CHART OF ACCOUNTS Account Numbers Account Name 101 Cash 111 Accounts receivable 112 Allowance for doubtful accounts 120 Boat inventory 121 Boat accessory inventory 131 Supplies 132 Prepaid insurance 133 Prepaid rent 141 Store, office, and boat equipment 142 Accumulated depreciation 201 Accounts payable 202 Accrued salaries payable 203 Accrued interest payable 204 Unearned revenue 205 Cash dividends payable 206 Current maturities of long-term debt 207 Other accrued expenses payable 210 Long-term notes payable 301 Common stock (no par) 311 Retained earnings 312 Income summary 401 Boat sales revenue 402 Accessory sales revenue 403 Boat repair revenue 501 Cost of goods sold: Boat sales 502 Cost of goods sold: accessory sales 601 Salaries expense 602 Supplies expense 603 Insurance expense 604 Rent expense 605 Depreciation expense 606 Utilities expense 607 Advertising expense 608 Interest expense 609 Bad debt expense 610 611 Organization cost expense Transportation Expense Transactions for October 2012 1. Oct. 1 Joe, with the help and advice of his attorney, Jason Rutherfor, issued to himself 4,250 shares of Truckee Boats, Incorporated common stock (no par) at a price of $23.64 per share. Joe transferred $100,470 cash from his personal bank account and deposited it in a checking account in the name of Truckee Boats, Inc. 2. Oct. 1 Truckee Boats hired Henry at $7.25 per hour. Henry?s typical workweek will be 8 hours a day, 5 days per week. Joe and Henry are paid on the first of each month for the month just ended. 3. Oct. 1 Truckee Boats paid Far West Insurance Agency a one-year general property and liability insurance premium of $2,196. 4. Oct. 1 Truckee Boats paid $2,400 to Ace Property Management Group for three months? rent (October, November, and December) on the sales office and boat lot. 5. Oct. 3 Truckee Boats wrote a $900 check to Jason Rutherford to pay for his assistance in issuing the common stock. The payment is considered a start-up cost. It should be recorded as organization cost and will be expensed immediately. 6. Oct. 4 Truckee Boats purchased boat moving equipment, office furniture, and boat repair machinery. Truckee Boats paid $6,880 in cash and signed a four-year, 9.6%, $20,000 installment note payable to First National Bank. Equal monthly principal and interest payments of $503.42 are due the 5th of each month, beginning November 5. (The note assumes a 360-day year and 30 days of interest charged for each full month. Months with 31 days accrue only 30 days of interest, but so does February). 7. Oct. 6 Truckee Boats purchased, at a cost of $11,500, a Fast Glass model Swellcraft ski boat for resale. Transportation cost from the Swellcraft factory to Truckee Boats was $550, which Truckee paid in cash. Truckee uses a perpetual inventory system for both boats and accessories. Payment terms to Swellcraft are net 60 days or within two days of the sale of the boat. 8. Oct. 6 Truckee Boats purchased on account a variety of accessory merchandise at a cost of $1,330 from Miller Ski Supplies. Freight was paid by Miller. Terms are net 30 days. 9. Oct. 7 Truckee Boats purchased a PowerSki Jetboard communication helmet kit from Craig?s List for $900. This package came with a Large Helment + Handset Inc. charger (retail $540), Motorsport Noise Isolator Headset (retail $187), Handset Battery (retail $37), Helmet Charger (retail $37), Desktop Charger Inc. power Adaptor (retail 64.50) and a Headset Waterproof bag (retail $58). Truckee paid the full amount in cash. 10. Oct. 9 John Phillips, a local ski enthusiast, provided Truckee Boats with its first sale when he bought a $490 slalom ski for cash. The ski had been included in the October 6 purchase and had cost Truckee $350. 11. Oct. 10 Albert Snell, another skier, brought his Manvader ski boat into be ?summarized?. Henry changed both the engine and out drive oil, drained the water from the engine, replaced the spark plugs, and tuned the engine. Albert, a long time friend of Joe, agreed to pay the $250 invoice within Truckee Boats? customary 30-day trade terms. 