Did you backup your data files at the end of Module One? It is recommended that you backup your files at the end of each data entry session. If you want to return to a previously saved position and start from the point of your last saved data files, click on Administration, select Files: Restore and Backup, select Restore Backed-up Data Files. Should you restore, it is recommended that you print a copy of the General Journal and a Trial Balance to verify the position of the last save. 'Heads Up' At the beginning of Modules 2, 3, and 4 you will given a 'Heads Up' regarding business transactions in the module that are not related directly to cost accounting and may require some review of financial accounting dealing with investments, notes, and equipment purchases and disposals. Heads Up: In this module you will be required to record the: (1) sale of a short-term investment and (2) a purchase discount lost. June 10 Material for JOB 32 was purchased from Rapid City Steel, Inc. Rapid City Steel Stock No. Item B9620 5/8 T Wall Tube .049 S2250 2 x.125 x 20 Total Terms: n/30 Quantity Cost/Unit 5.10 180 12.25 980 Invoice: M5788 Extension 4,998.00 2,205.00 7,203.00 June 11 Sold 6,000 shares of PKL Corporation common stock held as a short-term investment. The stock was purchased for $24,000.00 and is being sold for $4.75 per share, less a sales commission of $480.00. Invoice Number: INVST. June 11 Purchased material for JOB 32 from Yomoto Steel ,Inc. Yomoto Steel, Incorporated Stock No. Item H4000 4 In. Sq. Tubing G3000 3 In. Sq. Tubing .095 Total Terms: 2/10, n/30 Quantity Cost/Unit 50 59.00 200 52.00 Invoice: Y2681 Extension 2,950.00 10,400.00 13,350.00 June 12 A check for $20,000.00 was received from Arcade Construction (10400) as an advance payment on a custom fencing job (JOB 33) for Arcade's newest housing development. Advance payments are credited directly to Accounts Receivable (105). The advance payments for any job that is not completed by the end of the accounting period are transferred to the Unearned Revenue account. Invoice Number: ADVAN. June 13 A check was issued for $14,348.00 to Gooden Welding Supply for full payment of invoice G3288 that is due today. Check Number: 30555. Invoice Number: G3288. Summerset Fencing Chart of Accounts ASSETS 101 103 105 109 113 115 123 124 125 126 129 131 132 135 136 139 140 141 142 145 146 185 Cash Short-Term Investments Accounts Receivable Notes Receivable Interest Receivable Raw and In-Process Inventory Prepaid Insurance Prepaid Rent Prepaid Property Tax Prepaid Advertising Office Supplies Office Equipment Accumulated Depreciation, Office Equipment Shop Equipment Accumulated Depreciation, Shop Equipment Trucks Accumulated Depreciation, Trucks Factory Accumulated Depreciation, Factory Shipping Facility Accumulated Depreciation, Shipping Facility Manufacturing Overhead LIABILITIES 201 203 207 209 211 213 215 221 250 Accounts Payable Notes Payable Dividends Payable Salaries and Wages Payable Estimated Property Taxes Payable Income Taxes Payable Interest Payable Unearned Revenue Mortgage Note Payable STOCKHOLDERS' EQUITY 301 305 311 Common Stock Retained Earnings Dividends Declared REVENUE 401 Custom Fence and Gate Sales COST OF GOODS SOLD 501 Cost of Goods Sold OPERATING EXPENSES 601 602 603 604 607 611 615 621 622 623 624 625 626 627 628 629 631 Office Salaries and Wages Expense Office Supplies Expense Truck Operating Expense Advertising Expense Credit Card Expense Depreciation Expense, Office Equipment Depreciation Expense, Trucks Rent Expense - General Insurance Expense - General Bad Debt Expense Property Tax Expense - General Utilities Expense - General Telephone Expense - General Bank Service Charges License Expense Professional Services Expense Miscellaneous Expense OTHER REVENUE 711 713 721 731 741 Interest Earned Dividends Earned Gain on Sale of Assets Gain on Short-Term Investments Miscellaneous Revenue OTHER EXPENSES 811 813 814 821 831 Income Tax Expense Interest Expense Discounts Lost Loss on Sale/Disposal of Assets Loss on Short-Term Investments INCOME SUMMARY 901 Income Summary Summerset Fencing Customer List Customer Customer Number 10400 10650 10930 11000 11150 11460 11680 11910 Arcade Construction Co. Bestline, Incorporated Flexible Storage Larson Pools, Inc. Ralph E. Morales Sierra Builders Tulane County Windover Pools and Spas Summerset Fencing extends 30-day credit to all charge customers. Summerset Fencing Vendor List Vendor Vendor Number 20500 21880 22500 23400 24800 25850 26575 28500 Ambrosini Steel, Inc. Delta Supply Gooden Welding Supply Granite Business Supply Kraftsman Air & Gas Penryn Legal Group Rapid City Steel, Inc. Yomoto Steel, Inc. Credit terms will vary among the vendors. Did you backup your data files at the end of Module One? It is recommended that you backup your files at the end of each data entry session. If you want to return to a previously saved position and start from the point of your last saved data files, click on Administration, select Files: Restore and Backup, select Restore Backed-up Data Files. Should you restore, it is recommended that you print a copy of the General Journal and a Trial Balance to verify the position of the last save. 