Homework Help
ACC201CompanyAccountingWorkbookTemplate1.xlsx
Chart of Accounts
| This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. | |||||
| Asset Accounts | Liability Accounts | Equity Accounts | |||
| Acct # | Acct # | Acct # | |||
| Cash | 101 | Notes Payable | 201 | Owner's Capital | 301 |
| Accounts Receivable | 102 | Accounts Payable | 202 | Owner Draws | 302 |
| Prepaid Rent | 103 | Wages Payable | 203 | ||
| Office Furniture | 104 | ||||
| Office Supplies | 105 | ||||
| Accumulated Depreciation (contra asset) | 106 | ||||
| Revenue Accounts | |||||
| Acct # | |||||
| Service Revenue | 401 | ||||
| Expense Accounts | |||||
| Acct # | |||||
| Rent expense | 501 | ||||
| Business License Expense | 502 | ||||
| Insurance Expense | 503 | ||||
| Repairs and Maintenance | 504 | ||||
| Advertising Expense | 506 | ||||
| Wages Expense | 507 | ||||
| Utilities Expense | 508 | ||||
| Depreciation Expense | 509 | ||||
| Cash | |||||
| Baking Supplies | |||||
| Prepaid Rent | |||||
| Prepaid Insurance | |||||
| Baking Equipment | |||||
| Office Supplies | |||||
| Accounts Receivable | |||||
| Accumulated Depreciation | |||||
| Merchandise Inventory | |||||
| Notes Payable | |||||
| Accounts Payable | |||||
| Wages Payable | |||||
| Interest Payable | |||||
| Common Stock | |||||
| Dividends | |||||
| Bakery Sales | |||||
| Merchandise Sales | |||||
| Baking Supplies Expense | |||||
| Rent Expense | |||||
| Insurance Expense | |||||
| Misc. Expense | |||||
| Business License Expense | |||||
| Advertising Expense | |||||
| Wages Expense | |||||
| Telephone Expense | |||||
| Interest Expense | |||||
| Depreciation Expense | |||||
| Office Supplies Expense | |||||
| Cost of Goods Sold |
General Journal
| A Company | |||||
| General Journal Entries | Journal Entry Tips | ||||
| The debited account is recorded first, credited account recorded second. | |||||
| Debits and credits must always equal! | |||||
| Date | Accounts | Debit | Credit | There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account. | |
| Be sure to use your chart of accounts (the first page of this workbook). | |||||
| Each account you will record to is already listed and organized by classification of the account. | |||||
| Total | – 0 | – 0 | If Red, this means your debits and credits do not equal. Be sure to review for errors. |
Ledger Accounts
| Assets | Liabilities | Equity | Revenue | Expenses | ||||||||||||||||||
| Cash | Notes Payable | Owner's Capital | Service Revenue | Rent Expense | ||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | ||||||||||||||||||
| Accounts Rec. | Accounts Payable | Owner Draws | Business License Expense | |||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||||||||
| Prepaid Rent | Wages Payable | Insurance Expense | ||||||||||||||||||||
| Posting to the ledger/t accounts | ||||||||||||||||||||||
| Don't overthink it! | ||||||||||||||||||||||
| You are just posting each debit and credit from the journal entries to the account you identified in the entry. | ||||||||||||||||||||||
| These accounts are set to calculate your balances for you. | ||||||||||||||||||||||
| Please be careful not to delete the running totals as those will calculate the ending balance. | ||||||||||||||||||||||
| The ending balance will transfer to the Trial Balance sheet. | ||||||||||||||||||||||
| If you have posted all entries and your trial balance is not in balance (total debits = total credits), | ||||||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | this means that there is an error. | $ – 0 | $ – 0 | ||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | ||||||||||||||||||||