12. Oct. 12 Sold Frank Featherstone a dry suit with a $410 price. After checking his credit, he was allowed the 30-day trade terms. The dry suit also was included in the October 6 purchase and had cost $225. 13. Oct. 12 Truckee Boats purchased additional accessory merchandise from Fisherman?s Warehouse at a cost of $860. Truckee agreed to the 15-day payment terms from Fisherman?s and paid $40 cash to a tracking firm for transportation. 14. Oct. 13 Truckee Boats paid Admirable Advertising Agency $180 for a full page newspaper advertisement to be published in the Saturday, October 17 edition of the Las Vegas Gazette. 15. Oct. 14 After inspecting the merchandise from Fisherman?s Warehouse on October 12, Joe noticed that part of the merchandise was damaged. Truckee Boats returned the damaged merchandise, which had cost $130, and received a debit memorandum from Fisherman?s Warehouse. 16. Oct. 15 Art Jensen, a new customer, purchased fishing gear at a price of $335, paying cash. The merchandise was included in the October 12 purchase at a cost of $222. 17. Oct. 16 Joe was hopeful that his upcoming newspaper advertisement would bring in boat customers, so he purchased a 15-foot, Swellcraft fishing boat with a 25-housepower outboard motor. Truckee Boats received an invoice for $7,800 from Swellcraft and paid $310 cash for transportation. 18. Oct. 17 Truckee Boats? advertisement in the morning paper paid off when Lance Layitover signed a sales contract to buy the Fast Glass Swellcraft ski boat for an ?out-the-door? price of $18,999. 19. Oct 18 Truckee Boats had a booth in the Nevada State Boat Show to be held Sunday, October 21, paying the organizers of the event $300. 20. Oct. 19 Lance delivered the bank?s check for $17,000 and his own for the balance of $1,999 to fulfill the sales contract signed on Oct. 17th (transaction #18). Truckee Boats delivered the Fast Glass Swellcraft ski boat to Lance. 21. Oct. 20 Truckee Boats paid Swellcraft the $11,500 it owed on its purchase of the Swellcraft ski boat. 22. Oct. 20 Henry finished repairs and maintenance jobs on several boats. Cash receipts for this work amounted to $1,755. 23. Oct. 22 Truckee Boats? advertisement was so successful that he paid another $500 for an advertisement in the October 24 morning edition of the Gazette. 24. Oct. 23 Truckee Boats purchased another Fast Glass Swellcraft ski boat with some additional options that weren?t included in the one he sold. The invoice cost was $12,100, which he agreed to pay on the same terms as his first purchase. Transportation cost, which Truckee Boats paid in cash, was $515. 25. Oct. 24 Ski accessory sales for cash totaled $704 for the day. The cost of these sales was $425. 26. Oct. 25 Frank Hammons, an avid skier, purchased a slalom ski from the manufacturer?s catalogue. He paid the entire $580 price and the ski was ordered because it was not in stock. 27. Oct. 25 Truckee Boats wrote a $730 check to pay Fisherman?s Warehouse for its October 12 purchase. 28. Oct. 26 Accessories costing $545 were sold to Vivian Ellis for a price of $770. Joe?s check of her credit qualified her for 30-day credit terms. 29. Oct. 26 Additional accessory merchandise costing $827 was purchased from Tackle and Line Shop. Shipping costs were paid for in cash ($23) by Truckee Boats. Payment terms are 30 days. 30. Oct. 26 James Murphy, a long-time associate of Joe Truckee, had major repairs to his boat performed during the last week of October. Henry finished the repairs on this date and Murphy was billed $2,329. Payment from James is due in 30 days. 31. Oct 26 Truckee Boats agreed to be a sponsor for the Health & Fitness Expo at the 2014 Rock ?n? Roll Vegas Marathon Series held November 14th and 15th. The sponsorship will cost $450 which Truckee will pay in cash. 32. Oct. 27 Joe and his wife, Martha, who is the Vice-president of Truckee Boats, constitute the Board of Directors. They met and declared a $.30 per share cash dividend, to be paid on November 15, 2012. Adjusting Entries: additional information as of October 31, 2012 1. Joe was very conscientious in checking his customers? credit history. However, while at the Nevada State Boat Show, he learned that it is customary within the pleasure boating industry for retail boat sales to suffer bad debt losses equal to 5% of credit sales. Joe decides that it is prudent to use the 5% industry-wide standard until he has more experience with his own business and customers. Round estimates to the nearest dollar. 