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.

$1.$ 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.

$3.$ Emily$$s Bakery purchased equipment on credit for $$12,000$ from GPC$,$ Inc.

$4.$ Bakery purchased a delivery van in the amount of $$10,000.$

$5.$ On March $31,2022,$ Emily$$s Bakery took out a small business loan of $$55,000$ from UMB, Bank at an annual

interest rate of $5\mathrm{.}52\%$ 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 Emily$$s Bakery is $$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 $$1,8$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 $$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 $5\mathrm{.}52\%$ 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.

$28.$ Bakery$$s corporate tax rate is $13\%.$