| Office Furniture | Repairs & Maint. | |||||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||||||||
| $ – 0 | $ – 0 | |||||||||||||||||||||
| Office Supplies | Advertising Expense | |||||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||||||||
| $ – 0 | $ – 0 | |||||||||||||||||||||
| Accumulated Depreciation | Wages Expense | |||||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||||||||
| $ – 0 | $ – 0 | |||||||||||||||||||||
| Utilities Expense | ||||||||||||||||||||||
| $ – 0 | $ – 0 | |||||||||||||||||||||
| $ – 0 | ||||||||||||||||||||||
| Depreciation Expense | ||||||||||||||||||||||
| $ – 0 | $ – 0 | |||||||||||||||||||||
| $ – 0 |
Trial Balance
| Trial Balance | ||||
| As of 03/31/20XX | ||||
| Unadjusted trial balance | ||||
| Account | Debit | Credit | Trial Balance | |
| Cash | – 0 | Balances from the t accounts will autofill your trial balance. | ||
| Accounts Receivable | – 0 | If total debits do not equal total credits in the trial balance, you know you have an error. | ||
| Prepaid Rent | – 0 | These are the balances that will be used to prepare the financial statements. | ||
| Office Furniture | – 0 | Be sure to implement feedback provided by your instructor for this Milestone One submission! | ||
| Office Supplies | – 0 | |||
| Accumulated Depreciation | – 0 | |||
| Notes Payable | – 0 | |||
| Accounts Payable | – 0 | |||
| Wages Payable | – 0 | |||
| Owner's Capital | – 0 | |||
| Owner Draws | – 0 | |||
| Service Revenue | – 0 | |||
| Rent Expense | – 0 | |||
| Business License Expense | – 0 | |||
| Depreciation Expense | – 0 | |||
| Insurance Expense | – 0 | |||
| Repairs and Maintenance Expense | – 0 | |||
| Advertising Expense | – 0 | |||
| Wages Expense | – 0 | |||
| Utilities Expense | – 0 | |||
| Retained Earnings | ||||
| Total: | – 0 | – 0 | ||
| Debits should equal credits | ||||
| ` |
Income Statement
| A Company | |
| Income Statement | |
| For Month ending 3/31/20XX | |
| Revenues | |
| Total Revenues | $ – 0 |
| Operating Expenses: | |
| Total Operating Expenses: | – 0 |
| Net Income | – 0 |
Statement of Stockholder Equity
| Company Name | ||||
| Statement of Owner's Equity | ||||
| Period Ending 03/31/20XX | ||||
| Beginning Capital on 3/01/20XX | $ – 0 | |||
| Increases to capital | ||||
| Net income/loss: | ||||
| Owner Contributions | ||||
| Subtotal: | $ – 0 | |||
| Decreases to capital | ||||
| Owner Draws | ||||
| Ending Equity as of 03/31/20XX | $ – 0 |
Balance Sheet
| A Company | ||||||
| Balance Sheet | ||||||
| As of March 31, 20XX | ||||||
| Assets | Liabilities and Owners' Equity | |||||
| Current Assets: | Current Liabilities: | |||||
| Total Current Liabilities | – 0 | |||||
| Long Term Liabilities: | ||||||
| Total Current Assets | – 0 | Total Long Term Liabilities: | – 0 | |||
| Total Liabilities: | – 0 | |||||
| Owner's Equity | ||||||
| Non-Current Assets: | ||||||
| Total Equity | – 0 | |||||
| Total Non Current/Fixed Assets | – 0 | |||||
| Total Assets: | – 0 | Total Liabilities & Equity | – 0 | <== Total Assets on the left should equal Liabilities + Owner's Equity on the right. | ||
Closing Entries
| A Company | |||
| Closing Entries | |||
| Month ending 03/31/20XX | |||
| Date | Accounts | Debit | Credit |
| 31-Mar | |||
| Close revenues | |||
| 31-Mar | |||
| Close Expenses | |||
| 31-Mar | |||
| Close Income Summary | |||
| 31-Mar | |||
| Close Owner Draws | |||
| – 0 | – 0 | ||
