Please complete the worksheet attached using the information provided below: The company's fiscal period is 12 months
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Please complete the worksheet attached using the information provided below:
The company's fiscal period is 12 months starting on Jan 1, 2021
The owner did not make any additional investment during the year of 2021
At the end of the fiscal period, physical count revealed that the company used $800 worth of supplies in 2021.
The 12 month insurance policy was purchased on Oct 1
The company received two late invoices on Jan 5th , 2022:
- Invoice for utilities for the amount of $225.75 from Enbridge.
- Invoice for purchase of supplies from MacGregor Inc. for $300
| Worksheet for Bayview Best Bakery | Year ended Dec 31, 2021 | |||||||||
| Accounts | Trial Balance | Adjustments | Income Statement | Balance Sheet | ||||||
| DR | CR | DR | CR | DR | CR | DR | CR | |||
| Bank | 10,000.00 | |||||||||
| Supplies | 1,700.00 | |||||||||
| Prepaid insurance | 2,450.00 | |||||||||
| Equipment | 35,000.00 | |||||||||
| AP - MacGregor | 800.00 | |||||||||
| HST Payable | 8,060.00 | |||||||||
| HST Recoverable | 104.00 | |||||||||
| Bank Loan | 11,000.00 | |||||||||
| J. Penochhi, Capital | 22,424.00 | |||||||||
| J. Penochhi, Drawings | 30,000.00 | |||||||||
| Revenue | 62,000.00 | |||||||||
| Advertising Expense | 7,200.00 | |||||||||
| Cell Phone Expense | 1,450.00 | |||||||||
| Rent Expense | 14,400.00 | |||||||||
| Utilities Expense | 1,980.00 | |||||||||
| 104,284.00 | 104,284.00 | |||||||||
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