'Heads Up' At the beginning of Modules 2, 3, and 4 you will given a 'Heads Up' regarding business transactions in the module that are not related directly to cost accounting and may require some review of financial accounting dealing with investments, notes, and equipment purchases and disposals. Heads Up: In this module you will be required to record the: (1) sale of a short-term investment and (2) a purchase discount lost. June 10 Material for JOB 32 was purchased from Rapid City Steel, Inc. Rapid City Steel Stock No. Item B9620 5/8 T Wall Tube .049 S2250 2 x.125 x 20 Total Terms: n/30 Quantity Cost/Unit 5.10 180 12.25 980 Invoice: M5788 Extension 4,998.00 2,205.00 7,203.00 June 11 Sold 6,000 shares of PKL Corporation common stock held as a short-term investment. The stock was purchased for $24,000.00 and is being sold for $4.75 per share, less a sales commission of $480.00. Invoice Number: INVST. June 11 Purchased material for JOB 32 from Yomoto Steel ,Inc. Yomoto Steel, Incorporated Stock No. Item H4000 4 In. Sq. Tubing G3000 3 In. Sq. Tubing .095 Total Terms: 2/10, n/30 Quantity Cost/Unit 50 59.00 200 52.00 Invoice: Y2681 Extension 2,950.00 10,400.00 13,350.00 June 12 A check for $20,000.00 was received from Arcade Construction (10400) as an advance payment on a custom fencing job (JOB 33) for Arcade's newest housing development. Advance payments are credited directly to Accounts Receivable (105). The advance payments for any job that is not completed by the end of the accounting period are transferred to the Unearned Revenue account. Invoice Number: ADVAN. June 13 A check was issued for $14,348.00 to Gooden Welding Supply for full payment of invoice G3288 that is due today. Check Number: 30555. Invoice Number: G3288. Summerset Fencing Chart of Accounts ASSETS 101 103 105 109 113 115 123 124 125 126 129 131 132 135 136 139 140 141 142 145 146 185 Cash Short-Term Investments Accounts Receivable Notes Receivable Interest Receivable Raw and In-Process Inventory Prepaid Insurance Prepaid Rent Prepaid Property Tax Prepaid Advertising Office Supplies Office Equipment Accumulated Depreciation, Office Equipment Shop Equipment Accumulated Depreciation, Shop Equipment Trucks Accumulated Depreciation, Trucks Factory Accumulated Depreciation, Factory Shipping Facility Accumulated Depreciation, Shipping Facility Manufacturing Overhead LIABILITIES 201 203 207 209 211 213 215 221 250 Accounts Payable Notes Payable Dividends Payable Salaries and Wages Payable Estimated Property Taxes Payable Income Taxes Payable Interest Payable Unearned Revenue Mortgage Note Payable STOCKHOLDERS' EQUITY 301 305 311 Common Stock Retained Earnings Dividends Declared REVENUE 401 Custom Fence and Gate Sales COST OF GOODS SOLD 501 Cost of Goods Sold OPERATING EXPENSES 601 602 603 604 607 611 615 621 622 623 624 625 626 627 628 629 631 Office Salaries and Wages Expense Office Supplies Expense Truck Operating Expense Advertising Expense Credit Card Expense Depreciation Expense, Office Equipment Depreciation Expense, Trucks Rent Expense - General Insurance Expense - General Bad Debt Expense Property Tax Expense - General Utilities Expense - General Telephone Expense - General Bank Service Charges License Expense Professional Services Expense Miscellaneous Expense OTHER REVENUE 711 713 721 731 741 Interest Earned Dividends Earned Gain on Sale of Assets Gain on Short-Term Investments Miscellaneous Revenue OTHER EXPENSES 811 813 814 821 831 Income Tax Expense Interest Expense Discounts Lost Loss on Sale/Disposal of Assets Loss on Short-Term Investments INCOME SUMMARY 901 Income Summary Summerset Fencing Customer List Customer Customer Number 10400 10650 10930 11000 11150 11460 11680 11910 Arcade Construction Co. Bestline, Incorporated Flexible Storage Larson Pools, Inc. Ralph E. Morales Sierra Builders Tulane County Windover Pools and Spas Summerset Fencing extends 30-day credit to all charge customers. Summerset Fencing Vendor List Vendor Vendor Number 20500 21880 22500 23400 24800 25850 26575 28500 Ambrosini Steel, Inc. Delta Supply Gooden Welding Supply Granite Business Supply Kraftsman Air & Gas Penryn Legal Group Rapid City Steel, Inc. Yomoto Steel, Inc. Credit terms will vary among the vendors