June 10 The delivery of Job 30 was held up due to a property alignment issue at the delivery site. Job 30 was delivered to the job site, today. Sales invoice SF146 lists the sales price for the job at $12,300.00. The customer paid with a check upon delivery. June 10 Job 31 was delivered to the job site. Sales invoice SF147 lists the sales price for the job at $56,789.00. The customer paid with a certified check upon delivery. June 10 A check was received from Larson Pools, Inc. as full payment of their account. The account balance of $4,280.00 was written off as uncollectible on May 2 of this quarter. Summerset Fencing uses the direct write off method. Customer Number: 11000. Invoice Number: RECOV. Two entries are required. 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. June 13 Direct materials for JOB 33 were purchased from Ambrosini Steel, Inc. Ambrosini Steel, Incorporated Stock No. Item G3000 3 In. Sq. Tubing 0.095 F2000 2 In. Sq. Tubing 0.095 Total Terms: 1/10, n/30 Quantity Cost/Unit 120 52.00 100 38.50 Invoice: A6102 Extension 6,240.00 3,850.00 10,090.00 June 14 A check was issued Yomoto Steel as payment in full, plus the discount lost, for Invoice Y2395 of June 2. The payment is 2 days past the discount period. Check Number: 30556. Invoice Number: Y2395. Option 1: (a) Record the discount lost separately, crediting Yomoto's account for the lost discount, and (b) record the payment of the new balance in the Yomoto account. Option 2: Record the discount lost in a compound journal entry to record the payment. This Option is preferred. June 14 A check was issued to Penryn Legal Group as payment of their May 4 invoice. Review your Schedule of Account Receivable. Check Number: 30557. Invoice Number: L3221. Vendor Number: 25850. June 14 Indirect materials of $1,200.00 were purchased from Delta Supply. Invoice Number: DS989. Overhead: INMAT. Vendor Number: 21880. June 14 Record the direct-labor time tickets for Job 32 Date June 14 June 14 Job Number JOB 32 JOB 32 Time Ticket TT570 TT571 Hours 20 10 Rate $60 $48 Record the direct-labor time tickets for JOB 33 Date Job Number Time Ticket Hours June 14 JOB 33 TT572 10 June 14 JOB 33 TT573 4 Rate $60 $48 See the June 8 and June 9 entry for direct labor to review recording multiple Time tickets. June 15 Record the transfer of JOB 32 from the Raw and In-Process Inventory account to the Cost of Goods Sold account. Look up the total cost balance of JOB 32 in the subsidiary ledger for Raw and In-Process Inventory. Invoice Number: TRANS. June 15 Record accrued office salaries of $2,400.00 for the two-week period ended June 15. Invoice Number: OFSAL. June 15 Record the direct labor of $9,576.00 for the period of June 3 to June 15. Debit Raw and In- Process Inventory (115) and credit Salaries and Wages Payable (209). At the invoice prompt enter DRLAB. You should verify the amount by adding the labor costs for the time period of June 3 to June 15 for JOB 29, JOB 30, JOB 31, JOB 32, and JOB 33. If you do not agree, audit your previous work. Worksheet: Job June Labor 29 30 31 32 33 Page 5 Summerset Fencing - Module 2 Copyright 2012 PKL Software, Incorporated. All rights reserved. Last Revised: May 25, 2018 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. June 10 The delivery of Job 30 was held up due to a property alignment issue at the delivery site. Job 30 was delivered to the job site, today. Sales invoice SF146 lists the sales price for the job at $12,300.00. The customer paid with a check upon delivery. June 10 Job 31 was delivered to the job site. Sales invoice SF147 lists the sales price for the job at $56,789.00. The customer paid with a certified check upon delivery. June 10 A check was received from Larson Pools, Inc. as full payment of their account. The account balance of $4,280.00 was written off as uncollectible on May 2 of this quarter. Summerset Fencing uses the direct write off method. Customer Number: 11000. Invoice Number: RECOV. Two entries are required. 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. June 13 Direct materials for JOB 33 were purchased from Ambrosini Steel, Inc. Ambrosini Steel, Incorporated Stock No. Item G3000 3 In. Sq. Tubing 0.095 F2000 2 In. Sq. Tubing 0.095 Total Terms: 1/10, n/30 Quantity Cost/Unit 120 52.00 100 38.50 Invoice: A6102 Extension 6,240.00 3,850.00 10,090.00 June 14 A check was issued Yomoto Steel as payment in full, plus the discount lost, for Invoice Y2395 of June 2. The payment is 2 days past the discount period. Check Number: 30556. Invoice Number: Y2395. Option 1: (a) Record the discount lost separately, crediting Yomoto's account for the lost discount, and (b) record the payment of the new balance in the Yomoto account. Option 2: Record the discount lost in a compound journal entry to record the payment. This Option is preferred. June 14 A check was issued to Penryn Legal Group as payment of their May 4 invoice. Review your Schedule of Account Receivable. Check Number: 30557. Invoice Number: L3221. Vendor Number: 25850. June 14 Indirect materials of $1,200.00 were purchased from Delta Supply. Invoice Number: DS989. Overhead: INMAT. Vendor Number: 21880. June 14 Record the direct-labor time tickets for Job 32 Date June 14 June 14 Job Number JOB 32 JOB 32 Time Ticket TT570 TT571 Hours 20 10 Rate $60 $48 Record the direct-labor time tickets for JOB 33 Date Job Number Time Ticket Hours June 14 JOB 33 TT572 10 June 14 JOB 33 TT573 4 Rate $60 $48 See the June 8 and June 9 entry for direct labor to review recording multiple Time tickets. June 15 Record the transfer of JOB 32 from the Raw and In-Process Inventory account to the Cost of Goods Sold account. Look up the total cost balance of JOB 32 in the subsidiary ledger for Raw and In-Process Inventory. Invoice Number: TRANS. June 15 Record accrued office salaries of $2,400.00 for the two-week period ended June 15. Invoice Number: OFSAL. June 15 Record the direct labor of $9,576.00 for the period of June 3 to June 15. Debit Raw and In- Process Inventory (115) and credit Salaries and Wages Payable (209). At the invoice prompt enter DRLAB. You should verify the amount by adding the labor costs for the time period of June 3 to June 15 for JOB 29, JOB 30, JOB 31, JOB 32, and JOB 33. If you do not agree, audit your previous work. Worksheet: Job June Labor 29 30 31 32 33 Page 5 Summerset Fencing - Module 2 Copyright 2012 PKL Software, Incorporated. All rights reserved. Last Revised: May 25, 2018 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