June

17

Purchased Jet Ski parts and accessories for $4,566.75 cash (check #22112) from

Fong Brother Company.

June

17

Issued the following checks as payment in full for monthly billings:

Check #22113 to Michigan Power & Light for $312.45

Check #22114 to Michigan Lake Service for truck gas and truck repairs, $355.43.

Check #22115 to Michigan AT&T Telephone for $104.65.

June

17

Issued check #22116 to Albright Supply for the June 7 purchased.

June

17

Sold a Kawasaki Jet Ski and accessories to Joel Letterman for $8,340, plus sales

tax. Mr. Letterman paid in full using a Western National Credit Card. (Don't forget to

include the sales tax.)

June

17

Issued check #22117 for $2,189.88 to Tumbleweed Sports as payment in full of the

June 7 purchased.Tumbleweed offers cash terms of 1/10, n30 and the invoice

balance of $2,212 is being paid in time to qualify for the purchase discount.

June

18

Upon analysis of the Tumbleweed Sports account, discovered that a second

Invoice (T1011) dated May 18, had been misfiled and must be paid today.The

amount due was $309 and the cash terms extended by Tumbleweed Sports was 1/10, n30. Check #22118 was issued to Tumbleweed for the payment.

June

18

Purchased a special order, custom built, racing version of the T-model from

Kawasaki, USA. The amount from Kawasaki totals $8,753, ($8,673 being the cost

of the T-model, and $80 the charge for freight in cost. Credit terms: 2/10, n30 and

FOB Shipping point.

June

18

Received a check for $119.84 from Robert Altman as payment in full for 2 hours of

service work ($56 per hour) performed today on his Jet Ski and trailer.

June

19

Issued check #22119 for $313.50 to Robert Logan, Chartered Accountant, for

accounting services received.

June

19

Performed service work totaling $179.76, including tax, for customer Alice Murray.

Alice paid in full using a Western National Credit Card.[Hint: divide $179.76 by 1.07 (100% of selling price plus 7% sales tax) to calculate the amount billed for the

service fees.]

June

20

Issued check #22120 for $22.50 to the Sierra Freight Company as payment in full

for delivery of a customer Jet Ski that had been serviced.

June

20

Issued check #22121 to Jet Ski Cruising magazine for an advertising feature in the

June issue. The advertisement costs $870.

June

20

Issued a credit memorandum CM301 to the Browns Ravine Jet Skiers for $422.65.

Accessories valued at $395.00 (plus sales tax) were returned for credit.

June

20

Sold on account the special order, custom built T-model from Kawasaki, USA to

customer Charles Grubonski.The sales amount including tax is $12,267.55.

[To obtain the sales tax, divide the sales amount by 1.07]

June

21

Issued check #22122 in payment to Yancy Sprintcraft for the June 11 purchased.

Terms offered by Yancy Sprintcraft was 1/10, n30.[Hint: don't forget the debit

memo of June 13 and the qualification for the purchase discount.]

June

21

Issued check #22123 in payment to Less Inc. for the June 11 purchased.

June

22

Received a check fro $850 from Wesmouth, Inc as payment for six (6) months

rent (June 24 to December 24) on their storage space.

June

22

Sold a Sprintcraft Superjet at a special sale price of $6,611 OTD (out the door).

This special price includes sales tax. The customer paid in full using a Bank Credit

Card (3% bank fee).

June

22

Discovered that check #22107, issued for $54.24 on June 14, and debited to the

Tools Expense account, had been recorded in error for $52.44.

June

22

Received a check for $321 from Kelly Ingalls as payment in full on her purchase of

May 22.

June

24

Sold parts and accessories to customer Roger Elliott for $175.00 and charged

Mr. Elliott for 2.75 hours of labor ($56.00 per hour) for work on his Jet Ski.

Mr. Elliott paid cash for this merchandise and services.

