This is everything I have to solve this worksheet. I need help filling it in and want to understand the math behind it.

2 Peyton Approved 3 Trial Balance 4 . 2017 s Unadjusted trial balance Adjustin entries Adjusted trial balance 6 Account Debit Credit Debit Credit Debit Credit 77 Cash 64,713.72 64,713.72 87 Baking Supplies 165,250.00 165,250.00 9 Merchandise Inventory (FIFO) 25,750.00 25,750.00 Ill Prepaid Rent 7,500.00 7,500.00 'L Prepaid Insurance 2,400.00 2,400.00 12 Baking Equipment 17,000.00 17,000.00 1.1 Accumulated Depreciation 3,285.72 3,285.72 11L Leasehold Improvements 10,000.00 10,000.00 15 Accumulated Amortization 2,000.00 2,000.00 16 Trademark 2,300.00 2,300.00 17' Ofce Supplies 1,600.00 1,600.00 18 Accounts Receivable 30,401.00 30,401.00 19 Notes Payable 10,000.00 10,000.00 20_ Interest Payable ' - 21 Accounts Payable 27,325.00 27,325.00 22 Wages Payable ' - 237 Loans Payable 21,000.00 21,000.00 24 Common Stock 30,000.00 30,000.00 25 Dividends 20,000.00 20,000.00 267 Bakery Sales 335,675.00 335,675 00 2L Merchandise Sales 35,200.00 35,200.00 28 Baking Cost of Goods Sold - 2: Rent Expense 90,000.00 90,000.00 so Interest Expense - 31 Insurance Expense - 32 Depreciation Expense - 337 Amortization Expense - 34 Misc. Expense 2,780.00 2,780.00 35 Ofce Supplies Expense - 36_ Business License Expense 375.00 375.00 37 Advertising Expense 5,200.00 5,200.00 38 Wages Expense - 394 Telephone Expense 3,456.00 3,456.00 40 Merchandise COGS (FIFO) 15,760.00 15,760.00 41 427 Total 464,485.72 464,485 72 - - 464,485 72 464,485 72 4 r | Chart of Accounts Worksheet Adjusting Entries I Income Statement I Closing Entries I Statement of Retained Earnings .. 5 G my snhu - Google Sea X @ 1-4 Final Project Revie X ACC_307_Final_Project X ACC 307 Milestone Or X The Accounting C 41 X Ask a Question X ACC_307_Final_Project X + X C File | C:/Users/chris/Downloads/ACC_307_Final_Project_Scenario.pdf C Apps f Facebook M Gmail YouTube Maps mySNHU Login ACC_307_Final_Project_Scenario.pdf 1 / 1 Southern New Hampshire University ACC 307 Final Project Scenario I Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following accounting practices: . Inventory: Periodic, FIFO for both baking and merchandise o Baking supplies: $27,850 ending inventory Equipment: Straight line method used for equipment o Mixing machine: $5,000 initial cost, $500 salvage value, 3rd year of use of 7 total ($642.86 per year) 0 Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of use of 7 total ($1,000 per year) O Other depreciable equipment: $4,000 initial cost, $0 salvage value, 1st year of use of 4 total ($1,000 per year) Bakery Leasehold Improvements: $10,000, 2nd year of use ($2,000 per year) 0 Trademark for company name: Initial cost, $2,300, 3rd year of use Office supplies: Periodic, FIFO. Ending balance is $250. Pay period is every 2 weeks. Last pay period ended December 27 o 60 employees with a daily pay of $5,700. All receive pay through December 31. . Financing: 6% interest note payable was made on January 31, 2017, and is due February 1, 2019. o 5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date. Insurance: Annual policy covers 12 months, purchased in February, covering March 2017- February 2018. No monthly adjustments have been made. Other information: An employee slipped and fell in the baking area and has filed a lawsuit. The company lawyer indicates that it is probable that the company will be found liable. No additional information is available. (+ DDD ACC_307_Final_Pro..pdf Show all X Type here to search O X P 4:40 PM 11/13/2020