Journal Entires for June 19-21

June 19 A check for $1,200.00 was received from the Shasta Skimmers as payment for six months rent (July-December) on their club's storage space. Invoice Number: G4019.

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June 20 A check for was received from the Rascal Bar Jetters as payment in full of their May 21 invoice. Find the amount of the invoice and record the receipt of the check. Invoice Number: G3971. Customer Number: 11780.

June 20

Repaired a damaged steering mechanism for customer Darren O'Malley and also installed a new Hickster Pipe. Mr. O'Malley was billed for 3.25 hours of labor, accessories totaling $430.00, plus sales tax. He paid with a bank credit card. Invoice Number: G4020.

Merchandise listed on the sales invoice:

Stock Number............Item...........Quantity.............Net Cost Per Unit

BM102 .............HICKSTER PIPE.........1............$215.00

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June 21

A nearly depreciated company truck was traded-in for a new one. The old truck cost $4,800.00 and on March 31, the end of the previous quarter, it had been depreciated $3,180.00. Straight-line depreciation on the old truck is $80.00 per month (DEPRE). The new truck listed for $18,950.00 and Archibald Auto Sales allowed a $2,825.00 trade-in allowance on the purchase of the new vehicle. This trade has no commercial value and no gain or loss will be recognized on this transaction. In addition to the check issued for the new truck, an additional check was issued for $510.00 was issued to the Department of Motor Vehicles the vehicle license fees.

Three entries are required for this trade.

1) Record the depreciation for 3 months. Invoice Number: DEPRE (for depreciation)

2) Record the like-kind asset exchange. Check Number: 31227.

Invoice Number: W3571 3) Record the license. Check Number: 31228. Invoice

Number: DMVO6

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June 21

A check was issued to purchase additional store fixtures for better display and security of merchandise. The equipment lists for $7,200.00 with a trade discount of 35%. Ignore sales tax. Check Number: 31229. Invoice Number: 79002.