ACC201Southern Sales and Purchasing Transactions Essay I have provided the temple that you will use to complete this essay. I have also provided the excel

ACC201Southern Sales and Purchasing Transactions Essay I have provided the temple that you will use to complete this essay. I have also provided the excel part that shows you all the accounting sheets that you will need to complete this paper. The first paragraph want you to do a introduction of yourself you can skip that i will do it. Please make sure you follow the instruction on the bottom please.A.In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional
life: What sort of transactions would you encounter in your field? Describe at least three using specific details B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each
transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples.C.Apply to a Scenario: Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor
had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the
issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For
example, which financial statements would you investigate first? What sort of internal controls would you implement? Guidelines for Submission: Your professional relevance essay must be 2–4 pages in length (plus a cover page and references) and written in APA format: Use
double spacing, 12-point Times New Roman font, and one-inch margins. It is recommended that you use the provided template to ensure correct formatting.
Include at least two references cited in APA format. Print this page to use for your journal entries. Only accounts on this page can be used.
Asset Accounts
Acct #
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
101
102
103
104
105
106
107
108
109
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.
ntries. Only accounts on this page can be used.
Liability Accounts
Acct #
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
he appropriate accounts to record to as you are analyzing and
nothing to complete on this page; this is simply a resource for
you.
201
202
203
204
Equity Accounts
Acct #
Common Stock
Dividends
301
302
Revenue Accounts
Acct #
Bakery Sales
Merchandise Sales
401
402
Expense Accounts
Acct #
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
501
502
503
504
505
506
507
508
509
510
511
512
Peyton Approved
General Journal Entries
Jul-18
Date
Accounts
1-Jul Cash
Common Stock
Baking Supplies
Accounts Payable
3-Jul Cash
Notes Payable
Issued a 2 year, 6% note on account
7-Jul Rent Expense
Prepaid Rent
Cash
Put entries in shaded cells
Debit
10,000.00
10,000.00
6,500.00
6,500.00
10,000.00
10,000.00
1,500.00
1,500.00
3,000.00
10-Jul Business License Expense
Cash
375.00
11-Jul Miscellaneous Expense
Cash
250.00
13-Jul Baking Equipment
Common Stock
Advertising Expense
Cash
14-Jul Supplies Expense
Cash
30-Jul Telephone Expense
Accounts Payable
31-Jul Prepaid Insurance
Cash
Policy Eff. Aug 1, 2018 – July 31, 2019
Wages Expense
Wages Payable
Credit
375.00
250.00
6,000.00
6,000.00
200.00
200.00
300.00
300.00
75.00
75.00
2,400.00
2,400.00
120.00
120.00
Accounts Receivable
Cash
Bakery Sales
5,000.00
10,000.00
Total
54,220.00
54,220.00
108,440.00
108,440.00
15,000.00
Peyton Approved
General Journal Entries
Aug-18
Date
5-Aug Wages Payable
Cash
Accounts
8-Aug Cash
Accounts Receivable
10-Aug Telephone Expense
Cash
15-Aug Baking Supplies
Accounts Payable
Wages Expense
Wages Payable (Aug 1-15)
Put entries in shaded cells
Debit
120.00
120.00
3,800.00
3,800.00
75.00
75.00
5,000.00
5,000.00
480.00
480.00
Rent Expense
Cash
1,500.00
18-Aug Cash
Accounts Receivable
3,000.00
20-Aug Accounts Payable
Cash
8,500.00
Wages Payable
Cash