June

24

Issued check #22124 for $187.17 to the Newscastle TV Repair for service work

on the television satellite system in Aaron Larson's home. [Hint: Is this a business

operating expense?]

June

24

Sold a Kawasaki Jet Ski and a deluxe trailer to customer Jennie McKinsey. Total

sales including sales tax was $8,725.85. The selling price of the Jet Ski was $7,360

and the trailer price was $795. Jennie paid $2,725.85 cash as down payment and

gave Holiday Jet Ski a short-term promissory note (IOU) for the balance.Holiday

Jet Ski accepted the note.

June

24

Received a check for $8,830.45 from the Western National Credit Card Company

as payment in full on credit card invoices that had been received through June 20.

The invoices totaled $9,103.56 and the credit card company charged a 3% fee for

the use of their system.

June

24

Issue check #22125 to Albright Supply for the balance due on June 14

purchase, less the debit memo of June 15.

June

25

Received a check for $500.00 from Emma Larson as partial payment on her

account.

June

25

Aaron Larson withdrew $1,650 (check #22126) from the business for personal use.

June

25

Repaired hull damage and replaced an impeller for customer David Parkson.

Mr. Parkson was charged 4.25 hours of labor ($56 per hour), parts totaling $362,

plus sales tax. The bill was paid with a Western National Credit Card.

June

26

Purchased additional store fixtures for better display of the new Kawasaki Jet Skis

and issued check #22127 for $2,150 as payment in full to Attwater Business

Equipment.

June

26

Issued check #22128 for $995 to AIA Insurance for additional liability insurance

for the business.

June

27

Received a check for $4,342.50 from Waterrippers, Inc, as payment in full for the

May 28 purchases.

June

27

Through telephone order, sold to the Round Hill Ski Club, a Kawasaki X-2 model

Jet Ski and accessories for $5,575 plus sales tax. The purchase was charged to

the club account (accounts payable)

June

28

The Placerville Ski Club used a bank credit card (3% fee) to pay storage fees of

$855 for the six-month period beginning July 1.

June

28

Paid the shipping costs to transport the Kawasaki X-2 model Jet Ski to the

telephone customer, Round Hill Ski Club by issuing check #22129 for $45.50

to the DHL Logistic and Transport Company.

June

28

Issued check #22130 to the State Board of Business Tax for the balance of Sales

Tax collected through the close of the work day on June 22.Check the ledger card

for the balance in the account to this date. [Hint: sum all the sales tax amount until

June 22.]

June

28

Billed customer Cindy Dunne for 3.6 hours of labor for repairing racing damage

to her Jet Ski.

June

28

Issued check #22131 to Kawasaki, USA as payment in full on the June 18

purchase. [Hint: Remember that discounts are not taken on freight charges.]

June

29

Received a check for $102 from customer Alice Berry as payment in full of June 1

purchase.

June

29

Issued check #22132 for $30.76 (which includes sales tax) to Roger Elliott as a

cash refund for parts and accessories he returned. The check is for a $28.75

merchandise return plus sales tax.

June

29

Issued check #22133 098 for 50.60 to replenish the Petty Cash Fund. A total of

$24.40 remains in the petty cash box at this time. A summary of the receipts shows

the following expenditures have been made to date from Petty Cash.:

Store & Shop Supplies Expense$36.50

Tools Expense8.35

Miscellaneous Expense4.75

June

29

Purchased five (5) Clear Water Sprint watercraft and watercraft accessories from

Clear Water, Incorporated of Alameda. The purchase totaled $23,899, lists of cash

terms of 2/10, n30 and FOB destination shipping terms.

June

29

Sold two (2) Trail-Swift trailers plus accessories to the Browns Ravine Jet Skiers

for $1,923.86, which includes sales tax. Received a cash payment of $1,000 and

the balance was charged to the club account.

June

29

Issued check #22134 John Douglas, the part-time repair and sales person for the

business. John is paid $9.65 per hour and worked 31.5 hours during the past

two-week period ended June 28.