what question of data do you need? Peyton Approved Trial Balance 2018 Unadjusted
ID: 2398150 • Letter: W
Question
what question of data do you need?
Peyton Approved Trial Balance 2018 Unadjusted trial balance Adjusting entries Adjusted trial balance Account Debit Credit Debit Credit Debit Credit Cash 28,436.75 28,436.75 Baking Supplies 18,500.00 18,500.00 Merchandise Inventory (FIFO) 175.65 175.65 Prepaid Rent 1,500.00 1,500.00 Prepaid Insurance 2,400.00 2,400.00 Baking Equipment 6,000.00 6,000.00 Accumulated Depreciation 208.33 208.33 Office Supplies 600.00 600.00 Accounts Receivable 7,700.00 7,700.00 Notes Payable - - Interest Payable - Accounts Payable 5,000.00 5,000.00 Wages Payable 480.00 480.00 Common Stock - - Dividends 10,000.00 10,000.00 Bakery Sales 55,000.00 55,000.00 Merchandise Sales 221.00 221.00 Baking Supplies Expense - Rent Expense 4,500.00 4,500.00 Interest Expense - Insurance Expense - Depreciation Expense 208.33 208.33 Misc. Expense 250.00 250.00 Office Supplies Expense - Business License Expense 375.00 375.00 Advertising Expense 200.00 200.00 Wages Expense 1,956.00 1,956.00 Telephone Expense 150.00 150.00 COGS (FIFO) 157.60 157.60 Total: (FIFO) 82,901.00 60,701.00 208.33 208.33 83,109.33 60,909.33Explanation / Answer
Solution:
Closing Entries
Peyton Approved
Closing Entries
Qtr ending 9/30/2018
Date
Accounts
Debit
Credit
30-Sep
Bakery Sales
55000
Merchandise Sales
221
Income Summary
55221
30-Sep
Income Summary (FIFO)
7796.93
Baking Supplies Expense
0
Rent Expense
4500
Wages Expense
1956
Office Supplies Expense
0
Business License Expense
375
Misc. Expense
250
Depreciation Expense
208.33
Insurance Expense
0
Advertising Expense
200
Interest Expense
0
Telephone Expense
150
COGS FIFO
157.6
30-Sep
Income Summary (FIFO) (55221 - 7796.93)
47424.07
Retained Earnings FIFO
47424.07
30-Sep
Retained Earnings
10000
Dividends
10000
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Peyton Approved
Closing Entries
Qtr ending 9/30/2018
Date
Accounts
Debit
Credit
30-Sep
Bakery Sales
55000
Merchandise Sales
221
Income Summary
55221
30-Sep
Income Summary (FIFO)
7796.93
Baking Supplies Expense
0
Rent Expense
4500
Wages Expense
1956
Office Supplies Expense
0
Business License Expense
375
Misc. Expense
250
Depreciation Expense
208.33
Insurance Expense
0
Advertising Expense
200
Interest Expense
0
Telephone Expense
150
COGS FIFO
157.6
30-Sep
Income Summary (FIFO) (55221 - 7796.93)
47424.07
Retained Earnings FIFO
47424.07
30-Sep
Retained Earnings
10000
Dividends
10000
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