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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.
1. Emily contributed $35,575 to her business.
2. January 3,2022, company paid cash $27,000 to rent a manufacturing facility with $1,800 for the month of
January and rest for the next 14-month.
3. Emilys Bakery purchased equipment on credit for $12,000 from GPC, Inc.
4. Bakery purchased a delivery van in the amount of $10,000.
5. On March 31,2022, Emilys Bakery took out a small business loan of $55,000 from UMB, Bank at an annual
interest rate of 5.52% and agrees pay the bank in full including interest on January 31,2024.
6. On March 10,2022, Bakery borrowed a non-interest-bearing loan from Emily in the amount of $5,000.
7. Bakery paid salary to a temporary staff in the amount of $1,500
8. Company purchased supplies for $3,500.
9. On April 15,2022, Bakery performed a corporate catering service for $15,500 and received cash of $5,500
and sent an invoice for remaining balance of $10,000 for the catering services rendered.
10. Paid $ 575 in cash for repair and maintenance service to John Heating Systems.
11. Company purchased insurance from Moonn, Insurance & Co and paid premium for $3,600 for a two-year
period.
12. Received $28,250 in cash for wedding catering services provided to a client.
13. Company issued a check in the amount of $2,500 for the equipment it purchased.
14. An invoice of $6,125 was sent to a client for the services rendered September 15,2022.
15. On July 31,2022, the Bakery received a check in the amount of $15,000 for the corporate breakfast services
it will provide in the future.
16. The Company paid dividends to Emily for $3,500.
17. A check for $2,700 received for the services provided on September 15.
18. A check for $3,500 received for the services provided on April 15.
19. On December 15, Bakery paid off loan in the amount of $3,500 to Emily.
20. Bakery paid $1,650 in cash to a web developer for its website design, which was recorded as a
miscellaneous expense.
Adjusting Entries:
21. The total weekly payroll of Emilys Bakery is $5,000 and employees are paid at the end of each week. The
Company prepares annual report on December 31, which is on Tuesday, however, employees will not be paid
until Friday, January 4.
22. The firm realized that it only provided 65% of corporate breakfast services for which it received a check on
July 31,2022.
23. Company recorded rent for 11-month that is on item 2.
24. A year-end inventory count reveals $750 of supplies still available.
MBA AF 6103
25. Company used straight line depreciation method for the equipment and delivery van it purchased. Per
management estimate, the lives are 10 years.
26. The Prepaid Insurance account shows a debit balance of $1,8Using 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 $35,575 to her business.
January 3,2022, company paid cash $27,000 to rent a manufacturing facility with $1,800 for the month of
January and rest for the next 14-month.
Emily's Bakery purchased equipment on credit for $12,000 from GPC, Inc.
Bakery purchased a delivery van in the amount of $10,000.
On March 31,2022, Emily's Bakery took out a small business loan of $55,000 from UMB, Bank at an annual
interest rate of 5.52% and agrees pay the bank in full including interest on January 31,2024.
On March 10,2022, Bakery borrowed a non-interest-bearing loan from Emily in the amount of $5,000.
Bakery paid salary to a temporary staff in the amount of $1,500
Company purchased supplies for $3,500.
On April 15,00, representing the cost of a one-year fire
insurance policy that was purchased at the beginning of year.
27. The Bakery recorded accrued interest expense for business loan it received in March.
28. Bakerys corporate tax rate is 13%.
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