Black Cat Bakery- JOURNAL to BALANCE SHEET PROJECT
ACCT 201, Test 2
Name: ____________________ Due: Monday, 2/9 100 Points Description:
Mr. Robie, a Pastry Chef extraordinaire, buys an existing bakery, The Flour Children Bakery. Mr. Robie renames the bakery, the “Black Cat Bakery”. Below please find the Chart of Accounts, and the first month's transactions.
Chart of Accounts Title Account Number Assets Cash 101 Supplies 103 Prepaid Rent 104 Prepaid Insurance 105 Bakery Equipment 115 Accumulated Depreciation, Bakery Equipment 116 Bakery Display & Furnishing 117 Store Equipment 118 Delivery Van 119 Accumulated Depreciation, Delivery Van 120 Liabilities Accounts Payable 211 Equity Common Stock 311 Dividends 312 Retained Earnings 313 Revenue Income from Bakery 411 Expenses Depreciation Expense, BE 501 Depreciation Expense, DV 502 Rent Expense 503 Insurance Expense 504 Wages Expense 511 Utilities Expense 512 Advertising Expense 513 Miscellaneous Expense 520 1 of 2First Month's Transactions Month Date Activity January 15 Mr. Robie deposited $150,000 as the Black Cat Bakery. 15 Bought the assets of The Flour Children Bakery for a total price of $60,000. The assets included: • Supplies = $5,000 • Bakery Equipment = $35,000 • Bakery display and furnishings = $20,000 15 Prepaid 1-1/2 months rent on, $1,500 x 1.5 = $ 15 Bought store equipment on account, $10,000 15 Purchased 2-1/2 months of insurance for $2,500 15 Bought store equipment on account, $10,000 15 Bought delivery van with cash, $50,000 20 Grand Opening Celebration: $3,700 • Advertising, $500 • Decorations, $200 (use Miscellaneous Expenses) • Food and Beverages, $3,000 (use Miscellaneous Expenses) 22 Deposited, $5,072 from Bakery Sales 29 Deposited, $8,212 from Bakery Sales 31 Paid monthly utility bill, $180 31 Wages paid for week of 1/17 – 1/30, $1,200 31 Paid $400 in dividends Adjustment information: • Truck Depreciation: ($50,000 – $5,000)/6 = $45,000/6 = $7,500/year = $625/month = $313 for ½ month. • Bakery Equipment: $35,000/5 = $7000/year = $583.33/month = $292 for ½ month • Insurance Expired = $2,500/2.5 = $1,000 for ½ month • Prepaid Rent = 2,250/1.5 = $1,500/month, $750 for ½ month of January Instructions: 1. Journalize the transactions for January. 2. Prepare a Trial Balance 3. Journalize the adjusting entries as of January 31 4. Prepare an Adjusted Trial Balance 5. Prepare Financial Statements: Income Statement, Statement of Retained Earnings, Balance Sheet 6. Prepare closing transactions, and produce a Post-Closing Trial Balance 2 of 2
Why Homework Market
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account.
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. We will always strive to deliver on time.
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text.
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on essay at night. Sleep tight, we will cover your back. We offer all kinds of essay writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied.