B. Step Six: Complete the “Adjusting Entries” tab in your workbook using the Step Six data...

B. Step Six: Complete the “Adjusting Entries” tab in your workbook using the Step Six data in the appendix. Note that you should take the adjusting entries from this worksheet and enter them into the “Trial Balance” tab in your workbook.

C. Step Seven: Apply adjusting entries to create the adjusted trial balance. Note that the adjusting entries from Step Six will apply to affected accounts in the unadjusted trial balance to arrive at the adjusted trial balance.

September 24: Record impact of sales transaction on COGS and the inventory asset. See “Inventory Valuation” tab for details.

September 30: Purchase merchandise inventory for resale to customers. See “Inventory Valuation” tab for details.

September 30: Accrue employee wages for period of September 16th through September 30th

September 30: Total September bakery sales are $20,000. $6,000 of these sales are on accounts receivable.

Expert Solution

ekkarill92 answered 1 year ago

Complete the “July Journal Entries” tab in your workbook using the Step One data in the...

Complete the “July Journal Entries” tab in your workbook using the Step One data in the appendix. The following events occur in July, 2018: July 1: You take $10,000 from your personal savings account and buy common stock in Peyton Approved. July 1: Purchase $6,500 in baking supplies from vendor, on account. July 3: Your parents lend the company $10,000 cash in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity. July 7: Enter...

Step 2: Complete the following transactions in the August Journal Entries tab in your workbook August...

Step 2: Complete the following transactions in the August Journal Entries tab in your workbook August 5- paid employee for period ending 7/31 August 8-Receive payments from customers towards accounts receivable in amount of $3200. August 10 – paid July telephone bill August 15- Purchase additional baking supplies in amount of $5000 from vendor, on account. August 15 – Accrue wages earned for employee from period of 1st through 15th of August (Wage calculations table provided below) August 15-Pay...

Using the information on the Data tab of the spreadsheet , complete the cost of goods...

Using the information on the Data tab of the spreadsheet , complete the cost of goods manufactured for January. Show calculations for all items/questions Below is manufacturing data from Webster Company for January, 2020. Beginning raw materials inventory $ 321,300 Raw materials purchased $ 845,150 Ending raw materials inventory $ 275,475 Direct labor costs $ 104,590 Indirect materials $ 47,560 Indirect labor $ 29,876 Factory utilities and maintenance $ 148,890 Factory depreciation $ 19,876 Other factory related overhead $ 7,890...

A. loss or destruction of general ledger data. B. inaccurate adjusting entries. C. unauthorized adjusting entries....

A. loss or destruction of general ledger data. B. inaccurate adjusting entries. C. unauthorized adjusting entries. D. fraudulent financial reporting. Spreadsheet error protection controls reduce the risk of

Use worksheet to complete the adjusting and closing process. Prepare adjusting journal entries using the following...

Use worksheet to complete the adjusting and closing process. Prepare adjusting journal entries using the following information. Adjusting entries should be recorded in your general journal and then posted to your general ledger. One month of prepaid rent has expired. Record appropriate insurance expense for the period ending May 31. Depreciation expense for the two months ending May 31 totaled $2,420 - Building $1,620, Computer Equipment $100, Kayaks $600, Paddle Boards $100. Katie worked 16 hours on May 30 and...

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance...

Using the adjusting journal entries,Complete the adjusted trial balance columns, Complete the income statement and balance sheet columns in the worksheet as well using only formulas. Grizzlies, Inc. Worksheet For the Year Ended December 31, 2017 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Income Stmt Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 36,000 Accounts Receivable 277,000 Inventory 242,500 Prepaid Insurance 11,200 Prepaid Rent 3,000 Store Supplies ...

Step 1: Complete the following in the “General Journal” tab at the bottom of the Janie’s...

Step 1: Complete the following in the “General Journal” tab at the bottom of the Janie’s Cupcakes, Inc. Student Workbook). The following events occur in July 2014: • July 1 – You take $10,000 from your personal savings account and buy common stock in Janie’s Cupcakes, Inc.. • July 1 – Paid $4000 on a lease for bakery space. The lease is for 1 year, and requires first and last month’s rent up front. Lease period is effective July 1st...

Following the instructions on the Data tab, complete the spreadsheet for your Chief Financial Officer. Estimates...

Following the instructions on the Data tab, complete the spreadsheet for your Chief Financial Officer. Estimates at the beginning of the year Assembly Production Total Manufacturing Overhead Costs $ 480,000 $ 528,000 $ 108,000 Direct Labor-hours 12,000 7,200 19,200 Machine hours 4,800 24,000 28,800 Job 142 Direct labor-hours 25 17 42 Machine hours 17 20 37 1. Calculate the amount of manufacturing overhead applied to Job 142. Converse uses a plantwide predetermined overhead rate...

Step 1: Prepare journal entries to record the December transactions in the General Journal Tab...

Step 1: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: 1-Dec Issue common stock in exchange for cash of $6,500. 1-Dec Paid the premium in advance on a one-year insurance policy, $600. 1-Dec Purchased Equipment for $4,200 cash. ...

Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and...

Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and post to the T-accounts. Prepare an adjusted trial balance. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings and dollar signs. Prepare the closing entries. Calculate the following measurements: Working Capital, Current Ratio, Profitability rate/percentage, Net Income Percentage. Comment with two to three sentences on how your business is performing after one month...

Question