Question

In: Accounting

JUNE JOURNAL TRANSACTIONS June 1 Purchased 5,000 Fish Finder units on Credit from Raydar Marine for...

JUNE JOURNAL TRANSACTIONS
June 1 Purchased 5,000 Fish Finder units on Credit from Raydar Marine for $42.00 per unit.
June 1 Issued 10,000 shares of common stock for $20 per share (Refer to the Chart of Accounts for description of common stock).
June 1 Signed a one-year 15%, $216,000 note payable with Boat US Bank.
June 1 Sold 4,000 Propellers on account to Chris Craft for $85 per units, Invoice #5555.
June 2 Rented part of the warehouse to a new tenant and received $6,000 for three months rent (June, July, August).
June 2 Sold 5,200 Fish Finder units on account to Sea Ray for $82 per unit, Invoice #5556.
June 2 Purchased office supplies from Staples on credit for $4,800.
June 2 Sold 900 Downriggers for $66 per unit and 800 propeller units for $86 per unit on account to Boston Whaler, Invoice #5560.
June 3 The Board of Directors declared a cash dividend of $2 per share for shareholders of record on June 5th, payable on June 12th. Refer to the chart of accounts for # of outstanding shares. Please include ALL outstanding shares as of June 5th.
June 4 Received payment from Chris Craft for May 20th sale.  
June 4 A bankruptcy judge disallowed Panther Marine's claim for $7,000 due from Four Winns. Management decided to write off this accounts receivable.
June 5 Paid $3,300 to DU Utility Co. for utilities bill that was recorded in May as an Account Payable, Check #5278.
June 6 Purchased 8,000 shares of Grand Valley Marine stock for $15 per share. The investment is intended to be held for less then 1 year.
June 7 Received and paid expense reports for travel and entertainment totaling $5,925, Check #5279.
June 8 Paid for office supplies purchased on June 2nd, Check #5280.
June 11 Paid in full for the June 1 purchase from Raydar Marine, Check #5281.
June 11 Received a bill from the law firm Bob Loblaw for $4,100, payable upon receipt, for bond consulting fees, paid the bill immediately-no payable recognized. Issued Check #5282.
June 12 Paid the dividend that was declared on June 3, Check #5283.
June 13 Took advantage of a trade discount of 20% on the purchase of 3,250 Propellers on account from Acme for $52 per unit. (Trade discount taken on total BEFORE other purchase discount).
June 13 Purchased 1,850 Fish Finder units on credit from Raydar Marine for $50 per unit.
June 15 Sold 3,500 Propellers on credit to Donzi for $99.00 per unit, Invoice 5557.
June 15 Check # 5284 was issued for payroll: $20,500 for salaried and $6,600 for wages.
June 16 Purchased 2,500 Downriggers on credit from Scotty for $32 per unit.
June 17 Issued a credit to Sea Ray for the return of 350 defective fish finder units from the June 2nd sale. These units has a cost basis of $41.16 per unit.
June 17 Returned the 350 defective units received from Sea Ray to Raydar Marine. Raydar Marine issued a cash refund.
June 18 Received payment in full from Chris Craft for the June 1st sale.
June 20 While inspecting the June 13th purchase, it was discovered that the Fish Finder units were programmed for South America instead of North America. Panther Marine returned the entire order to Raydar Marine.
June 20 Panther Marine purchased 2,800 shares of it's own stock for $10 per share.
June 22 Sold 2,650 Downriggers on credit to Sea Ray for $56 per unit, Invoice #5559.
June 23 Paid $195,000 of the $362,500 owed to Acme from May 25, Check #5285.
June 23 Received payment from Donzi for $175,000 of the $300,000 owed from May 5.
June 24 Purchased a $3,000 international phone card for one of the sales representative's upcoming European business trip, Check #5286.
June 25 Paid in full for the purchase from Acme on June 13, Check #5287
June 26 Purchased 1,250 Downriggers from Scotty for $33 per unit paying in cash, Check #5288
June 27 Sold 1,500 Downriggers on credit to Donzi for $61 per unit, Invoice 5558.
June 27 Hired and paid a consultant $85,000 to devise a marketing plan. Panther Marine's management felt this was necessary to develop brand awareness. Check #5289.
June 28 Panther Marine is behind in its mortgage payments to LMCU. Paid a total of $20,000 ($4,000 principal and $16,000 interest), Check #5290.
June 28 Sold 1,000 treasury shares from June 20th transaction for $15 per share
June 29 Received payment in full from Donzi for the June 27th transaction.
June 29 Sold 3,000 shares of Grand Valley Marine stock for $18 per share.
June 29 Check #5292 was issued for payroll: $20,500 for salaries and $7,750 for wages.
June 30 Paid the first month's principal payment of $18,000 on the note payable. In addition, paid one month's interest, Check #5293
June 30 Issued bonds payable at 97 discount. Face value of the bonds is $400,000. Contract rate on bond is 8% and bond matures in 5 years.