22-Aug Supplies
Cash
31-Aug Telephone Expense
Accounts Payable
Wages Expense
Wages Payable
Credit
1,500.00
3,000.00
8,500.00
480.00
480.00
300.00
300.00
75.00
75.00
420.00
420.00
Accounts Receivable
Cash
Bakery Sales
7,500.00
12,500.00
Total
43,750.00
20,000.00
$ 43,750.00
Peyton Approved
General Journal Entries
Sep-18
Date
1-Sep Dividends
Cash
Accounts
5-Sep Wages Payable
Cash
7-Sep Merchandise Inventory
Cash
8-Sep Cash
Accounts Receivable
Put entries in shaded cells
Debit
10,000.00
10,000.00
420.00
420.00
60.00
60.00
4,000.00
4,000.00
10-Sep Accounts Payable
Cash
75.00
11-Sep Baking Supplies
Accounts Payable
7,000.00
13-Sep Accounts Payable
Cash
5,000.00
15-Sep Wages Expense
Wages Payable
Rent Expense
Cash
75.00
7,000.00
5,000.00
456.00
456.00
1,500.00
1,500.00
Cash
Merchandise Sales
48.00
Cost of Good Sold (8x$6)
Merchandise Inventory
48.00
20-Sep Wages Payable
Cash
Merchandise Inventory
Cash
24-Sep Cash
Merchandise Sales
Cost of Goods Sold (2x$6)+(16x$6.10)
Merchandise Inventory
30-Sep Merchandise Inventory
Cash
Wages Expense
Wages Payable
Accounts Receivable
Cash
Bakery Sales
Total
Credit
48.00
(not quite sure what I did here)
48.00
456.00
456.00
122.00
122.00
153.00
153.00
109.60
109.60
151.25
151.25
480.00
480.00
6,000.00
14,000.00
50,078.85
20,000.00
50,078.85
FIFO
USE THIS ONE FOR THE SEPTEMBER ENTRIES
Date
Purchases
7-Sep
10 $ 6.00 $
60.00
15-Sep
20-Sep
20 $
6.10 $
25 $
7-Sep
6.05 $
151.25
$
333.25
Purchases
10 $ 6.00 $
24-Sep
6.10 $
2
2
20
22
26
6.00 $
6.10 $
$
$
12.00
97.60
109.60
157.60
60.00
4
4
25
29
29
10
8 $
20 $
48.00
Sales
15-Sep
20-Sep
6.00 $
122.00
2 $
16 $
55
LIFO
10
8 $
24-Sep
30-Sep
Sales
6.00 $
48.00
122.00
2
2
20
22
18 $
6.10 $
109.80
2
2
4
30-Sep
25 $
55
weighted average
7-Sep
6.05 $
151.25
$
333.25
Purchases
10 $ 6.00 $
6.10 $
10
55
48.00
6.05 $
151.25
$
333.25
2
2
20
22
18 $
25 $
6.00 $
122.00
24-Sep
30-Sep
157.80
60.00
8 $
20 $
$
Sales
15-Sep
20-Sep
26
2
2
25
29
29
26
6.09 $
109.62
157.62
4
4
25
29
$
Ending Inventory
6.00 $
60.00
$
6.00 $
12.00
$
$
6.00 $
6.10 $
$
12.00
122.00
134.00
$
6.10 $
24.40
$
$
6.10 $
6.05 $
$
$
24.40
151.25
175.65
175.65
Ending Inventory
$ 6.00 $
60.00
$
6.00 $
12.00
$
$
6.00 $
6.10 $
$
12.00
122.00
134.00
$
$
6.00 $
6.10 $
$
12.00
12.20
24.20
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
Dr
60.00
15-Sep Cash (8 x $8.50)
Merchandise Sales
Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6)
Merchandise Inventory
Recorded the cost of goods sold
48.00
20-Sep Merchandise Inventory (20 x $6.10 )
Cash
122.00
24-Sep Cash (18 x 8.50)
Merchandise Sales
Record sale of inventory
153.00
24-Sep Cost of Goods Sold (2 x $6)+(16 x $6.10)
Merchandise Inventory
Recorded the cost of goods sold
109.60
30-Sep Merchandise Inventory (25 x $6.05)
Cash
151.25
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
60.00
15-Sep Cash (8 x $8.50)
Merchandise Sales
Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6)
Merchandise Inventory
Record inventory reduction due to sale
48.00
20-Sep Merchandise Inventory (20 x $6.10)
122.00
$
$
$
6.00 $
6.10 $
6.05 $
$
$
12.00
12.20
151.25
175.45
175.45
Ending Inventory
$ 6.00
$60
$
$
$
6.00 $
6.00 $
6.10 $
$
$
$
$
6.05 $
$
Cash
24-Sep Cash (18 x 8.50)
Merchandise Sales
Record sale of inventory
153.00
24-Sep Cost of Goods Sold (18 x $6.10)
Merchandise Inventory
Record inventory reduction due to sale
109.80
30-Sep Merchandise Inventory (25 x $6.05)
Cash
151.25
7-Sep Merchandise Inventory (10 x $6)
Cash
Purchased inventory
60.00
12.00
12.00
122.00 per unit
134.00 $6.09
24.38
151.25
151.25 $5.22
15-Sep Cash (8 x $8.50)
Merchandise Sales
Record sale of inventory
68.00
15-Sep Cost of Goods Sold (8 X $6)
