June 4 Sold for cash, one model A1100 Kawasaki Jet Ski Personal Watercraft. This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). The sales invoice for this transaction is G4011. Because a perpetual inventory system is being used by Granite Bay Jet Ski, Inc., for each entry where a product is being sold, an update of the specific inventory items being sold will be a part of the journalizing procedure. Merchandise listed on the sales invoice: NOTE: The Jet Ski being sold for $9,375.00 cost the business $7,500.00 (net). All personal watercraft and trailers carry a 25% markup on net cost (20% markup on selling price). The net cost of $7,500.00 plus the programmed markup of $1,875.00 ($7,500.00 x 25%) must equal the credit entry to sales of $9,375.00 or the journal entry will not be accepted by the program. 1. Enter the journal entry to record the sales transaction. Click on Verify Journal after entering the last credit amount. Follow with the sales invoice number and click on Verify Documents. 2. After you have verified the documents, the cursor will automatically appear in the first row of the Inventory Item Number and Description. 3. Enter the stock number (A1100), tab to the Units column and enter the product quantity of (1). 4. Click on Verify Inventory Data. If it is correct, click on the Post Entry button. (If the inventory entries have an error, reenter the inventory data or clear the screen and reenter the transaction.) Clicking on the down arrow will provide a list of all of the inventory items that can be selected automatically. Account Number Account Title Classification -------------------------------------------------------------------------------- 101 Cash Assets 102 Petty Cash Assets 105 Accounts Receivable Assets 106 Allowance for Doubtful Accts. Assets 109 Notes Receivable Assets 111 Storage Fees Receivable Assets 113 Interest Receivable Assets 115 Merchandise Inventory Assets 121 Prepaid Insurance Assets 124 Prepaid Property Tax Assets 125 Prepaid Advertising Assets 127 Store and Shop Supplies Assets 131 Store Equipment and Fixtures Assets 132 Acc. Deprec.: Store Equip. and Fix. Assets 135 Shop Equipment Assets 136 Accum. Deprec.: Shop Equipment Assets 139 Trucks Assets 140 Accumulated Deprec.: Trucks Assets 201 Accounts Payable Liabilities 203 Notes Payable Liabilities 205 Sales Tax Payable Liabilities 207 Dividends Payable Liabilities 209 Salaries and Wages Payable Liabilities 211 Est. Property Tax Payable Liabilities 213 Income Taxes Payable Liabilities 215 Interest Payable Liabilities 221 Unearned Storage Fees Liabilities 230 Long-term Notes Payable Liabilities 301 Common Stock Stockholder's Equity 305 Retained Earnings Stockholder's Equity 311 Dividends Declared Stockholder's Equity 401 Watercraft and Accessory Sales Revenue 402 Sales Returns and Allowances Revenue 411 Service Fees Earned Revenue 421 Storage Fees Earned Revenue 501 Cost of Goods Sold Cost of Goods Sold 505 Transportation-In Cost of Goods Sold 601 Salaries and Wages Expense Selling Expense 602 Store and Shop Supplies Expense Selling Expense 603 Truck and Equip. Operating Expense Selling Expense 604 Advertising Expense Selling Expense 606 Delivery Expense Selling Expense 607 Credit Card Expense Selling Expense 608 Tools Expense Selling Expense 610 Deprec. Exp.: Store Equip. and Fix. Selling Expense 611 Deprec. Expense: Shop Equipment Selling Expense 612 Deprec. Expense: Trucks Selling Expense 621 Rent Expense Administrative Expense 622 Insurance Expense Administrative Expense 623 Bad Debt Expense Administrative Expense 624 Property Tax Expense Administrative Expense 625 Utilities Expense Administrative Expense 626 Telephone Expense Administrative Expense 627 Bank Service Charges Administrative Expense 628 License Expense Administrative Expense 629 Professional Services Expense Administrative Expense 631 Cash Short and Over Administrative Expense 633 Discounts Lost Administrative Expense 635 Miscellaneous Expense Administrative Expense 711 Interest Earned Other Revenue 721 Gain on Sale of Assets Other Revenue 741 Miscellaneous Revenue Other Revenue 811 Income Taxes Expense Other Expense 813 Interest Expense Other Expense 821 Loss on Sale/Disposal of Assets Other Expense 901 Income Summary Income Summary