480.00 20-Aug Wages Payable Cash 480.00 300.00 22-Aug Misc. Supplies Cash 300.00 75.00 31-Aug Telephone Expense Accounts Payable 75.00 420.00 31-Aug Wages Expense Wages Payable 420.00 31-Aug Cash Accounts Receivable Bakery Revenue 12,500.00 7,500.00 20,000.00 Total 43,750.00 $ 43,750.00 Peyton Approved General Journal Entries Sep-18 Accounts Credit Date 1-Sep Dividends Cash Debit 10,000.00 10,000.00 420.00 5-Sep Wages Payable Cash 420.00 60.00 7-Sep Merchandise Inventory Cash 60.00 4,000.00 8-Sep Cash Accounts Receivable 4,000.00 75.00 10-Sep Accounts Payable Cash 75.00 7,000.00 11-Sep Baking Supplies Expense Accounts Payable 7,000.00 5,000.00 13-Sep Baking Supplies Expense Accounts Payable 5,000.00 456.00 15-Sep Wages Expense Wages Payable 456.00 15-Sep Rent Expense Cash 1,500.00 1,500.00 68.00 15-Sep Cash Merchandise Sales Revenue 68.00 48.00 15-Sep Cost of Goods Sold Merchandise Inventory 48.00 456.00 20-Sep Wages Payable Cash 456.00 122.00 20-Sep Merchandise Inventory Cash 122.00 153.00 24-Sep Cash Merchandise Sales Inventory 153.00 109.60 24-Sep Cost of Goods Sold Merchandise Inventory 109.60 30-Sep Merchandise Inventory Cash 151.25 151.25 480.00 30-Sep Wages Expense Wages Payable 480.00 14,000.00 6,000.00 30-Sep Cash Accounts Receivable Bakery Revenue Total 20,000.00 50.098.85 50,098.85 Cash date date Notes Payable Business License exp Common Stock date 1-Jul 3-Jul date 3-Jul 10-Jul 1-Jul 13-Jul Balance Balance Balance 7-Jul 10-Jul 11-Jul 13-Jul 14-Jul 31-Jul 31-Jul 5-Aug 8-Aug 10-Aug 18-Aug 15-Aug Accounts Rec. Insurance expense 20-Aug 20-Aug 31-Jul 22-Aug 8-Aug 18-Aug 31-Aug 31-Aug 1-Sep 5-Sep 7-Sep 8-Sep 30-Sep 8-Sep 10-Sep 13-Sep 15-Sep Balance 15-Sep 20-Sep 20-Sep 24-Sep 30-Sep 30-Sep Balance Misc. expense Baking equipment Advertising expense 11-Jul 13-Jul 13-Jul Balance Balance Balance Baking supplies Office supplies Rent expense 1-Jul 15-Aug 11-Sep 14-Jul 22-Aug 7-Jul 15-Aug 15-Sep Balance Balance Balance Prepaid rent Prepaid insurance Bakery Sales 7-Jul 31-Jul 31-Jul 31-Aug 30-Sep Balance Balance Balance Accounts payable Wages expense Wages payable 31-Jul 1-Jul 30-Jul 5-Aug 10-Aug 31-Jul 15-Aug 31-Aug 15-Sep 30-Sep 15-Aug 15-Aug 20-Aug 20-Aug 31-Aug 31-Aug 5-Sep 10-Sep 15-Sep 11-Sep 20-Sep 13-Sep 30-Sep Balance Balance Balance Dividends depreciation expense Telephone expense 1-Sep 30-Jul 31-Aug acc dep Balance Interest expense Balance baking supplies expense COGS FIFO Interest payable 15-Sep 24-Sep misc supplies expense Balance Merchandise Sales Merch. Inv. FIFO 15-Sep 24-Sep 7-Sep 15-Sep 20-Sep 24-Sep Balance 30-Sep Balance