Accounting Acct 203(a++ 100% Accurate and Most Economical...

Accounting Acct 203(a++ 100% Accurate and Most Economical...

ACCOUNTING ACCT 203

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Final Project Peyton Approved Data



You will prepare financial statements that will allow you to assess how profitable the business is.



Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a six–month period from the initial stage of analysis and recording, through the reporting process. These transactions will include:

the initial setup of the business

... Show more content on Helpwriting.net ...Subsequent rents are due on the 15th day of each month.



July 10 – Pay $375 to the county for a business license.



July 11 – Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment–use misc. exp.).



July 13 – You have baking equipment, including an oven and mixer, that you have been using for your home–based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5–year useful life.



July 13 – Pay $200 for business cards/flyers/posters/ads to use for advertising.



July 14 – Pay $1,000 for baking ingredients (use baking supplies account).



July 14 – Pay $300 for miscellaneous (use misc. supplies).



July 15 – Hire part–time helper to be paid $12 per hour. Pay periods are the 1st through the 15th and 16th through the end of the month with paydays being the 20th for the first pay period and the 5th of the following month for the second pay period.



July 15 – Pay first and last month's rent.



July 16 – Open the doors of the bakery.



July 31 – Pay $1,200 for a 12–month insurance policy.



Step 2:

Enter the Bakery Sales totals (below) in the appropriate Journal Entries month tab, as indicated below. See sample in the August Journal Entries tab.



The following events occur during the next 6

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