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Product NameDescriptionFish FindersHelm module using sonar to identify fishPropellersPropulsion unit designed specifically for
Product NameDescriptionFish FindersHelm module using sonar to identify fishPropellersPropulsion unit designed specifically for V-drivesDownriggersTransom mounted deep lake fishing devicePanther Marine CorporationAccount NameMay BalancesFour Winns$ 7,000.00Chris Craft$ 86,350.00Sea Ray$ 65,000.00Boston Whaler$ 92,500.00Donzi$ 300,000.00Panther Marine CorporationChart of Accounts - Accounts Payable LedgerAccount NameMay BalancesRaydar Marine$ 25,000.00Acme$ 362,500.00Scotty$ 104,000.00DU Utility Company$ 3,300.00Staples$ 500.00Panther Marine CorporationChart of Accounts - General LedgerBALANCE SHEET ACCOUNTS Assets Current AssetsAcct #Account Name100Cash102Accounts Receivable103Allowance for Doubtful Accounts104Merchandise Inventory105Estimated Returns Inventory106Office Supplies107Prepaid InsuranceOther Assets120Investments - Trading121Investments - Available for Sale122Investments - Held to Maturity123Valuation Allowance Property, Plant and Equipment140Land145Building146Accumulated Depreciation - Building151Equipment152Accumulated Depreciation - Equipment153Office Furniture154Accumulated Depreciation - Office Furniture Liabilities Current Liabilities201Accounts Payable202Wages Payable203Interest Payable204Dividends Payable205Unearned Rent206Customer Refunds Payable Long-Term Liabilities250Notes Payable251Bonds Payable252Premium on Bonds Payable253Discount on Bonds Payable252Mortgage (Warehouse) Payable Capital (Equity)300Common Stock, $1 Par, 100,000 Authorized; 40,000 shares Issued/Outstanding301Paid In Capital - Excess of Par (APIC)330Retained Earnings331Cash Dividends340Treasury Stock341Unrealized (Gain) Loss - Available for SaleINCOME STATEMENT ACCOUNTS Revenue500Sales Cost of Goods Sold600Cost of Goods Sold Operating Expenses700Wage Expense (hourly workers)701Salaries Expense (Exempt Staff)702Marketing Expense703Travel and Entertainment Expense704Bad Debt Expense705Property Tax Expense706Office Maintenance & Repair Expense707Legal Expenses708Insurance Expense709Utilities Expense710Office Supplies Expense711Telecommunications Expense712Depreciation Expense - Equipment713Depreciation Expense - Office Furniture Other Income800Rent Income801Unrealized Gain - Trading Securities802Realized Gain - Investment Securities Other Expenses900Interest Expense901Urealized Loss - Trading902Realized Loss - Investment SecuritiesJournal Entry InstructionsWithin this worksheet you will find a list of transactions for the month of June. Use these to write the corresponding journal entries. You are to document all the journal entries in general journal format (double entry accounting). LIST DEBITS BEFORE CREDITS. SKIP 1 LINE AFTER EACH ENTRY.MAKE SURE TO INPUT THE CORRECT TRANSACTIONS ON EACH GENERAL JOURNAL PAGE - THERE WILL BE EXTRA ROWS ON EACH PAGE!!!Before starting work, review the entire project: all instructions, business transactions descriptions, workbook sections , check figures, due dates, and submission requirements.Credit Terms & Inventory AccountingWhen Panther Marine purchases merchandise inventory from a supplier or vendor on account, they receive credit terms of 2/20, net 30.When Panther Marine sells merchandise to a customer on account, they offer that customer credit terms of 2/30, net 45. Do NOT round intermediate calculations. If required round final number to nearest cent.Panther Marine uses a perpetual inventory accounting system and a last-in, first-out (LIFO) inventory costing method. Within this workbook there is a worksheet labeled "Inventory Control". You will need to update this worksheet EVERYTIME a purchase or sale is made. As part of that process you will be calculating the value of CGS each time you generate a sale. Use the "Inventory Control" worksheet to calcluate your Cost of Goods Sold values.Panther Marine uses the net method of accounting for purchases and