2. As a control measure, Joe counts his inventory of skiing and fishing accessories at October 31, 2012. He determines that the cost of this merchandise on hand is $1,140. 3. Joe estimates that his office furniture and boat related equipment will last eight years with no salvage. Fixed assets purchased in the first half of the month are depreciated for the entire month, while fixed assets purchased in the last half of the month are not depreciated until the second month. The company uses the straight-line method. Depreciation is rounded to the nearest dollar. 4. Henry worked 20 days during October and did not work any overtime. Joe gets a monthly salary of $3,000. 5. On November 4, Trucker Boats received a $357 invoice from Desert Gas and Electric Company for utilities consumed during October. ? Required: All numbers should be rounded to whole dollars. Part 3 8. Journalize and post the closing entries for October 2012. 9. Prepare post-closing trial balance. 10. Prepare the following statements: a. Multiple-step income statement for the month ended October 31, 2012. b. Statement of Retained Earnings dated October 31, 2012 c. Classified balance sheet dated October 31, 2012. I need part 3 to be done On the Excel that I attached

Truckee Boats Inc. Trans. # 1 OCT Date Account Titles and Explanation 1 Cash Common stock 2 OCT 3 OCT 1 No entry needed 1 Prepaid Insurance Cash 4 OCT 1 Prepaid Rent 5 OCT 3 Organization Cost Expense 6 OCT 4 Store, office, and boat equipment Cash Cash Cash Long-term notes payable 7 OCT 6 Boat inventory-Fast Glass 1 Accounts payable Cash 8 OCT 6 Boat accessory inventory Accounts payable 9 OCT 7 Boat accessory inventory Cash 10 OCT 9 Cost of goods sold: accessory sales Boat accessory inventory Cash Accessory sales revenue 11 OCT 10 Accounts receivable 12 OCT 12 Cost of goods sold: accessory sales Boat repair revenue Boat accessory inventory Accounts receivable Accessory sales revenue 13 OCT 12 Boat accessory inventory Accounts payable Cash 14 OCT 13 Advertising expense Cash 15 OCT 14 Accounts payable 16 OCT 15 Cost of goods sold: accessory sales Boat accessory inventory Boat accessory inventory Cash Accessory sales revenue 17 OCT 16 Boat inventory-15-foot Accounts payable Cash 18 OCT 19 OCT 17 No entry needed 18 Advertising expense Ref. 101 301 132 101 133 101 610 101 141 101 210 120 201 101 121 201 121 101 502 121 101 402 111 403 502 121 111 402 121 201 101 607 101 201 121 502 121 101 402 120 201 101 Boat repair revenue 607 101 501 120 101 401 201 101 101 403 607 101 120 201 101 502 121 101 402 101 204 201 101 502 121 111 402 121 201 101 111 403 Cash dividends payable 311 205 Cash 20 OCT 19 Cost of goods sold: Boat sales-Fast Glass 1 Boat inventory Cash Boat sales revenue 21 OCT 20 Accounts payable 22 OCT 20 Cash 23 OCT 22 Advertising expense 24 OCT 23 Boat inventory-Fast Glass 2 Cash Boat repair revenue Cash Accounts payable Cash 25 OCT 24 Cost of goods sold: accessory sales Boat accessory inventory Cash Accessory sales revenue 26 OCT 25 Cash Unearned revenue 27 OCT Accounts payable Cash 28 OCT 26 Cost of goods sold: accessory sales Boat accessory inventory Accounts receivable Accessory sales revenue 29 OCT 26 Boat accessory inventory Accounts payable Cash 30 OCT 31 OCT 32 OCT 26 Accounts receivable 26 No entry needed 27 Retained earnings GJ Debit $100,470 Credit $100,470 $2,196 $2,196 $2,400 $2,400 $900 $900 $26,880 $6,880 $20,000 $12,050 $11,500 $550 $1,330 $1,330 $900 $900 $350 $350 $490 $490 $250 $250 $225 $225 $410 $410 $900 $860 $40 $180 $180 $130 $130 $222 $222 $335 $335 $8,110 $7,800 $310 $300 $300 $12,050 $12,050 $18,999 $18,999 $11,500 $11,500 $1,755 $1,755 $500 $500 $12,615 $12,100 $515 $425 $425 $704 $704 $580 $580 $730 $730 $545 $545 $770 $770 $850 $827 $23 $2,329 $2,329 $1,275 $224,655 $1,275 $224,655