Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
ACCT 151 – FALL 2020 PEYTON PROJECT INSTRUCTIONS AND DATA
1 – Open a bank account for Peyton Approved.
1 – You take $15,000 from your personal savings account and buy common stock in Peyton Approved.
3 – Your parents lend the company $10,000 cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.
7 – Sign a lease agreement for retail/bakery space. The agreement is for 1 year, with the option to extend the lease on a month-to-month basis after 1 year. The rent is $1,500 per month. The lease period starts on July 1, 2019, first and last month’s rent due at that time. Subsequent rents are due on the 15th day of each month. (no entry- record this transaction on July 15th, see below)
10 – Pay $375 to the county for a business license.
11 – Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment—use misc. exp.).
13 – You have baking equipment, including an oven and mixer, that you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life.
13 – Pay $200 for business cards/flyers/posters/ads to use for advertising.
14 – Pay $1,000 for baking ingredients (use baking supplies account).
14 – Pay $300 for miscellaneous (use misc. supplies).
15 – Hire part-time helper to be paid $12 per hour. Pay periods are the 1st through the 15th and 16th through the end of the month with paydays being the 20th for the first pay period and the 5th of the following month for the second pay period.
15 – Pay first and last month’s rent in cash. (1,500 January rent; January 2020 rent 1,500)
16 – Open the doors of the bakery.
31 – Pay $1,200 for a 12-month insurance policy beginning February 1, 2019
31- Record sales $5,000; $2,500 paid in cash remainder paid later
31- Received telephone bill, $45, will pay on 8/5 accrue invoice
The following events occur during the next 6 months:
August
· August 5 – pay accrued telephone bill
· August 8 – purchase Baking Supplies on credit $8,500
· August 15 – accrue Salary 40 hours @ 12.00/per hour – will be paid on 8/20
· August 15 – customer paid $2,500 invoice from previous month
· August 15 – Pay in cash August Rent $1,500
· August 20 – Pay employees for August 1-15 accrued on 8/15
· August 25 – purchase for cash $300 miscellaneous supplies
· August 31st – record August sales $20,000 paid to Peyton in cash
· August 20th – Record payment to employee
· August 31st – Accrue Salary 40 hours @ 12/per hour – will be paid 9/5
· August 31st – Record telephone bill for $45, to be paid on 9/10
September 2019
· September 5 – Record payment to employee wages accrued on 8/31
· September 10 – Record payment of telephone bill accrued 8/31
· September 10th – Record purchase of baking supplies on credit, $9,000
· September 15th – Record rent payment
· September 15th- Accrue w.e. 9/15 wages 38 hours @ 12.00/per hour
· September 15th – Record payment of baking supplies purchased on 8/8
· September 19th – Record cash paid for miscellaneous supplies $325
· September 20th – Record payment of employee wages accrued on 9/15
· September 30th – Record telephone bill received $45, not paid until 10/5
· September 30th – Record sales $27,000 from customers paid to Peyton in cash
· September 30th – Accrue w.e. 9/30 wages 40 hours @ 12/hr (pay to employees 10/5)
October 2019
· October 5th – Pay telephone bill accrued 9/30
· October 10th – Pay employees wages accrued 9/30
· October 12th – Purchase on credit $10,000 baking supplies
· October 11th- Record payment of baking supplies purchased on 9/10
· October 14th – Record purchase of miscellaneous supplies $310 for cash
· October 15th – Accrue wages for w.e. 10/15
· October 15th – Pay in cash rent for October
· October 20th – Pay employee wages accrued on 10/15
· October 30th – Record bakery sales paid to Peyton in cash, $27,000
· October 30th – Accrue wages 40 hours @ 12.00/hr
· October 30th – Record receipt of telephone bill, $45, not paid until 11/5
· October 30th – Record dividend payment $4,500
November 2019
· November 5th – Pay telephone bill accrue 10/30
· November 10th – Pay employee wages accrued on 10/30
· November 10th – Pay baking supplies purchased on credit 10/12
