19 Nov 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 |
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