date Cash date date Notes Payable date Business License exp Common Stock 1-Jul 1

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date Cash date date Notes Payable date Business License exp Common Stock 1-Jul      10,000.00 10,000 3-Jul 10-Jul     375.00 10,000 1-Jul 3-Jul      10,000.00 6,000 13-Jul      3,000.00 7-Jul                 -       375.00                 -                 -            375.00 10-Jul Balance Balance     375.00               -   Balance          250.00 11-Jul          200.00 13-Jul          300.00 14-Jul      2,400.00 31-Jul 31-Jul      10,000.00          120.00 5-Aug 8-Aug            75.00 10-Aug 18-Aug        3,000.00      1,500.00 15-Aug      8,500.00 20-Aug Accounts Rec. Insurance expense          480.00 20-Aug 31-Jul    5,000.00          300.00 22-Aug    3,800.00 8-Aug 31-Aug      12,500.00    3,000.00 18-Aug    10,000.00 1-Sep 31-Aug    7,500.00          420.00 5-Sep    4,000.00 8-Sep            60.00 7-Sep 30-Sep    6,000.00 8-Sep        4,000.00            75.00 10-Sep ######## ########      5,000.00 13-Sep Balance    7,700.00      1,500.00 15-Sep 15-Sep              68.00          456.00 20-Sep          122.00 20-Sep 24-Sep            153.00          151.25 30-Sep 30-Sep      14,000.00      63,721.00    35,284.25 Balance      28,436.75 Misc. expense Baking equipment Advertising expense 11-Jul            250.00 13-Jul 6,000 13-Jul       200.00            250.00                   -      6,000.00                 -         200.00                  -   Balance            250.00 Balance    6,000.00 Balance       200.00 Baking supplies Office supplies Rent expense 1-Jul 6,500 14-Jul 300 7-Jul          1,500 15-Aug              5,000 22-Aug             300 15-Aug          1,500 11-Sep              7,000 15-Sep          1,500      18,500.00                   -         600.00                 -      4,500.00                  -   Balance      18,500.00 Balance       600.00 Balance    4,500.00 Prepaid rent Prepaid insurance Bakery Sales 7-Jul              1,500 31-Jul          2,400 15,000 31-Jul 20,000 31-Aug 20,000 30-Sep        1,500.00                   -      2,400.00                 -                   -   55,000.00 Balance        1,500.00 Balance    2,400.00 55,000.00 Balance Accounts payable Wages expense Wages payable      6,500.00 1-Jul 31-Jul             120              120 31-Jul 75 30-Jul 15-Aug             480 5-Aug             120 10-Aug                    75 31-Aug             420              480 15-Aug 5,000 15-Aug 15-Sep             456 20-Aug 480 20-Aug              8,500 30-Sep             480              420 31-Aug 75 31-Aug 5-Sep 420 10-Sep                    75        456.00 15-Sep      7,000.00 11-Sep 20-Sep 456 13-Sep              5,000        480.00 30-Sep            13,650          18,650          1,956                 -            1,476           1,956            5,000 Balance Balance          1,956              480 Balance Dividends depreciation expense Telephone expense 1-Sep       10,000 30-Jul                    75 31-Aug                    75       10,000                 -   acc dep Balance       10,000                  150                   -   Interest expense Balance                  150 baking supplies expense COGS FIFO Interest payable 15-Sep          48.00 24-Sep       109.60 misc supplies expense       157.60                  -   Balance       157.60 Merchandise Sales            68.00 15-Sep Merch. Inv. FIFO          153.00 24-Sep 7-Sep        60.00          48.00 15-Sep 20-Sep     122.00                     -                  221       109.60 24-Sep                221 Balance 30-Sep     151.25     333.25       157.60 Balance     175.65 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2018 Beginning Balance:                            -        plus Net Income (FIFO) less Dividends: Ending Balance (FIFO):                    -   Peyton Approved Balance Sheet As of September 30, 2018 Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Total Current Liabilities                 -   Long-Term Liabilities: Total Long-Term Liabilities:                 -   Total Current Assets                    -   Total Liabilities:                 -   Long-Term/Fixed Assets: Equity:      Less Accumulated Depreciation Total Long-Term/Fixed Assets                            -   Total Assets:                    -   Total Equity                 -   Total Liabilities & Equity                 -   date Cash date date Notes Payable date Business License exp Common Stock 1-Jul      10,000.00 10,000 3-Jul 10-Jul     375.00 10,000 1-Jul 3-Jul      10,000.00 6,000 13-Jul      3,000.00 7-Jul                 -       375.00                 -                 -            375.00 10-Jul Balance Balance     375.00               -   Balance          250.00 11-Jul          200.00 13-Jul          300.00 14-Jul      2,400.00 31-Jul 31-Jul      10,000.00          120.00 5-Aug 8-Aug            75.00 10-Aug 18-Aug        3,000.00      1,500.00 15-Aug      8,500.00 20-Aug Accounts Rec. Insurance expense          480.00 20-Aug 31-Jul    5,000.00          300.00 22-Aug    3,800.00 8-Aug 31-Aug      12,500.00    3,000.00 18-Aug    10,000.00 1-Sep 31-Aug    7,500.00          420.00 5-Sep    4,000.00 8-Sep            60.00 7-Sep 30-Sep    6,000.00 8-Sep        4,000.00            75.00 10-Sep ######## ########      5,000.00 13-Sep Balance    7,700.00      1,500.00 15-Sep 15-Sep              68.00          456.00 20-Sep          122.00 20-Sep 24-Sep            153.00          151.25 30-Sep 30-Sep      14,000.00      63,721.00    35,284.25 Balance      28,436.75 Misc. expense Baking equipment Advertising expense 11-Jul            250.00 13-Jul 6,000 13-Jul       200.00            250.00                   -      6,000.00                 -         200.00                  -   Balance            250.00 Balance    6,000.00 Balance       200.00 Baking supplies Office supplies Rent expense 1-Jul 6,500 14-Jul 300 7-Jul          1,500 15-Aug              5,000 22-Aug             300 15-Aug          1,500 11-Sep              7,000 15-Sep          1,500      18,500.00                   -         600.00                 -      4,500.00                  -   Balance      18,500.00 Balance       600.00 Balance    4,500.00 Prepaid rent Prepaid insurance Bakery Sales 7-Jul              1,500 31-Jul          2,400 15,000 31-Jul 20,000 31-Aug 20,000 30-Sep        1,500.00                   -      2,400.00                 -                   -   55,000.00 Balance        1,500.00 Balance    2,400.00 55,000.00 Balance Accounts payable Wages expense Wages payable      6,500.00 1-Jul 31-Jul             120              120 31-Jul 75 30-Jul 15-Aug             480 5-Aug             120 10-Aug                    75 31-Aug             420              480 15-Aug 5,000 15-Aug 15-Sep             456 20-Aug 480 20-Aug              8,500 30-Sep             480              420 31-Aug 75 31-Aug 5-Sep 420 10-Sep                    75        456.00 15-Sep      7,000.00 11-Sep 20-Sep 456 13-Sep              5,000        480.00 30-Sep            13,650          18,650          1,956                 -            1,476           1,956            5,000 Balance Balance          1,956              480 Balance Dividends depreciation expense Telephone expense 1-Sep       10,000 30-Jul                    75 31-Aug                    75       10,000                 -   acc dep Balance       10,000                  150                   -   Interest expense Balance                  150 baking supplies expense COGS FIFO Interest payable 15-Sep          48.00 24-Sep       109.60 misc supplies expense       157.60                  -   Balance       157.60 Merchandise Sales            68.00 15-Sep Merch. Inv. FIFO          153.00 24-Sep 7-Sep        60.00          48.00 15-Sep 20-Sep     122.00                     -                  221       109.60 24-Sep                221 Balance 30-Sep     151.25     333.25       157.60 Balance     175.65

