Given the instructions and transactions below, prepare Journal Entries for only #3&4 and #14-16

Prepare Journal Entries for the all of the entries following transactions: Some transactions require recorded entry while some may require no entry.

#1 Dec 16th 2013: Prepare a purchase order: Ordered the following inventory on account from Velocity Sporting Goods using purchase order No. 328. The goods will be received at the warehouse at a later date. The purchase order total is $19,750.

Units:

115 BB-019 Basketball Pole Pad

60 BB-538 Basketball bag

70 BB-688 Portable inflation pump

85 BB-926 Trainer's first aid kit

#2 December 16, 2013: Receive a miscellaneous csh receipt and make a bank deposit: Borrowed and deposited $80,000 from First American Bank & Trust by issuing a two-year note payable. Check No. 545 for $80,000 was received and deposited.

Hint: The credit portion of the transaction should be posted to account #21000, Notes payable

#3: December 19, 2013: Make a credit sale: Received customer purchase order No. ST3107 in the mail from Clayborn University, approved their credit, prepared invoice No. 731 totaling $15,025, and shipped the goods from the warehouse. All goods ordered were shipped as follows.

Units: Item# Description

25 BB-267 Goal and Rim set

20 BB-358 Backboard

45 FB-027 Shoulder pad set

40 FB-225 Football Helmet

#4 December 20th, 2013: Change an employee record (employee maintenance): Increased employee salary and wage rates, effective Dec 16. For hourly employees overtime is paid at 1.5 times the regular rate. There were no changes in filing status or witholding allowances.

#5: 12/23/13: Receive goods from a purchase order: Received merchandise from Velocity Sporting Goods as listed on purchase order No. 328 along with invoice #34719. The payment terms on the invoice are 2/10, Net 30. All merchandise listed on the purchase order was delivered in good condition and in the quantities ordered, except that only 100/115 basketball pole pads were received. The total of the invoice is $18,340. The goods were placed immediately in the inventory warehouse.

#6: 12/23/13: Collect an outstanding account receivable and make a bank deposit: Received check No. 28564 for $1,622.88, from Branch College for payment in full of sales invoice No. 730, and deposited the check. The early payment discount taken by Branch College was $33.12.

#7 12/23/13: Write off an uncollectible account receivable: Received legal notification from Benson, Rosenbrook, and Martinson, P.C., attorneys at law, that Stevenson College is unable to pay any of its outstanding debts to its suppliers. The $2,900 balance remaining on invoice #719 should therefore be written off as uncollectible. Recall that Waren uses the allowance method for recording bad debt expense

#8: 12/24/2013: Receive goods on a sales return: EWU returned 8 basketball pole pads and 6 scoreboard and timer sets that were originally purchased on Invoice No. 729. The goods are to be returned to On Hand status. Waren previously authorized EWU by phone to return the goods for credit against their account balance. EWU's return request #R8034 was received with the goods. Sales return document CM 42 was issued for $3480 an applied to Invoice No. 729.

#9 12/24/2013: Collect an outstanding account receivable and make a bank deposit: Received and deposited check No. 49326 for $9000 from EWU in partial payment of the remaining amount (after sales return) on Invoice #729

#10 12/24/2013: Purchase goods or services without a purchase order: Received freight bill No. 26425 for $483.00 from Interstate Motor Freight and immediately issued Check No. 1152 for payment in full. The payment terms on the freigh bill are Net 30.

#11: 12/24/2013: Make a cash sale and make a bank deposit: Received and deposited check No. 7403 for $9,165 and customer purchase order No. 94772 in the mail from Andover University for a cash sale. The goods were shipped from the warehouse and the cash sale was processed and recorded using invoice No. C-30. All goods ordered were shipped as follows:

Units: Item #: Description:

150 BB-008 Basketball

30 FB-091 Hip, tail, arm pad set

75 FB-344 Football

#12 12/26/2013: Receive goods from a purchase order: Received, and recorded as an expense, office supplies from Chicago Office Supply as listed on purchase order No. 327, which is shown as an open purchase order in Microsoft Dynamics GP. Chicago office Supply's vendor invoice No. 2378 was received with the goods, totalling $559.15 including sales tax of $31.65. The payment terms on the invoice are "Upon receipt". All supplies ordered on purchase order No. 327 were received in good condition and taken to the warehouse.

#13: 12/30/2013: Pay a vendor's outstanding invoice: Issued check no. 1153 for $17,973.20 to Velocity Sporting Goods for payment in full of invoice No. 34719 for goods received December 23. The early payment discount taken by Waren was $366.80

#14: 12/31/2013: Pay employees: Finished the payroll for the semimonthly pay period December 16-31, 2013, and issued checks No 1154 through 1156. There were 12 days in the pay period. Regular and overtime hours for hourly employees is as follows:

Employee: Regular Hours: Overtime Hours:

Jim Adams 96 8.73

Nancy Ford 96 5.09

#15 12/31/2013: Receive goods from a purchase order and add a fixed asset record through maintenance: Received two laptop computers from Chicago Office Supply ordered on Waren's purchase order, No. 325, which is shown as an open purchase order in Microsoft Dynamics. Also received vendor's invoice No 2423 from Chicago Office Supply, totaling $4558 including sales tax of $258. The payment terms on the invoice are "upon receipt" The computers were received in new and undamaged condition in the warehouse. The estimated useful life is 5 years with no salvage value. After they were unpacked and tested, they were taken directly to the office/ They were not paid for.

#16 12/31/2013: Purchase goods or services without a purchase order: Received vendor invoice No. 72654 from $1,100 from the University Athletic News for adertisements Waren ran during the Christmas season and immediately issued check No. 1157 for payment inb full. The payment terms on the invoice are upon receipt.