Merchandise Inventory
Record inventory reduction due to sale
48.00
20-Sep Merchandise Inventory (20 x $6.10)
Cash
122.00
24-Sep Cash (18 x 8.50)
Merchandise Sales
Record sale of inventory
153.00
24-Sep Cost of Goods Sold (18 x $6.09)
Merchandise Inventory
Record inventory reduction due to sale
109.62
30-Sep Merchandise Inventory (25 x $6.05)
Cash
151.25
Cr
60.00
68.00
48.00
122.00
153.00
109.60
151.25
60.00
68.00
48.00
Purchases
9/7: 10 bottles purchased at $6
9/20: 20 bottles purchased at $6.10
9/30 : 25 bottles purchased at $6.05
Sales – selling price, $8.50 a bottle
9/15: 8 bottles
9/24: 18 bottles
122.00
153.00
109.80
151.25
60.00
68.00
48.00
122.00
153.00
109.62
151.25
date
1-Jul
3-Jul
Cash
10,000.00
10,000.00
31-Jul
10,000.00
8-Aug
3,800.00
18-Aug
31-Aug
8-Sep
15-Sep
24-Sep
30-Sep
Balance
11-Jul
Balance
date
3,000.00
375.00
250.00
200.00
300.00
2,400.00
7-Jul
10-Jul
11-Jul
13-Jul
14-Jul
31-Jul
120.00
5-Aug
75.00
10-Aug
1,500.00
8,500.00
480.00
300.00
15-Aug
20-Aug
20-Aug
22-Aug
10,000.00
420.00
60.00
1-Sep
5-Sep
7-Sep
75.00
5,000.00
1,500.00
10-Sep
13-Sep
15-Sep
456.00
20-Sep
122.00
20-Sep
151.25
30-Sep
date
Notes Payable
10,000
–
date
3-Jul
10,000.00
10,000.00 Balance
3,000.00
31-Jul
12,500.00
31-Aug
30-Sep
Accounts Rec.
5,000.00
3,800.00
3,000.00
7,500.00
4,000.00
6,000.00
4,000.00
Balance
18,500.00
7,700.00
10,800.00
68.00
153.00
14,000.00
67,521.00
32,236.75
35,284.25
Misc. expense
250.00
250.00
250.00
13-Jul
Balance
Baking equipment
6,000
6,000.00
6,000.00
–
8-Aug
18-Aug
8-Sep
1-Jul
15-Aug
11-Sep
Balance
7-Jul
Balance
10-Aug
20-Aug
10-Sep
13-Sep
Baking supplies
6,500
5,000
7,000
18,500.00
18,500.00
Balance
Prepaid rent
1,500
1,500.00
1,500.00
31-Jul
Balance
Accounts payable
6,500.00
75
75
5,000
8,500
75
75
7,000
5,000
13,650
30-Jul
31-Aug
14-Jul
22-Aug
1-Jul
30-Jul
15-Aug
150
150
–
–
Prepaid insurance
2,400
2,400.00
2,400.00
–
Wages expense
120
480
420
456
480
11-Sep
Balance
1-Sep
Balance
Balance
600.00
600.00
31-Aug
18,650
5,000 Balance
Telephone expense
75
75
31-Jul
15-Aug
31-Aug
15-Sep
30-Sep
Office supplies
300
300
1,956
1,956
–
Dividends
10,000
10,000
10,000
–
baking supplies expense
misc supplies expense
Merchandise Sales
68.00
153.00
–
15-Sep
24-Sep
221
221 Balance
Business License exp
10-Jul 375.00
Balance
375.00
375.00
Common Stock
10,000
1-Jul
6,000
13-Jul
16,000.00
16,000.00 Balance
–
Insurance expense
13-Jul
Balance
Advertising expense
200.00
200.00
200.00
–
7-Jul
15-Aug
15-Sep
Balance
Rent expense
1,500
1,500
1,500
4,500.00
4,500.00
–
Bakery Sales
15,000
31-Jul
20,000
31-Aug
20,000
30-Sep
55,000.00
55,000.00 Balance
Wages payable
5-Aug
31-Jul
480
15-Aug
420
31-Aug
456.00
15-Sep
480.00
30-Sep
120
20-Aug
480
5-Sep
420
20-Sep
120
456
1,476
1,956
480 Balance
depreciation expense
acc dep
Interest expense
15-Sep
24-Sep
Balance
7-Sep
20-Sep
30-Sep
Balance
COGS FIFO
48.00
109.60
157.60
157.60
Merch. Inv. FIFO
60.00
48.00
122.00
109.60
151.25
333.25
157.60
175.65
Interest payable
–
15-Sep
24-Sep
Account
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation
Office Supplies
Accounts Receivable
Notes Payable
Interest Payable
Accounts Payable
Wages Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Interest Expense
Insurance Expense
Depreciation Expense
Misc. Expense
Office Supplies Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
COGS (FIFO)
Total: (FIFO)
Peyton Approved
Trial Balance
2018
Unadjusted trial balance
Debit
Credit
32,236.75
18,500.00
175.65
1,500.00
2,400.00
6,000.00
600.00
7,700.00
10,000.00
5,000.00
480.00
16,000.00
10,000.00
55,000.00
221.00
4,500.00
250.00
375.00
200.00
1,956.00
150.00
157.60
86,701.00
86,701.00
Approved
Balance
018
Adjusting entries
Debit
