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28 Sep 2019
Can't get this to adjust on the balance sheet. The teachsaid the balance sheet total assets should be: 173, 652. I'm only175 off but the only 175 I see would be an expense.
Preliminary Financial Statements have already been prepared(2017 statements in the Final Project Workbook). Final adjustingentries have not yet been made. See table for possible adjustmentsthat indicate what will be recorded at 12/31/17 (fiscal year end).Use the following to complete year-to-year documentation and notesfor managing depreciation, inventory, and long-termdebt.
1. A supplier shipped $3,000 of ingredients on 12/29/17. Peytonreceives an invoice for the goods, as well as a bill for freightfor $175, all dated 12/29/17. Goods were shipped 2. At 12/31/17, Peyton has $200 worth of merchandise onconsignment at Brunoâs House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globefor product to be shipped by Peyton in the second week ofJanuary. 4. On 12/03/2017, a mixer with cost of $2,000, accumulateddepreciation $1,200, was destroyed by a forklift. As of 12/23/17,insurance company has agreed to pay $700 in January, 2018, foraccidental destruction. 5. Note about later borrowing financials will show loan fromparents repaid and use of bank financing
Unadjusted trial balance Adjusting entries Adjusted trial balance Dr Cr ref Dr Cr ref Dr Cr Cash 67,520.04 1,000.00 68,520.04 Accounts Receivable 68,519.91 68,519.91 Other Receivable - Insurance 700.00 700.00 Baking Supplies 15,506.70 3,000.00 18,506.70 Merchandise Inventory 1,238.07 200.00 1,038.07 Consignment Inventory 200.00 200.00 Prepaid Rent 2,114.55 2,114.55 Prepaid Insurance 2,114.55 2,114.55 Misc. Supplies 170.49 170.49 Baking Equipment 14,000.00 2,000.00 12,000.00 Accumulated Depreciation 1,606.44 1,200.00 406.44 Customer Deposit 1,000.00 1,000.00 Accounts Payable 20,262.11 3,175.00 23,437.11 Wages Payable 3,383.28 3,383.28 Interest Payable 211.46 211.46 Notes Payable 5,000.00 5,000.00 Common Stock 20,000.00 20,000.00 Beginning Retained earnings 50,144.84 50,144.84 Dividends 105,000.00 105,000.00 Bakery Sales 327,322.55 327,322.55 Merchandise Sales 1,205.64 1,205.64 Cost of Goods Sold - Baked 105,834.29 105,834.29 Cost of Goods Sold -Merchandise 859.77 859.77 Rent Expense 24,549.19 24,549.19 Wages Expense 10,670.72 10,670.72 Misc. Supplies Expense 3,000.46 3,000.46 Business License Expense 2,045.77 2,045.77 Misc. Expense 1,363.84 175.00 1,538.84 Depreciation Expense 677.86 677.86 Insurance Expense 1,091.08 1,091.08 Advertising Expense 1,549.74 1,549.74 Interest Expense 818.31 818.31 Telephone Expense 490.98 490.98 Gain/Loss on disposal ofequipment 100.00 429,136.32 429,136.32 6,375.00 6,375.00 432,011.32 432,111.32
Can't get this to adjust on the balance sheet. The teachsaid the balance sheet total assets should be: 173, 652. I'm only175 off but the only 175 I see would be an expense.
Preliminary Financial Statements have already been prepared(2017 statements in the Final Project Workbook). Final adjustingentries have not yet been made. See table for possible adjustmentsthat indicate what will be recorded at 12/31/17 (fiscal year end).Use the following to complete year-to-year documentation and notesfor managing depreciation, inventory, and long-termdebt.
1. A supplier shipped $3,000 of ingredients on 12/29/17. Peytonreceives an invoice for the goods, as well as a bill for freightfor $175, all dated 12/29/17. Goods were shipped |
2. At 12/31/17, Peyton has $200 worth of merchandise onconsignment at Brunoâs House of Bacon. |
3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globefor product to be shipped by Peyton in the second week ofJanuary. |
4. On 12/03/2017, a mixer with cost of $2,000, accumulateddepreciation $1,200, was destroyed by a forklift. As of 12/23/17,insurance company has agreed to pay $700 in January, 2018, foraccidental destruction. |
5. Note about later borrowing financials will show loan fromparents repaid and use of bank financing |
Unadjusted trial balance | Adjusting entries | Adjusted trial balance | ||||||||||||
Dr | Cr | ref | Dr | Cr | ref | Dr | Cr | |||||||
Cash | 67,520.04 | 1,000.00 | 68,520.04 | |||||||||||
Accounts Receivable | 68,519.91 | 68,519.91 | ||||||||||||
Other Receivable - Insurance | 700.00 | 700.00 | ||||||||||||
Baking Supplies | 15,506.70 | 3,000.00 | 18,506.70 | |||||||||||
Merchandise Inventory | 1,238.07 | 200.00 | 1,038.07 | |||||||||||
Consignment Inventory | 200.00 | 200.00 | ||||||||||||
Prepaid Rent | 2,114.55 | 2,114.55 | ||||||||||||
Prepaid Insurance | 2,114.55 | 2,114.55 | ||||||||||||
Misc. Supplies | 170.49 | 170.49 | ||||||||||||
Baking Equipment | 14,000.00 | 2,000.00 | 12,000.00 | |||||||||||
Accumulated Depreciation | 1,606.44 | 1,200.00 | 406.44 | |||||||||||
Customer Deposit | 1,000.00 | 1,000.00 | ||||||||||||
Accounts Payable | 20,262.11 | 3,175.00 | 23,437.11 | |||||||||||
Wages Payable | 3,383.28 | 3,383.28 | ||||||||||||
Interest Payable | 211.46 | 211.46 | ||||||||||||
Notes Payable | 5,000.00 | 5,000.00 | ||||||||||||
Common Stock | 20,000.00 | 20,000.00 | ||||||||||||
Beginning Retained earnings | 50,144.84 | 50,144.84 | ||||||||||||
Dividends | 105,000.00 | 105,000.00 | ||||||||||||
Bakery Sales | 327,322.55 | 327,322.55 | ||||||||||||
Merchandise Sales | 1,205.64 | 1,205.64 | ||||||||||||
Cost of Goods Sold - Baked | 105,834.29 | 105,834.29 | ||||||||||||
Cost of Goods Sold -Merchandise | 859.77 | 859.77 | ||||||||||||
Rent Expense | 24,549.19 | 24,549.19 | ||||||||||||
Wages Expense | 10,670.72 | 10,670.72 | ||||||||||||
Misc. Supplies Expense | 3,000.46 | 3,000.46 | ||||||||||||
Business License Expense | 2,045.77 | 2,045.77 | ||||||||||||
Misc. Expense | 1,363.84 | 175.00 | 1,538.84 | |||||||||||
Depreciation Expense | 677.86 | 677.86 | ||||||||||||
Insurance Expense | 1,091.08 | 1,091.08 | ||||||||||||
Advertising Expense | 1,549.74 | 1,549.74 | ||||||||||||
Interest Expense | 818.31 | 818.31 | ||||||||||||
Telephone Expense | 490.98 | 490.98 | ||||||||||||
Gain/Loss on disposal ofequipment | 100.00 | |||||||||||||
429,136.32 | 429,136.32 | 6,375.00 | 6,375.00 | 432,011.32 | 432,111.32 |
Elin HesselLv2
28 Sep 2019