Essay ACC 201 Accounting Cycle Workbook Instructions

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ACC 201 Final Project Peyton Approved Instructions

For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations.

Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. These transactions will include:

the initial setup of the business cash and credit sales making payments to vendors paying store employees managing debt

It will help you to print this document as you are making your entries in your workbook. Your textbook prepares you
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Complete the following transactions in the September Journal Entries tab in your workbook.

September 1- paid dividends to self in amount of $3000

September 5-pay employee for period ending 8/31

September 7-Purchase merchandise for resale. See inventory valuation tab for details.

September 8- Receive payments from customers toward accounts receivable in amount of $4000

September 10- pay August telephone bill

September 11-purchase baking supplies in amount of $ 7,000 from vendor on account.

September 13- Paid on supplies vendor account in amount of $5000

September 15- Accrue employee wages for period of September 1st through September 15th

September 15- Pay rent on bakery space $1500

September 15-Record merchandise sales transaction. See inventory valuation tab for details.

September 15-Record impact of sales transaction on COGS and the inventory asset. See inventory valuation tab for details.

September 20- Pay employee for period ending 9/15

September 20-Purchase merchandise inventory for resale to customers. See inventory valuation tab for details.

September 24- Record sales of merchandise to customers. See inventory valuation tab for details.

September 24- Record impact of sales transaction on COGS and the inventory

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