Credit
17,400.00
400.00
250.00
550.00
150.00
17,400.00
150.00
400.00
250.00
550.00
18,750.00
18,750.00
Adjusted trial balance
Debit
Credit
32,236.75
1,100.00
175.65
1,500.00
2,000.00
6,000.00
250.00
50.00
7,700.00
10,000.00
150.00
5,000.00
480.00
16,000.00
10,000.00
55,000.00
221.00
17,400.00
4,500.00
150.00
400.00
250.00
250.00
550.00
375.00
200.00
1,956.00
150.00
157.60
87,101.00
87,101.00
Peyton Approved
Adjusting Journal Entries
2018
Date
Accounts
30-Sep Depreciation Expense
Accumulated depreciation
Debit
250.00
250.00
30-Sep Interest Expense
Interest Payable
150.00
30-Sep Insurance Expense
Prepaid Insurance
400.00
30-Sep Baking Supplies Expense
Baking Supplies
30-Sep Office Supplies Expense
Office Supplies
Credit
150.00
400.00
17,400.00
17,400.00
550.00
550.00
18,750.00
18,750.00
Put entries in shaded cells
Peyton Approved
Income Statement
For Qtr. Ending 9/30/2018
Revenues:
Bakery Sales
Merchandise Sales
Total Revenues
Cost of Goods Sold
Gross Profit (FIFO)
$
55,000.00
221.00
55,221.00
17557.6
37,663.40
Operating Expenses:
Rent expense
Insurance expense
Depreciation expense
Misc. Expense
Office supplies expense
Business license expense
Advertising expense
Wages expense
Telephone expense
Total Operating Expenses:
Net Income (FIFO)
4500
400
208.33
250
550
375
200
1,956.00
150
8,589.33
29,074.07
Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018
Beginning Balance:
plus Net Income (FIFO)
less Dividends:
Ending Balance (FIFO):
28,924.07
10,000.00
18,924.07
Peyton Approved
Balance Sheet
As of September 30, 2018
Assets
Current Assets:
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Misc. Supplies
Accounts Receivable
32,236.75
1,100.00
175.65
1500
2000
50
7,700.00
Total Current Assets
Long-Term/Fixed Assets:
Baking Equipment
Less Accumulated Depreciation
Total Long-Term/Fixed Assets
Total Assets:
44,762.40
6,000.00
208.33
5,791.67
50,554.07
Peyton Approved
Balance Sheet
As of September 30, 2018
Liabilities and Owners’ Equity
Current Liabilities:
Accounts Payable
5,000.00
Wages Payable
480
Interest Payable
150
Total Current Liabilities
5630
FIFO
Long-Term Liabilities:
Notes Payable
Total Long-Term Liabilities:
10,000.00
Total Liabilities:
15,630.00
Common Stock
Retained Earnings (FIFO):
FIFO
10,000.00
16,000.00
18,924.07
Total Equity FIFO
34,924.07
Total Liabilities & Equity FIFO
50,554.07
Peyton Approved
Closing Entries
Qtr ending 9/30/2018
Date
Accounts
Debit
30-Sep Bakery Sales
Merchandise Sales
Income Summary
55,000.00
221
30-Sep Income Summary (FIFO)
Baking Supplies Expense
Rent Expense
Wages Expense
Office Supplies Expense
Business License Expense
Misc. Expense
Depreciation Expense
Insurance Expense
Advertising Expense
Interest Expense
Telephone Expense
COGS FIFO
26296.93
30-Sep Income Summary (FIFO)
Retained Earnings FIFO
28924.07
30-Sep Retained Earnings
Dividends
10,000.00
Credit
55,221.00
17,400.00
4,500.00
1,956.00
550
375
250
208.33
400.00
200
150
150
157.6
28,924.07
10,000.00
Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
Account
Unadjusted Trial Balance
Debit
Cash
Baking Supplies
Merchandise Inventory (FIFO)
Prepaid Rent
Prepaid Insurance
Baking Equipment
Accumulated Depreciation
Office Supplies
Accounts Receivable
Accounts Payable
Wages Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings FIFO
32,236.75
1,100.00
175.65
1,500.00
2,000.00
6,000.00
Totals
50,762.40
50.00
7,700.00
adjusted Trial Balance
Credit
208.33
5,000.00
480.00
150.00
10,000.00
16,000.00
18,924.07
50,762.40
Peyton Approved
Reversing Entries
Qtr ending 9/30/2018
Date
Accounts
30-Sep Interest Payable
Interest Expense
Debit
150.00
These are given to you. No other entries are needed.
