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Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles: A. Step Eight: Prepare the financial statements. Note that you must use your adjusted trial balance to prepare the income statement, statement of owners equity, and balance sheet. You must complete these statements in this order, as there are interdependencies among them. [ACC-201- 03] B. Step Nine: Complete the Closing Entries tab in your workbook by closing all temporary income statement amounts to create closing entries. [ACC-201-03] C. Step Ten: Prepare the Post Closing Trial Balance tab for the next accounting period. [ACC-201-03] D. Step Eleven: Prepare the reversing entries in the Reversing Entries tab of your workbook. [ACC-201-03]

Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 33,340.75 18,500.00 175.45 1,500.00 Adjusting entries Debit Credit Adjusted trial balance Debit Credit 33,340.75 18,500.00 175.45 1,500.00 2.000.00 6,000.00 250.00 600.00 18,500.00 10,000.00 400.00 6,000.00 250.00 600.00 18,500.00 10,000.00 (1,925.00) 540.00 16,000.00 (1,925.00) 540.00 16,000.00 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) 10,000.00 10,000.00 55,000.00 221.00 55,000.00 221.00 17,400.00 4,500.00 (17,400.00) 4,500.00 (150.00) 150.00 250.00 550.00 (300.00) 250.00 250.00 375.00 200.00 1,956.00 150.00 157.80 375.00 200.00 1,956.00 150.00 157.80 Total: (FIFOL-------------- 98.605.00 1--79,836.00 I---_250.00 - 18.750.00 1__80,355.00 - 80,086.00.1 Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 33,340.75 18,500.00 175.45 1,500.00 Adjusting entries Debit Credit Adjusted trial balance Debit Credit 33,340.75 18,500.00 175.45 1,500.00 2.000.00 6,000.00 250.00 600.00 18,500.00 10,000.00 400.00 6,000.00 250.00 600.00 18,500.00 10,000.00 (1,925.00) 540.00 16,000.00 (1,925.00) 540.00 16,000.00 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) 10,000.00 10,000.00 55,000.00 221.00 55,000.00 221.00 17,400.00 4,500.00 (17,400.00) 4,500.00 (150.00) 150.00 250.00 550.00 (300.00) 250.00 250.00 375.00 200.00 1,956.00 150.00 157.80 375.00 200.00 1,956.00 150.00 157.80 Total: (FIFOL-------------- 98.605.00 1--79,836.00 I---_250.00 - 18.750.00 1__80,355.00 - 80,086.00.1

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