Peyton Approved1

Peyton Approved
General Journal Entries

Jul-16
Date
1-Jul
Accounts
Cash
Comon Stock
3-Jul
Cash
Notes Payable
10-Jul
Business Licience Expense

Cash
11-Jul
Miscellaneous Exp
Cash
13-Jul
Baking Equipment
Comon Stock
13-Jul
Advertising Expense
Cash
14-Jul
Miscellaneous Supplies
Cash
30-Jun
Telephone Expense
Accounts Payable
31-Jul
Prepaid Insurance
Cash
31-Jul
Cash
Sales Revenue
31-Jul
Salary and Wages Expense

Cash
es
Debit
15000.00
Credit
15,000.00
10,000.00
10,000.00
375.00
375.00
250.00
250.00
5,000.00
5,000.00
200.00
200.00
300.00
300.00
45.00
45.00
1,200.00
1,200.00
5,000.00
5,000.00
120.00
120.00
Peyton Approved
Aug-16
Date
Accounts
8-Aug Accounts Recievable
Accounts Recievable
10-Aug Accounts Payable
Cash
15-Aug Salary and Wages Expense
Cash
15-Aug Rent Expense
Prepaid Rent
18-Aug Account Recievable
Cash
20-Aug Accounts Payable
Cash
31-Aug Telephone Expense
Accounts Payable
31-Aug Salary and Wages Expense
Cash
31-Aug Cash
Sales Revenue
es
Debit
Credit
3200
3,200.00
45.00
45.00
480.00
480.00
1,500.00
1,500.00
1,000.00
1,000.00
8,500.00
8,500.00
45.00
45.00
420.00
420.00
20,000.00
20,000.00
Peyton Approved
Sep-16
Date
Accounts
1-Sep Dividends
Cash
5-Sep Salary and Wages Expense
Cash
7-Sep Miscellaneous Supplies
Cash
8-Sep Account Recievable
Cash
10-Sep Telephone Expense
Accounts Payable
11-Sep Baking Supplies
Accounts Payable
13-Sep Accounts Payable
Cash
15-Sep Rent Expense
Cash
Cash
Cash
24-Sep Cash
Cash Revenue
Cash Revenue
Cash Revenue
30-Sep Cash
Sales Revenue
Debit
Credit
3,000.00
3,000.00
456.00
456.00
60.00
60.00
4,000.00
4,000.00
325.00
325.00
7,000.00
7,000.00
5,000.00
5,000.00
1,500.00
1,500.00
48.00
48.00
122.00
122.00
153.00
153.00
109.62
109.62
151.25
151.25
22,500.00
22,500.00
Cash
15,000.00
10,000.00
5,000.00
20,000.00
22,500.00
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Notes Payable
375.00
250.00
200.00
#REF!
300.00
#REF!
1,200.00
120.00
45.00
480.00
#REF!
#REF!
420.00
456.00
60.00
4,000.00
325.00
5,000.00
1,500.00
Misc. expense
250.00
Baking equipment
5,000
250.00
5,000
Baking supplies
49400 adj
3200
3,000.00
Misc. supplies
300
325.00
49,400
-49,400
Prepaid rent
3,000
1,500
-1,785
1,500
Prepaid insurance
1,200
600
Accounts payable
8500.00
3200.00
9000.00
3000.00
10000.00
10000.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
45.00
37,725
6,470
(31,255)
Telephone expense
45.00
45.00
7,000.00
Salary and Wages expense

120.00
480.00
420.00
60.00
5,000.00
6,080
Dividends
2,000
2,500
2,500
2,500
7,090.00
9,500
adj
baking supplies expense

49,400
misc supplies expense
Merch. Inv. FIFO
adj
Merchandise Sales Revenue
(12.00)
COGS FIFO
12.00
12.00
Notes Payable
10,000
10,000
10,000
Business License exp

375.00
375.00
375.00
Common Stock
Baking equipment
Advertising expense
200.00
200.00
Misc. supplies
1785 adj
Rent expense
1,500.00
1,500.00
1,500.00
1,500.00
1,500.00
adj
1,785
7,500.00
Prepaid insurance
Bakery revenue
600 adj
5,000
20,000
22,500
47,500
Insurance expense
600.00
ry and Wages expense
Salaries and Wages payable

480
480
480
Dividends
Merch. Inv. FIFO

12.00
12.00
COGS FIFO
adj
Depreciation expense
458
adj
Interest expense
300
Merch. Inv. LIFO