Credit
150.00
Running head: ACC 201 FINAL PROJECT PART II PROFESSIONAL RELEVANCE ESSAY
(This entire first page can be deleted after you review the guidelines. Your paper should begin
with the title page that follows.)
Review the Final Project Part II Guidelines and Rubric document to see how your paper
will be scored.
Be sure to follow APA format when providing references. If you have questions on APA
formatting, you can check the Purdue OWL website or seek help from the SNHU Writing Lab.
Notes on APA in a Formal Assignment
? Use one-inch margins on all sides.
? Use 12-point Times New Roman font with double spacing.
? Paragraphs should be at least five to six sentences in length.
? Do not include the headings “Introduction” and “Conclusion.” These are included
below to help you lay out your paper. APA format assumes that the introduction
begins the paper, the body continues the paper, and the conclusion wraps up the
paper, so those headings are not needed.
? Indent the first line of every paragraph by 0.5”.
? Be careful not to use personal pronouns such as “I.”
Make sure to delete headings such as Paragraph One, Paragraph Two, and so on.
Be sure to replace all of the text in green with your own writing. (This entire first page
can be deleted after you review the guidelines. Your paper should begin with the title page that
follows.)
ACC 201 Final Project Part II Professional Relevance Essay, YOUR LAST NAME
ACC 201 Final Project Part II Professional Relevance Essay
Your Name
Southern New Hampshire University
2
ACC 201 Final Project Part II Professional Relevance Essay, YOUR LAST NAME
3
DELETE THE PROMPT LANGUAGE AS YOU WRITE
Introduction (delete this heading in your final paper)
In your opening paragraph, briefly introduce the purpose of your paper. Recall that you
will be drawing connections between the accounting principles that you demonstrated in the first
part of your final project to their specific, practical applications within your own professional
practice. You will need to describe your current or aspiring professional identity, including the
field in which you work or hope to work. To what extent does or will financial accounting play a
role in your day-to-day professional life? A minimum of five to six sentences are required..
Paragraph One (delete this heading in your final paper)
In the first part of your final project, you recorded various transactions in the life of a
business. Now consider your current or future professional life: what sort of transactions would
you encounter in your field? Describe at least three using specific details. A minimum of five to
six sentences is required to support your thoughts.
Paragraph Two (delete this heading in your final paper)
Analyze the relationship between those transactions and the success of your current or
future business. For example, how would each impact the income statement and balance sheet of
your company? Illustrate your claims using specific examples. A minimum of five to six
sentences is required to support your thoughts.
Paragraph Three (delete this heading in your final paper)
Finally, imagine that you are the new department manager of a corporation within your
chosen field, and you discover that your predecessor had been using the cash basis of accounting.
Propose a high-level plan to implement a proper accounting system for your department using
ACC 201 Final Project Part II Professional Relevance Essay, YOUR LAST NAME
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specific principles discussed in the course. For example, which financial statements would you
investigate first? What sort of internal controls would you implement? A minimum of five to six
sentences is required to support your thoughts.
Conclusion (delete this heading in your final paper)
The conclusion reminds the reader what your paper is about and allows you to make a
final point without introducing new information. A minimum of five to six sentences are
required to support your conclusion.
ACC 201 Final Project Part II Professional Relevance Essay, YOUR LAST NAME
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References
Warren, C.S., Reeve, J.M., Duchac, J. (2017). Corporate Financial Accounting (14th ed.).
Boston, MA: Cengage Learning.
Make sure that you provide appropriate in-text citations in APA style with the author’s
name and year of publication (Author last name, year). The textbook is provided as an example
and should be kept in the references for your paper. Feel free to add other resources. To add
credibility to your paper, remember to cite ALL of the sources within the body of the paper as
well as in the References list at the end. References should be in alphabetical order by the
author’s last name.

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