In: Accounting
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. |
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 |