Solutions

Expert Solution

Date Accounts DEBIT CREDIT
1-Jun Merchandise Inventory $     210,000.00
accounts payable - Raydar Marine $ 210,000.00
1-Jun cash $     200,000.00
investments - common stock $ 200,000.00
1-Jun cash $     216,000.00
notes payable $ 216,000.00
1-Jun accounts receivable - Chris Craft $     340,000.00
merchandise inventory $ 340,000.00
2-Jun cash $          6,000.00
rent income $      6,000.00
2-Jun accounts receivable - Sea Ray $     426,400.00
merchandise inventory $ 426,400.00
2-Jun office supplies $          4,800.00
accounts payable - staples $      4,800.00
2-Jun accounts receivable - Boston Whaler $     128,200.00
merchandise inventory $ 128,200.00
3-Jun retained earnings         100,000.00
dividends payable      100,000.00
4-Jun cash                           -  
accounts receivable - Chris Craft                        -  
(May 20th sale amount not available)
4-Jun bad debt expense              7,000.00
accounts receivable           7,000.00
5-Jun accounts payable - DU utility co.              3,300.00
cash           3,300.00
6-Jun investments -         120,000.00
cash      120,000.00
7-Jun travel and entertainment expense              5,925.00
cash           5,925.00
7-Jun accounts payable - Staples              4,800.00
cash           4,800.00
11-Jun accounts payable - Raydar Marine         210,000.00
cash      210,000.00
11-Jun legal expenses $          4,100.00
cash $      4,100.00
12-Jun dividends payable $     100,000.00
cash $ 100,000.00
13-Jun merchandise inventory $     135,200.00
accounts payable - Acme $ 135,200.00
13-Jun merchandise inventory $       92,500.00
accounts payable - Raydar Marine $    92,500.00
15-Jun accounts receivable - Donzi $     349,500.00
merchandise inventory $ 349,500.00
15-Jun payroll expense $       27,100.00
cash $    27,100.00
16-Jun accounts payable - Scotty $       80,000.00
merchandise inventory $    80,000.00
17-Jun customer refunds payable (350*82) $       28,700.00
accounts receivable - Sea Ray $    28,700.00
17-Jun cash (350*50) 17500
estemated return inventory $    17,500.00
18-Jun cash $     340,000.00
accounts payable - Chris Craft $ 340,000.00
20-Jun accounts payable - Raydar Marine $       92,500.00
merchandise inventory $    92,500.00
20-Jun investments - Panther Marine $       28,000.00
cash $    28,000.00
22-Jun accounts receivable - Sea Ray $     148,400.00
merchandise inventory $ 148,400.00
23-Jun accounts payable - Acme $     195,000.00
cash $ 195,000.00
23-Jun cash $     175,000.00
accounts receivable - Donzi $ 175,000.00
24-Jun traveling and entertainment expense $          3,000.00
cash $      3,000.00
25-Jun accounts payable - Acme $     135,200.00
cash $ 135,200.00
26-Jun merchandise inventory $       41,250.00
cash $    41,250.00
27-Jun accounts receivable - Donzi $       91,500.00
merhcandise inventory $    91,500.00
27-Jun marketing expense $       85,000.00
cash $    85,000.00
28-Jun mortgage payable $          4,000.00
interest expense $       16,000.00
cash $    20,000.00
28-Jun cash $       15,000.00
gain on sale of investments $      5,000.00
investments - panther marine $    10,000.00
29-Jun cash $       91,500.00
accounts receivable - Donzi $    91,500.00
29-Jun cash $       54,000.00
gain on sale of investments $      9,000.00
investments - Grand Valley Marine $    45,000.00
29-Jun payroll expense $       28,250.00
cash $    28,250.00
30-Jun Notes payable $       18,000.00
interst espense $       32,400.00
cash $    50,400.00
30-Jun cash $     400,000.00
discount on bonds payable $    12,000.00
bonds payable $ 388,000.00

