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TRIAL BALANCE SHEET: Dec 31 Depreciation Expense Accumulated Depreciation Dec 31 Amortization Expense Accumulated Amortization Dec...

TRIAL BALANCE SHEET:

Dec 31 Depreciation Expense

Accumulated Depreciation

Dec 31 Amortization Expense

Accumulated Amortization

Dec 31 Interest Expense

Interest Payable

Dec 31 Insurance Expense

Prepaid Insurance

Dec 31 Baking Cost of Goods Sold 27,850

Baking Supplies 27,850

Dec 31 Office Supplies Expense 250

Office Supplies 250

Dec 31 Wages Expense

Wages Payable

TOTALS:

NEEDED ADJUSING INFORMATION:

THIS IS ALL THE CASE INFORMATION THAT WE WERE GIVEN!!!!

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 o Baking supplies: $27,850 ending inventory

 Equipment: Straight line method used for equipment o Mixing machine: $5,000 initial cost, $500 salvage value, 3rd year of use of 7 total ($642.86 per year)

o Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of use of 7 total ($1,000 per year)

o Other depreciable equipment: $4,000 initial cost, $0 salvage value, 1st year of use of 4 total ($1,000 per year)

o Bakery Leasehold Improvements: $10,000, 2nd year of use ($2,000 per year)

o Trademark for company name: Initial cost, $2,300, 3rd year of use

 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: o 6% interest note payable was made on January 31, 2017, and is due February 1, 2019.

o 5-year loan was made on June 1, 2017. Terms are 7.5% annual rate, interest only until due date.

 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 available.

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Trial 8alance Adjusting Journal Entries Unadjusted trial balance entrie5 Adjusted trial balance Account 31-Dec Depreciation Expense 2,642.86 642.86+1000+1000 2,642.86 Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent 165,250.00 25,750.00 7,500.00 2,400.00 26,000.00 137,400.00 27,8s0.00 31-Dec Amortization Expense 2000 amortiz on Lease hold Asset 7,500.00 400.00 26,000.00 Accumulated Amortization 2,000.00 Baking Equipment Accumulated Depreciation Leasehold Improvements Accumulated Amortization 6%*10000*11/12 + 1,468.75 17.5%21000.7/12 31-Dec Interest Expense 1,468.75 5,642.8 Interest Payable 10,000.00 2,000.00 4,000.00 31-Dec Insurance Expense 2400 10/12 2,300.00 Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Loans Payable Common Stock 2,000.00 1,350.00 31-Dec Baking Cost of Goods Sold 137,400.00 165250 27850 1,468.75 27,325.00 137,400.00 1,468.75 31-Dec Ottice Supplies Expense 1600-250 22,800.00 Office Supplies 31-Dac Wages Expense 22,800.00 Wages Payable 22,800.00 169,661.61 169,661.61 Bakery Sales Baking Cost of Goods Sold Interest Expense 335,675.00 35,200.00 335,675.00 35,200.00 137,400.00 137,400.00 1,468.75 2,000.00 2,642.86 1,468.75 2,000.00 Insurance Expense Office Supplies Expense Business License Expense Advertising Expense 5,200.00 5,200.00 22,800.00 3,456.00 22,800.00 3,456.00 15,760.00 Merchandise Cost of Goods So Total: (FIFO 464,200,00 464,200.00 169,661.61 169,661.6493,111.61 493,111.61

Closing Entries For Year Ending 12/31/2017 Peyton Income Statement For Year Ending 12/31/2017 Credit Adjusted T B Adjusted T/B 30-Sep Bakery Sales 335,675.00 Adjusted T/B 335,675.00 35,200.00 Bakery Sales Merchandise Sales 35,200.00 Adjusted T/B 370,875.00 Sum Merchandise Sales Income Summary 370,875.00 Sum Total Revenues Merchandise Cost of Goods Sold Baking Cost of Goods Sold Gross Profit (FIFO) 15,760.00 Adjusted T/B 137,400.00 Adjusted T/B 217,715.00 370875-15760-137400 30-Sep Income Summary (FIFO) 287232.61 Baking Cost of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Merchandise Cost of Goods Sold 137,400.00 Adjusted T/B 90,000.00 Adjusted T/B 1,468.75 Adjusted T/B 2,000.00 Adjusted T/B 2,642.86 Adjusted T/B 2,000.00 Adjusted T/B 2,780.00 Adjusted T/B 1,350.00 Adjusted T/B 375.00 Adjusted T/B 5,200.00 Adjusted T/B 22,800.00 Adjusted T/B 3,456.00 Adjusted T/B 15,760.00 Adjusted T/B Operating Expenses: Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: 90,000.00 Adjusted T/B 1,468.75 Adjusted T/B 2,000.00 Adjusted T/B 2,642.86 Adjusted T/B 2,000.00 Adjusted T/B 2,780.00 Adjusted T/B 1,350.00 Adjusted T/B 375.00 Adjusted T/B 5,200.00 Adjusted T/B 22,800.00 Adjusted T/B 3,456.00 Adjusted T/B 30-Sep Income Summary (FIFO) 83,642.39 370875 287232.61 134,072.61 Sum Retained Earnings FIFO 83,642.39 Net Income (FIFO) 83,642.39 217715-134072.61 30-Sep Retained Earnings 20,000.00 Adjusted T/B 20,000.00 Adjusted T/B

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