· November 10th – Purchase baking supplies on credit $10,000 due next month
· November 15th – Accrue wages for week ended 11/15 @ 35 hours 12.00/per hour
· November 15th – Purchase for cash $300 miscellaneous supplies
· November 15th – Paid November rent, $1,500 in cash
· November 15th – Purchase 10 bottles (merchandise inventory) @ 6.00 each
· November 20th – Sold 8 bottles $8.50 (record transaction assuming FIFO) for cash
· November 20th – Purchase 20 bottles @ 6.05 each for cash
· November 20th – Pay employees accrued on 11/15
· November 30th – Sold 18 bottles @ $8.50 each for cash
· November 30th – Record telephone bill $45, paid 12/5
· November 30th – Accrue wages w.e. 11/30 30 hours @ 12.00/hour
· November 30th – Record November sales $25,000 received by Peyton in cash
· November 30th – Pay owner dividends in cash $2.500
December 2019
· December 1st – Purchased 25 bottles @ $6.05 each for cash
· December 4th – Purchase on credit $12,000 baking supplies
· December 5th – Pay employees accrue wages 11/30
· December 10th – Pay telephone bill accrued on 11/30
· December 10th – Record payment of baking supplies purchased on 11/10
· December 15th – Accrue employee wages 45 hours (straight time) @12.00/hour
· December 15th – Pay monthly rent in cash
· December 15th – purchase miscellaneous supplies for cash $300
· December 15th – Purchase for cash 30 bottles @ 6.00 each
· December 15th – Sold 22 bottles @ $8.50 for cash ( use FIFO for inventory)
· December 20th – Purchase for cash 20 bottles @ $6.08 each
· December 20th – Pay employee wages accrued 12/15
· December 30th – Sold 22 bottles @ 8$8.50 each (use FIFO)
· December 30th – Record telephone bill $45 (due and paid next month)
· December 30th – Record December bakery sales paid to Peyton in cash, $30,000
· December 31st – Accrue employee wages for w.e. 12/31 @ 40 hours /12.00 hour
· December 31st – Pay in cash $2,500 dividends to owner10/31
On December 31, the following adjustments must be made: (use the adjusting entry tab to record transactions – then transfer the entries to the trial balance adjusting entries column)
a) Depreciation of baking equipment transferred to company on 7/13. Assume ½ month of depreciation in July using the straight-line method.
b) Accrue interest for note payable (Assume a full month of interest for July).
c) Record insurance used for the year.
d) An inventory of baking supplies shows $1,100 of supplies are remaining.
e) An inventory of misc. supplies shows $50 remaining.
Once the entries are recorded, using the specific tabs, complete the following tasks:
1. Complete the T-accounts (transfer the transactions to the appropriate accounts
2. Record the closing entries
3. Prepare the trial balance (unadjusted)
4. Complete the trial balance, with adjusting entries and the adjusted
5. Prepare the Income Statement
6. Prepare the Statement of Owner’s equity
7. Prepare the Balance Sheet
Part 2: Written Report – Accounting Cycle Report (2-3 pages double spaced 12/ft times roman – Submit in the appropriate dropbox folder
Draft a paper answering the following questions)
· Provide an overview of the company’s accounting system. What basis of accounting is used? Why?
· What strategies is the business using to ensure responsible accounting practices? Why have these strategies been selected?
· Describe the steps in the accounting cycle.
· Define internal controls and discuss 1-2 controls and how they are relevant to the Peyton company
· Analyze the results of operations based on the financial statements. What do these results tell a business? e) What do the statements themselves tell about the strengths and weaknesses of the company’s financial position?
· Discuss the changes in operations that might need to be made to make the company more profitable. Justify why each change may be necessary.
· What are the company’s financial strengths and weaknesses? What specific changes can be made to alleviate the weaknesses?
· What opportunities can the company explore because of its strengths? How would these be beneficial?
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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