Related Solutions

5. Explain how osmoregulation in fresh water fish differs from osmoregulation in marine fish. 6. What...
5. Explain how osmoregulation in fresh water fish differs from osmoregulation in marine fish. 6. What do the terms stenohaline and euryhaline mean? Give examples of animals that match these terms. 7. Describe the four stages of urine production in vertebrates.
create general journal and income statement 1 Purchased merchandise from Taylor Company for $10,000 under credit...
create general journal and income statement 1 Purchased merchandise from Taylor Company for $10,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Lane Co. for $2,900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. 3 The cost of the merchandise sold to Lane Co. was $1,740. 4 Paid $925 cash for freight charges on the purchase of July 1. 5 Sold merchandise for $5,700 cash. 6...
Record the following transactions as journal entries. 1. Earned $5,000 of services on account. 2. Completed...
Record the following transactions as journal entries. 1. Earned $5,000 of services on account. 2. Completed an impairment test, determined there to be an impairment loss on their equipment. Cost of equipment was $785,000, carry value was $328,510 and fair value is $138,000.
Screpcap Co. had the following transactions during the first week of June: June 1 Purchased merchandise...
Screpcap Co. had the following transactions during the first week of June: June 1 Purchased merchandise on account from Acme Supply, $2,700, plus freight charges of $160. 1 Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, $720, less 1% discount. 1 Sold merchandise on account to F. Colby, $246, plus 5% state sales tax plus 2% city sales tax. 2 Received cash on account from N. Dunlop, $315. 2 Made cash sale of $413 plus 5%...
how would I post this to question to a general journal; June 25: Collection from credit-card...
how would I post this to question to a general journal; June 25: Collection from credit-card companies Received a check from the credit card company (American Credit Card Company) for the June 17 balance of its account, minus the 4% collection fee. Click on Journals/Ledgers/Statement, select General Ledger, and click on Ledger Card. From the textbox select the Accounts Receivable – Credit Card Companies account, then click on Show Ledger Card. Examine the account to determine the balance on June...
For the below transactions, please do journal entries. 1.   AAMI Funeral Home purchases $5,000 worth of...
For the below transactions, please do journal entries. 1.   AAMI Funeral Home purchases $5,000 worth of merchandise for cash. 2.   AAMI Funeral Home purchases $3,000 worth of merchandise on account with terms 2/10, n/30. 3.   AAMI Funeral Home makes a sale of goods for $7,250 on account ($250 of which is Sales Tax) with terms 2/10, n/30. 4.   From transaction #2, AAMI Funeral Home makes payment within 10 days. 5.   From transaction #3, AAMI Funeral Home receives payment within 10...
A marine biologist recorded the number of deaths of specific fish species from the last 10...
A marine biologist recorded the number of deaths of specific fish species from the last 10 years due to pollution in a specific area off the Pacific coast. She was curious to see if there was a trend. Identify the best mathematical model with its corresponding R2 value and tell whether it is a good model. Year 1 2 3 4 5 6 7 8 9 10 Deaths 9 8 6 24 19 1 10 15 18 21 A. quadratic...
Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles...
Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,100 Owner's Capital 5,100 (Owner’s investment of cash in business) 10 Cash 2,652 Service Revenue 2,652 (Received cash for services performed) 12 Equipment 5,100 Cash 2,346 Notes Payable 2,754 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 1,734 Service Revenue 1,734 (Billed clients for services performed) 31 Cash 918 Accounts Receivable 918 (Receipt of cash...
The following are transactions for Chandler Fashions for the month of June. June 2              Purchased 3,000 items...
The following are transactions for Chandler Fashions for the month of June. June 2              Purchased 3,000 items of inventory under terms 1/10, n/60 and FOB shipping point from Flower Manufacturing.  The merchandise had a cost of $12,000 June 7                  Returned defective merchandise to Flower Manufacturing with invoice price of $4,000. June 8                 Paid the freight charges on the purchase from Flower Manufacturing in     cash for $200. June 9              Sold merchandise to Trendy Store on account for $10,000 with terms 2/15, n/60  FOB shipping point.                    Cost of the...
Prepare the journal entries (omit explanations) for all transactions from January 01, 2016 through June 30,...
Prepare the journal entries (omit explanations) for all transactions from January 01, 2016 through June 30, 2016, post all journal entries to the general ledger, and prepare an Unadjusted Trial Balance for the six months ending June 30, 2016. 1/1       The owner of the business contributed $10,000 cash and a truck worth $16,000 to the business in exchange for 26,000 shares of $1par common stock. This is the first ever transaction for the business. Use perpetual inventory. 1/31     Borrowed $50,000...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT