This version serves as the instructor master answer key for Apex Peak Outfitters LLC. All 120 chronological transactions and all 9 month-end adjusting entries (Prepaid Rent, Prepaid Insurance, Depreciation, and Accrued Utilities) have been pre-posted across all 3 months[cite: 2].
Company Setup & Terms
Entity: 3-Member LLC (Alex Reed 40%, Blake Taylor 35%, Casey Morgan 25%)[cite: 3, 4].
Use Financial Statements to audit the Monthly and Q4 Year-to-Date performance and member equity balances[cite: 3, 4].
Use General Journal to reference all debit/credit line solutions and entity assignments[cite: 1, 4].
Use General Ledger to inspect individual account histories and final balances[cite: 1].
Use Subsidiary Ledgers to verify customer receivables and vendor payables reconciliations[cite: 4].
✓ Master Posting Complete: All 129 general journal transactions, periodic inventory calculations, and month-end adjustments are fully computed and active below[cite: 2, 4].
Income Statement
Balance Sheet
Master General Journal (Transactions 1 - 128 & Adjusting Entries)
129 Transactions Posted
Txn #
Date
Account Title & Description
Subsidiary Account
Debit
Credit
General Ledger
Txn #
Date
Description / Ref
Debit
Credit
Running Balance
Accounts Receivable Subsidiary Ledger
Date
Txn # / Ref
Debit
Credit
Balance
Accounts Payable Subsidiary Ledger
Date
Txn # / Ref
Debit
Credit
Balance
Teacher Course Reference & Instructions Guide
Master Answer Key Architecture
Pre-Loaded Records: This Teacher Version contains all 120 standard chronological transactions from October 1 through December 31, along with the 9 recurring and period-end adjusting journal entries[cite: 2].
Automatic General Ledger Linking: All entries are linked directly to their respective General Ledger T-accounts and Subsidiary Ledgers for real-time auditability.
Periodic Inventory Formula: Cost of Goods Sold is calculated using the established periodic inventory equation: Beginning Inventory + Net Purchases + Freight In - Ending Inventory[cite: 2].
Company Profile & Profit Sharing
Alex Reed: 40% ownership share[cite: 3, 4]. Draws: Oct $2,500, Nov $2,000, Dec $3,000[cite: 3]. Guaranteed payments: Nov $500, Dec $1,500[cite: 3, 4].
Blake Taylor: 35% ownership share[cite: 3, 4]. Draws: Oct $2,000, Nov $1,750, Dec $2,500[cite: 3]. Guaranteed payments: Nov $500, Dec $1,500[cite: 3, 4].
Casey Morgan: 25% ownership share[cite: 3, 4]. Draws: Oct $1,500, Nov $1,250, Dec $1,800[cite: 3]. Guaranteed payments: Nov $500, Dec $1,500[cite: 3, 4].