The project that I have created with Luscious Layers Bakery demonstrates my capability to perform the accounting processing cycle. The word document describes the journal entries and the excel documents demonstrate the financial statements that have been created from the journal entries. This is similar work to what I would perform as a staff accountant.
1. Luscious Layers Bakery
Hours of Operation:9am-9pm
Pies:
Pecanpie
Apple pie
LemonMeringue Pie
SweetPotatoPie
Cakes:
Devil’sFoodCake
RedVelvetCake
RegularCheese Cake
Chocolate Cheese Cake
CherryCheese Cake
Chocolate Cake
Lemon-CoconutCake
GermanChocolate Cake
Drinks:
Black coffee
Lattes
Milkused inLattes
Skimmilk
2% milk
2. Half and half
Soymilk
These pastriesare soldasregularcakes or cupcakes.
These pastriesare soldat the PastryStore shop andin grocerystores.
The Pastry Store doescateringevents:Weddings,Partiesetc.
Journal Entries
The company isfundedthrough$60,000 capital anda $40,000 loan.
February2016
2/15 The ownerplaced$60,000 intoLusciousLayers’bankaccount
2/15 The ownerborrowed$40,000 from a bank. The note requiresapaymentof principle and8%
interestinone year.
2/15 Paid$12,000 inadvance for six monthsrent
2/16 Bought cash registerfor$1,419.00
2/16 Paidadvertisingexpense
2/16 Paid$10,166.00 for 2 208V Single Phase Baker’sPrideBCO-E2Cyclone Seriesdoubledeckovens.(5
yearpersonalty)
2/17 Purchasedtablesandchairsfrom furniture store for$10,496.29 (7 yearpersonalty)
2/18 Purchased$10,438.57 on accountin inventory fromCostco
2/18 Purchased$2,059.35 in suppliesfrom Costco
2/19 Paysfreightchargesforshipmentof inventory$61.34
2/22 Duringthe lastpart of monthsold$6,247.49 worth of inventoryfor$4,326.47
2/28 Paidsalary to owner$1,458.33
3. 2/28 PaidUtilitybill $123.46
AdjustingEntries
For $40,000 Loan
$40,000 x .08 x 12/12 = $3,200
$3,200/12 = $266.67 paymentsinterestpermonth
$266.67/2 = $133.33 because of half month
Rentis paidformonth of February.
RentExpense $1000 debitandPrepaidrentcredit$1,000 because of half month
For OvensD
$10,166 for5 years
$10,166/60 months= $169.43 in depreciation
For Cash Register
$1,419/60 months= $23.65 indepreciation
For Furniture
$10,496.29/84 months= $124.96 indepreciation
3 foodpreparersworked Weekof Feb22-26
KelseyandMeredith workedat5 hrs perday $80 hrs 4 daysthisweek = $320 *2= $640
1 worked4 hrs perday $64 3 days thisweek =$192
4. 1 worked6 hrs perday
Total Salarydue $832
March 2016
3/1 Purchaseda refrigerateddeliverytruckforcateringevents $7,900 (5 year realty)
3/1 Paidadvertisingexpense $2,000
3/1 – Purchasedinventoryata cost of $13,489.23
3/1 – Freightchargesfor inventorypaid $61.34
3/2-3/12 – sold$11,354.45 in inventoryata cost of $9,393.69
3/4 Paidsalariesowedtoemployees from2/22- 2/26 $832
3/4 Interestfrom$40,000 loanpaid $133.33
3/5 – sold$764.34 in inventoryonaccountat a cost of $532.23 fora cateringevent.
3/8 – Purchased $3,025.84 insupplies
3/12 – Used$1,334.45 in supplies
3/13-3/26 sold $10,392.23 in inventoryata cost of $8,824.35
3/16- Subleasedaportionof the buildingtoa cookie store $2,500 forfour monthsinadvance
3/18 – Paidsalariestoemployeesforfirsthalf of the month $3,392
3/19 – Paid$6,394.27 for inventoryboughtonaccounton2/19
3/20 – Purchased $11,463.23 of inventoryonaccount
3/27-3/31 sold $3,397.29 of inventoryata cost of $2,039.48.
3/31- Interestexpense from$40,000 loan= $266.67
3/31- Salariesaccruedfromlasthalf of month $3,936
3/31 Depreciationexpenseforovens $169.43
3/31 Depreciationexpenseforcashregister $23.65
3/31 Depreciationexpenseforfurniture $124.96
5. 3/31 Depreciationexpenseforrefrigeratedtruck $131.67
3/31 Rent expensepaidfor$2,000
3/31 Used $1,438.24 insupplies
3/31 Collectamountonaccount fromcateringevent $764.34
3/31 Collects $500 rent fromcompanyLusciousLayer sublettedtoon3/16
3/31 pays utilitybill$343.47
3/31 pays the remaining $4,044.30 forinventorypurchasedonaccount on 2/19
3/31 pays principle onloan$3,200
3/31 Withdrawscash forowner’ssalary$3,250
From 2/27-3/4
Kelseyworked6hoursperday, 5 days = $480
Janie worked6hours perday, 4 days = $384
Darren worked5 hoursperday, 4 days= $320
Meredithworked6hours perday 4 days= $384
Total $1,568
Payroll
From 3/5-3/11
Kelseyworked6hoursperday, 5 days = $480
Janie worked6hours perday, 4 days = $384
Darren worked5 hoursperday, 4 days= $320
Meredithworked6hours perday 4 days= $384
Chanice worked4 hoursperday 4 days= $256
Total $1,824
From 3/12-318
6. Kelseyworked6hoursperday, 5 days = $480
Janie worked6hours perday, 4 days = $384
Meredithworked6hours perday 4 days= $384
Chanice worked7 hoursperday 5 days= $560
Total $1,808
From 3/19-3/25
Kelseyworked6hoursperday, 5 days = $480
Janie worked6hours perday, 4 days = $384
Darren worked6 hoursperday, 5 days= $480
Meredithworked6hours perday 4 days= $384
Chanice worked5 hoursperday 5 days= $400
Total $2,128
From 3/26-4/1 (tobe paidinApril)
Kelseyworked6hoursperday, 5 days = $480
Janie worked6hours perday, 4 days = $384
Darren worked6 hoursperday, 5 days= $480
Meredithworked6hours perday 4 days= $384
Chanice worked5 hoursperday 5 days= $400
$2,128