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Using the chart of accounts please contine filling in the needed data for the workbook. Thank you! Scenario for adjusting entries: Year end is December
Using the chart of accounts please contine filling in the needed data for the workbook. Thank you!
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 Baking supplies: $27,850 ending inventory o Equipment: Straight line method used for equipment Mixing machine: $5,000 initial cost, $500 salvage value, 3rd year of use of 7 total ($642.86 per year) Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of use of 7 total ($1,000 per year) 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) Trademark for company name: Initial cost, $2,300, 3rd year of use o o o o o . 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 5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date o 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 availableStep by Step Solution
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