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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

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