60.00
48.00
109.80
132.00
144.80
60.00
434.60
(374.60)
COGS LIFO
48.00
109.80
132.00
144.80
434.60
Common Stock
15,000
5,000
20,000
20,000
Insurance expense
Acc dep
458 adj
Interest payable
300 adj
Merch. Inv. Weighted

average
60.00
48.00
109.64
132.60
144.66
60.00
434.90
(374.90)
COGS Weighted average
48.00
109.64
132.60
144.66
434.90
FIFO
Date
7-Sep
Purchases
10 $
6.00 $
Sales
60.00
15-Sep
20-Sep
20 $
6.10
25 $
6.05
55
LIFO
7-Sep
Purchases
10 $
6.00
151.25
333.25
24-Sep
20 $
6.10
2 $
16 $
6.00
6.10
26
Sales
$
60.00
15-Sep
20-Sep
6.00
122.00
24-Sep
30-Sep
8 $
8 $
6.00
18 $
6.10
122.00
30-Sep
25 $
6.05
55
weighted average
7-Sep
Purchases
10 $
6.00
151.25
333.25
Sales
$
60.00
15-Sep
20-Sep
20 $
6.10
25 $
55
6.05
8 $
6.00
18 $
6.09
122.00
24-Sep
30-Sep
26
151.25
333.25
26
Sales
Ending Inventory
10 $
6.00 $
60.00
$
$
$
$
48.00
12.00
97.60
109.60
157.60
6.00
12.00
2
20
22
$
$
6.00
6.10
$
$
$
12.00
122.00
134.00
7-Sep
15-Sep
15-Sep
4 $
6.10
24.40
4 $
25 $
29
29
6.10
6.05
$
$
$
$
24.40
151.25
175.65
175.65
20-Sep
24-Sep
24-Sep
30-Sep
Ending Inventory
10 $
6.00 $
60.00
$
48.00
6.00
7-Sep
12.00
15-Sep
2
20
22
$
$
6.00
6.10
$
$
$
12.00
122.00
134.00
15-Sep
109.80
2
2
$
$
6.00
6.10
$
$
12.00
12.20
24.20
20-Sep
157.80
2 $
2 $
25 $
29
29
6.00
6.10
6.05
$
$
$
$
$
12.00
12.20
151.25
175.45
175.45
24-Sep
24-Sep
30-Sep
Ending Inventory
10 $
6.00
$60
$
48.00
6.00
7-Sep
12.00
15-Sep
2 $
20 $
22
6.00
6.10
$
$
$
12.00
122.00 per unit
134.00 $6.09
15-Sep
109.62
157.62
4
4
25 $
29
6.05
$
$
$
24.38
151.25
151.25 $5.22
20-Sep
24-Sep
24-Sep
30-Sep
Merchandise Inventory (10 x $6)

Cash
Purchased inventory
Dr
60.00
Cr
60.00
Cash (8 x $8.50)
Record sale of inventory
68.00
Cost of Goods Sold (8 X $6)

Merchandise Inventory
Recorded the cost of goods sold
48.00
68.00
48.00
Merchandise Inventory (20 x $6.10 )

Cash
122.00
Cash (18 x 8.50)

153.00
Cost of Goods Sold (2 x $6)+(16 x $6.10)

Recorded the cost of goods sold
109.60
Merchandise Inventory (25 x $6.05)

Cash
151.25
122.00
153.00
109.60
151.25

Cash
Purchased inventory
60.00
Cash (8 x $8.50)
68.00

Record inventory reduction due to sale
48.00
60.00
68.00
48.00

Cash
122.00
Cash (18 x 8.50)

153.00
Cost of Goods Sold (18 x $6.10)

109.80

Cash
151.25
122.00
153.00
109.80
151.25

Cash
Purchased inventory
60.00
Cash (8 x $8.50)
68.00

48.00
60.00
68.00
48.00

Cash
122.00
Cash (18 x 8.50)

153.00
Cost of Goods Sold (18 x $6.09)

109.62

Cash
151.25
122.00
153.00
109.62
151.25
Purchases
9/7: 10 bottles purchased at $6
9/20: 20 bottles purchased at $6.10
9/30: 25 bottles purchased at $6.05
Sales selling price, $8.50 a bottle
9/15: 8 bottles
9/24: 18 bottles

Peyton Approved1

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Peyton Approved

General Journal Entries

Business Licience Expense

Salary and Wages Expense

Salary and Wages expense

baking supplies expense

misc supplies expense

Merch. Inv. FIFO

Merchandise Sales Revenue

Business License exp

ry and Wages expense

Salaries and Wages payable

Merch. Inv. FIFO

Merch. Inv. LIFO

Merch. Inv. Weighted

COGS Weighted average

Merchandise Inventory (10 x $6)

Cost of Goods Sold (8 X $6)

Merchandise Inventory (20 x $6.10 )

Cash (18 x 8.50)

Cost of Goods Sold (2 x $6)+(16 x $6.10)

Merchandise Inventory (25 x $6.05)

Merchandise Inventory (10 x $6)

Cost of Goods Sold (8 X $6)

Merchandise Inventory (20 x $6.10)

Cash (18 x 8.50)

Cost of Goods Sold (18 x $6.10)

Merchandise Inventory (25 x $6.05)

Merchandise Inventory (10 x $6)

Cost of Goods Sold (8 X $6)

Merchandise Inventory (20 x $6.10)

Cash (18 x 8.50)

Cost of Goods Sold (18 x $6.09)

Merchandise Inventory (25 x $6.05)

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