Chat with us, powered by LiveChat In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your trial balance resu | Wridemy

In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your trial balance resu

In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your trial balance resu

 In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your trial balance results from Milestone One to create financial statements. 

Milestone One Assignment attached from Last Week. Milestone Two new assignment Attached, 

Chart of Accounts

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.
Asset Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash 101 Notes Payable 201 Owner's Capital 301
Accounts Receivable 102 Accounts Payable 202 Owner Draws 302
Prepaid Rent 103 Wages Payable 203
Office Furniture 104
Office Supplies 105
Accumulated Depreciation (contra asset) 106
Revenue Accounts
Acct #
Service Revenue 401
Expense Accounts
Acct #
Rent expense 501
Business License Expense 502
Insurance Expense 503
Repairs and Maintenance 504
Advertising Expense 506
Wages Expense 507
Utilities Expense 508
Depreciation Expense 509
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Cost of Goods Sold

General Journal

A Company
General Journal Entries Journal Entry Tips
The debited account is recorded first, credited account recorded second.
Debits and credits must always equal!
Date Accounts Debit Credit There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account.
Mar 1. Cash 125,000.00 Be sure to use your chart of accounts (the first page of this workbook).
Notes Payable 125,000.00 Each account you will record to is already listed and organized by classification of the account.
(To record amount borrowed)
Mar 1. License Expense 250.00
Cash 250.00
(To record license expense paid)
Mar 2. Rent Expense 950.00
Cash 950.00
(To record rent expense incurred)
Mar 5. Office Furniture 2,750.00
Cash 15,000.00
Owner's Capital 17,750.00
(To record furniture & Cash Contributed)
Mar 6. Cash 650.00
Service Revenue 650.00
(To record service revenue earned)
Mar 8. Advertising Expense 500.00
Accounts Payable 500.00
(To record advertising expense incurred)
Mar 10. Accounts Receivable 1,725.00
Service Revenue 1,725.00
(To record service revenue earned on account)
Mar 15. Insurance 750.00
Cash 750.00
(To record insurance expense incurred)
Mar 20. Utilities Expense 135.00
Accounts Payable 135.00
(To record utilities expense incurred)
Mar 22. Owner's Withdrawal 500.00
Cash 500.00
(To record amount withdrawn for personal use)
Mar 25. Office Supplies 215.00
Cash 215.00
(To record supplies purchsed)
Mar 25. Cash 350.00
Service Revenue 350.00
(To record service revenue earned)
Mar 30. Accounts Payable 500.00
Cash 500.00
(To record payment made on account)
Mar 30. Cash 1,725.00
Accounts Receivable 1,725.00
(To record amount received on account)
Mar 31. Salaries Expense 275.00
Salaries Payable 275.00
(To record salaries expense incurred)
Mar 31. Accounts Receivable 3,500.00
Service Revenue 3,500.00
(To record service revenue earned on account)
Mar 31. Depreciation 46.00
Accumulated Depreciation – Office Furniture 46.00
(To record depreciation expense incurred)
Total 154,821.00 154,821.00 If Red, this means your debits and credits do not equal. Be sure to review for errors.

Ledger Accounts

Assets Liabilities Equity Revenue Expenses
Cash Notes Payable Owner's Capital Service Revenue Rent Expense
$ 125,000.00 $ 250.00 $ 125,000.00 $ 17,750.00 $ 650.00 Mar 6. Mar 2. $ 950.00
$ 15,000.00 $ 950.00 $ 1,725.00 Mar 25.
$ 650.00 $ 750.00 $ 350.00 Mar 25.
$ 350.00 $ 500.00 $ 3,500.00 Mar 31.
$ 1,725.00 $ 215.00
$ 500.00
$ 142,725.00 $ 3,165.00 $ – 0 $ 125,000.00 $ – 0 $ 17,750.00 $ – 0 $ 6,225.00 $ 950.00 $ – 0
End Bal $ 139,560.00 End Bal $ 125,000.00 End Bal $ 17,750.00 End Bal $ 6,225.00 $ 950.00
Accounts Rec. Accounts Payable Owner Draws Business License Expense
Mar 10. $ 1,725.00 $ 1,725.00 Mar 30. Mar 30. $ 500.00 $ 500.00 Mar 8. Mar 22. $ 500.00 Mar 1. $ 250.00
Mar 31. $ 3,500.00 $ 135.00 Mar 20.
$ 5,225.00 $ 1,725.00 $ 500.00 $ 635.00 $ 500.00 $ – 0 $ 250.00 $ – 0
End Bal. $ 3,500.00 $ 135.00 End Bal $ 500.00 $ 250.00
Prepaid Rent

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.

Do you need an answer to this or any other questions?

About Wridemy

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order

Related Tags

Academic APA Writing College Course Discussion Management English Finance General Graduate History Information Justify Literature MLA