Explanation / Answer

Income statement Bakery sales 55000 Mercandise sales 221 55221 Less: expenses Cost of good sold 157.6 Business licence expense 375 Advertsiing expenses 200 Rent expenses 4500 Wages expenses 1956 Telephone expenses 150 Mis exp 250 Total expenses 7588.60 Net Income 47632.40 Peyton Approved Statement of Retained Earnings For Qtr. Ending 9/30/2018 Beginning Balance: 0      plus Net Income (FIFO) 47632.40 less Dividends: -10000 Ending Balance (FIFO): 37632.4 Peyton Approved Balance Sheet As of September 30, 2018 Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Cash $28,436.75 Accounts payable 5000 Accounts receivable 7700 Wages payable 480 Inventory 175.6 Total Current Liabilities 5480 Baking Supplies 18500 Long-Term Liabilities: Office supplies 600 Notes payable 10000 Prepaid Rent 1500 Total Long-Term Liabilities: 10000 Prepaid Insurance 2400 Total Current Assets $59,312.35 Total Liabilities: 15480 Long-Term/Fixed Assets: Equity: Baking Equipment 6000 Common stock 16000      Less Accumulated Depreciation Retained Eranings 37632.4 Total Long-Term/Fixed Assets 6000 Total Equity 53632.4 Total Assets: $65,312.35 Total Liabilities & Equity 69112.4 As per the T accounts the Balance Sheet can be preapred. There is some information missing

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