Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the below business transactions at Emily s Bakery Prepare journal entries Post each journal entry into respective Ledger accounts. Using the account balance for
Using the below business transactions at Emilys Bakery
Prepare journal entries
Post each journal entry into respective Ledger accounts.
Using the account balance for each ledger account, prepare a Trial Balance.
Using the adjusting entries, prepare adjusting journal entries and post them into their
respective ledger account after that prepare an Adjusted Trial Balance.
Using the adjusted Trial Balance, prepare Income Statement, Balance Sheet, Cash Flow
Statement and Closing entries and Post Trial Balance.
Accounting Transactions.
Emily contributed $ to her business.
January company paid cash $ to rent a manufacturing facility with $ for the month of
January and rest for the next month.
Emilys Bakery purchased equipment on credit for $ from GPC Inc.
Bakery purchased a delivery van in the amount of $
On March Emilys Bakery took out a small business loan of $ from UMB, Bank at an annual
interest rate of and agrees pay the bank in full including interest on January
On March Bakery borrowed a noninterestbearing loan from Emily in the amount of $
Bakery paid salary to a temporary staff in the amount of $
Company purchased supplies for $
On April Bakery performed a corporate catering service for $ and received cash of $
and sent an invoice for remaining balance of $ for the catering services rendered.
Paid $ in cash for repair and maintenance service to John Heating Systems.
Company purchased insurance from Moonn, Insurance & Co and paid premium for $ for a twoyear
period.
Received $ in cash for wedding catering services provided to a client.
Company issued a check in the amount of $ for the equipment it purchased.
An invoice of $ was sent to a client for the services rendered September
On July the Bakery received a check in the amount of $ for the corporate breakfast services
it will provide in the future.
The Company paid dividends to Emily for $
A check for $ received for the services provided on September
A check for $ received for the services provided on April
On December Bakery paid off loan in the amount of $ to Emily.
Bakery paid $ in cash to a web developer for its website design, which was recorded as a
miscellaneous expense.
Adjusting Entries:
The total weekly payroll of Emilys Bakery is $ and employees are paid at the end of each week. The
Company prepares annual report on December which is on Tuesday, however, employees will not be paid
until Friday, January
The firm realized that it only provided of corporate breakfast services for which it received a check on
July
Company recorded rent for month that is on item
A yearend inventory count reveals $ of supplies still available.
MBA AF
Company used straight line depreciation method for the equipment and delivery van it purchased. Per
management estimate, the lives are years.
The Prepaid Insurance account shows a debit balance of $Using the below business transactions at Emily's Bakery
Prepare journal entries
Post each journal entry into respective Ledger accounts.
Using the account balance for each ledger account, prepare a Trial Balance.
Using the adjusting entries, prepare adjusting journal entries and post them into their
respective ledger account after that prepare an Adjusted Trial Balance.
Using the adjusted Trial Balance, prepare Income Statement, Balance Sheet, Cash Flow
Statement and Closing entries and Post Trial Balance.
Accounting Transactions.
Emily contributed $ to her business.
January company paid cash $ to rent a manufacturing facility with $ for the month of
January and rest for the next month.
Emily's Bakery purchased equipment on credit for $ from GPC Inc.
Bakery purchased a delivery van in the amount of $
On March Emily's Bakery took out a small business loan of $ from UMB, Bank at an annual
interest rate of and agrees pay the bank in full including interest on January
On March Bakery borrowed a noninterestbearing loan from Emily in the amount of $
Bakery paid salary to a temporary staff in the amount of $
Company purchased supplies for $
On April representing the cost of a oneyear fire
insurance policy that was purchased at the beginning of year.
The Bakery recorded accrued interest expense for business loan it received in March.
Bakerys corporate tax rate is
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started