Can you help me figure out how to fill out this Inventort Control Sheet with these transactions?
\fJourral Entry Instructions Within this worksheet you will nd a list of transactions for the month of June. Use thae to writethe corraponding journal entries. You are to write all theiournal entries in generaljournal format [double entry amounting]. IJST DEBITS BEFORE CREDITS. MP1 IJNE AFI'ER EACH ENTR'I'EMAKE SURE TO INPUT THE CORRECT TRANSACTIONSDN EACH GENERALJOURNAI. PAGE -'|1-lERE'WlLI. BE EXTRA RMON EACH PAGE!!! Be'lore starting work, review the entire project: all irlsl:rud.'ior|sJ business transactions datuiptionsJl workbook sections , cheekgura, due data, andsubrrlission requirement. CreditTerms 8| InvertoryAe-countirg when Panther Marine purchases merehandiseinmtoryfrom a supplier or vendor on account, theyreeee credit terms of2/20, net 30. when Panther Marine sells merchandise to a customer on account, they offer that customer credit terms of2/30, net 45. Do Mmund intermediate calculations. if required round finai number to nearest cent Panther Marine uses a perpetual inventory accounting system and a last-inJ rst-out [UFO] inventory costing method. Within this workbook there is a worksheet labeled "Inventory Control". You will need to update this worksheet EVERYTIME a purchase orsale 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 yaluE. Panther Marine usesthe net method of accounting for purchasa and sales. The net method assumesthat discounts are taken when a purchase or sale is made on account. Discounts are applied right away. .IUNE JOURNAL TRANSACTIONS June 1 Purchased 5,000 Fish Finder units on Credit from Raydar Marine for $420) per unit. June 1 Issued 101300 sharE 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 $35 per units, Invoice #5555. Rented part of thewareh ouse to a new tenant and received $6,000 for three months rent (June, July. J 2 une Augu st]. June 2 Sold 5,200 Fish Finder units on account to Sea Ray for $82 per unit, lnmice#555& June2 June2 June3 June4 June4 June5 June June? June8 June 11 June 11 June 12 June 13 June 13 June 15 Purchased ofce supplia from Staplm on credit for $11,800. Sold 9(1) Downriggers for $66 per unit and 800 propeller units for $86 per unit on amount to Boston Wh aler, Invoice #5 560. The Board of Directors declared a cash dividend of $2 per share for shareholders of record on June 5th, payable on June 12th. Re'Fer to the chart of accounts for # of outstanding Shara. Hausa include AU. outstanding shares as of June 5th. Received payment from Chris Craft for May 20th sale. A bankruptcy judge disallowed Panther Marine's claim for $7,030 due from Four Winns. Management decided to write ollthis accounts receivable. Paid $3,300 to DU Utility Co. for utilities bill that was recorded in May as an Amou nt Payable, Check #5278. Purchased 8,000 sh arm of Grand Valley Marine, Inc. stock for $15 per share. The investment is intended to be held for '65 then 1 year. Received and paid emense reports 'lor travel and entertainment totaling $5,925, Check #52?9. Paid for ofce supplies purchased on June 2nd, Check #5280. Paid in full for theJune 1 purchaselrom Raydar Marine, Check #5281. Received a bill from thelawrm Bob Loblawfor $4,100, payable upon receipt, for bond consulting fem, paid the bill immediatelyno payable recognized. Issued Check #5282. Paid the dividend that was declared on June 3, Check #5283. Took advantage of a tradediscount of 20% on the purchase of 3,250 Propellers on amount from Acme. Before applying trade discount the propellers are selling for $52 per unit. [Trade discount taken on total BEFORE purchase discount]. Purchased 1,850 Fish Finder units on credit from Rayd ar Marinefor $50 per unit. Sold 3,500 Propellers on credit to Donzi for $99.00 per unit, Invoice 5557. June 15 June 16 June 1? June 17 June 18 June 20 June 20 June 22 June 23 June 23 June 24 June 25 June 26 June 2? June 2? June 28 June 28 Check # 5284 was issued for payroll: $20,500 for salaried and $6,600 for wages. Purchased 2,500 Downriggers on credit from Scotty for $32 per unit. Issued a credit to Sea Ray for the return of 350 defectivesh nder units from the June 2nd sale. The units has a cost basis of $41.16 per unit. Returned the 350 defective units received from Sea Ray to Raydar Marin e. Raydar Marine issued a cash refund. Received payment in fullfrom Chris Craft for theJune Jst sale. While inspecting theJune 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. Panther Marine purchased 2,800 Shara of it's own stock for $10 per share. Sold 2,650 Downriggers on credit to Sea Ray for $56 per unit, Invoice#5559. Paid $195,0CO of the 53 62,500 owed to Acme from May 25, Check #5285. Received payment from Donzi for $125,000 of the S300,CDO owed from May 5. Purchased a $34100 international phone card for one of the sala repraentative's upcoming European business trip, Check #5286. Paid in full for the purchase from Acme on June 13, Check #528? Purchased 1,250 Downriggers from Scotty for $33 per unit paying in cash, Check #5288 Sold 1,500 Downriggers on credit to Donzi for $61 per unit, Invoice 5558. Hired and paid a consultant $85,000 to devise a marketing plan. Panther Marine's management felt this was necessary to develop brand awarens. Check #5289. Panther Marine is behind in its mortgage paym ents to LMCU. Paid a total of $20,000 [$4,000 principal and $16,000 interest], Check #5290. Sold 1,000 treasury Shara from June 20th transaction for $15 per share June 29 June 29 June 29 June 30 June 30 Received payment in full from Donzi for theJune 22th transaction. Sold 3,000 sha rs of Grand Valley Marine, Inc stock 'For $18 per share. Check #5292 was issued for payroll: $20,500 for salariE and $7,750 for wags. Paid the rst month's principal payment of $18,030 on the note payable. In addition, paid onemonth's interEt, Check #5293 Issued bonds payable at 97 discount. Face value of the bonds is $400,000. Contract rate on bond is $6 and bond matura in 5 years