sales. The net method assumes that discounts are taken when a purchase or sale is made on account. Discounts are applied right away. JUNE JOURNAL TRANSACTIONSJune 1Purchased 5,000 Fish Finder units on Credit from Raydar Marine for $42.00 per unit.June 1Issued 10,000 shares of common stock for $20 per share (Refer to the Chart of Accounts for description of common stock).June 1Signed a one-year 15%, $216,000 note payable with Boat US Bank.June 1Sold 4,000 Propellers on account to Chris Craft for $85 per units, Invoice #5555.June 2Rented part of the warehouse to a new tenant and received $6,000 for three months rent (June, July, August).June 2Sold 5,200 Fish Finder units on account to Sea Ray for $82 per unit, Invoice #5556.June 2Purchased office supplies from Staples on credit for $4,800.June 2Sold 900 Downriggers for $66 per unit and 800 propeller units for $86 per unit on account to Boston Whaler, Invoice #5560.June 3The 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 4Received payment from Chris Craft for May 20th sale. June 4A bankruptcy judge disallowed Panther Marine's claim for $7,000 due from Four Winns. Management decided to write off this accounts receivable.June 5Paid $3,300 to DU Utility Co. for utilities bill that was recorded in May as an Account Payable, Check #5278.June 6Purchased 8,000 shares of Grand Valley Marine, Inc. stock for $15 per share. The investment is intended to be held for less then 1 year.June 7Received and paid expense reports for travel and entertainment totaling $5,925, Check #5279.June 8Paid for office supplies purchased on June 2nd, Check #5280.June 11Paid in full for the June 1 purchase from Raydar Marine, Check #5281.June 11Received 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 12Paid the dividend that was declared on June 3, Check #5283.June 13Took advantage of a trade discount of 20% on the purchase of 3,250 Propellers on account from Acme. Before applying trade discount the propellers are selling for $52 per unit. (Trade discount taken on total BEFORE purchase discount).June 13Purchased 1,850 Fish Finder units on credit from Raydar Marine for $50 per unit.June 15Sold 3,500 Propellers on credit to Donzi for $99.00 per unit, Invoice 5557.June 15Check # 5284 was issued for payroll: $20,500 for salaried and $6,600 for wages.June 16Purchased 2,500 Downriggers on credit from Scotty for $32 per unit.June 17Issued 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 17Returned the 350 defective units received from Sea Ray to Raydar Marine. Raydar Marine issued a cash refund.June 18Received payment in full from Chris Craft for the June 1st sale.June 20While 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 20Panther Marine purchased 2,800 shares of it's own stock for $10 per share.June 22Sold 2,650 Downriggers on credit to Sea Ray for $56 per unit, Invoice #5559.June 23Paid $195,000 of the $362,500 owed to Acme from May 25, Check #5285.June 23Received payment from Donzi for $175,000 of the $300,000 owed from May 5.June 24Purchased a $3,000 international phone card for one of the sales representative's upcoming European business trip, Check #5286.June 25Paid in full for the purchase from Acme on June 13, Check #5287June 26Purchased 1,250 Downriggers from Scotty for $33 per unit paying in cash, Check #5288June 27Sold 1,500 Downriggers on credit to Donzi for $61 per unit, Invoice 5558.June 27Hired 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 28Panther 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 28Sold 1,000 treasury shares from June 20th transaction for $15 per shareJune 29Received payment in full from Donzi for the June 27th transaction.June 29Sold 3,000 shares of Grand Valley Marine, Inc stock for $18 per share.June 29Check #5292 was issued for payroll: $20,500 for salaries and $7,750 for wages.June 30Paid the first month's principal payment of $18,000 on the note payable. In addition, paid one month's interest, Check #5293June 30Issued 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.
