Acc 201 Final Project Peyton Approved

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ACC 201 Final Project Peyton Approved

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For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations.

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

• the initial setup of the business
• cash and credit sales
• making payments to vendors
• paying store employees
• managing debt

It
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Policy effective dates August 1, 2014 through July 31st, 2015

July 31- Accrue wages earned for employee for period of 16th through 31st of July (Wage calculations table is provided for you, below)

Total July bakery sales were $15,000. $5000 of these sales on accounts receivable

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 rent on bakery space $1500

August 18-Receive payments from customers towards accounts receivable in amount of $1000

August 20- paid $8500 toward baking supplies vendor payable

August 20- pay employee for period ending 8/15

August 22- $300 in misc. supplies purchased

August 31- received telephone bill for August in amount of $45. Payment is due on September 10th.

August 31- Accrue wages earned for employee for period of August 16th through August 31st (Wage calculations table provided below)

August bakery sales total $20,000. $7,500 of this total on

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