Reference no: EM131022330
The following events occur in July 2014:
July 1 - You take $15,000 from your personal savings account and buy common stock in Peyton Approved.
July 1-Purchase $8500 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 - Pay $3000 toward lease agreement for bakery space. The agreement is for 1 year. The rent is $1,500 per month, last month's rent was required at time of lease agreement. Lease period is effective July 1st 2014 through June 30th, 2015.
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, which 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 $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. (No entry required on this date; for informational purposes only)
July 30- Received telephone bill for July in amount of $45. Payment is due on August 10th
July 31 - Pay $1,200 for a 12-month insurance policy. 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
Accounts:
Asset:
101 Cash
102 Baking Supplies
103 Prepaid rent
104 Prepaid insurance
105 Baking equipment
106 Misc Supplies
107 Accounts receivable
108 Accumulated Depreciation
Equity:
301 Common Stock
302 Dividends
Revenue:
401 Bakery Sales
402 Merchandise Sales
Expense:
501 Baking supplies expense
502 Rent Expense
503 Insurance Expense
504 Misc. Expense
505 Bus. license expense
506 Advertising expense
507 wages expense
508 telephone expense
509 interest expense
510 depreciation expense
511 misc supplies expense
Liability:
201 notes payable
202 accounts payable
203 wages payable
204 interest payable
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