Must use general journal ledger (5 pages). Must also complete Inventory Control (at bottom).

AR Ledger for Panther Marine Corp:

Account Name	May Balances
Four Winns	$ 7,000.00
Chris Craft	$ 86,350.00
Sea Ray	$ 65,000.00
Boston Whaler	$ 92,500.00
Donzi	$ 300,000.00

AP Ledger for Panther Marine Corp:

Raydar Marine	$ 25,000.00
Acme	$ 362,500.00
Scotty	$ 104,000.00
DU Utility Company	$ 3,300.00
Staples	$ 500.00

Journal Entry Instructions
Within this worksheet you will find a list of transactions for the month of June. Use these to write the corresponding journal entries. You are to write all the journal entries in general journal format (double entry accounting). LIST DEBITS BEFORE CREDITS. SKIP 1 LINE AFTER EACH ENTRY.
Before starting work, review the entire project: all instructions, business transactions descriptions, workbook sections , check figures, due dates, and submission requirements.
Credit Terms & Inventory Accounting
When Panther Marine purchases merchandise from a supplier or vendor on account, they receive credit terms of 2/20, net 30.
When AC Speed sells merchandise to a customer on account, they offer that customer credit terms of 2/30, net 45.
Panther Marine uses a perpetual inventory accounting system and a last-in, first-out (LIFO) inventory costing method. Within this workbook there is a worksheet labeled "Inventory Control". You will need to update this worksheet EVERYTIME a purchase or sale is made. As part of that process you will be calculating the value of CGS each time you generate a sale. Use the "Inventory Control" worksheet to calcluate your Cost of Goods Sold values.
Panther Marine uses the net method of accounting for purchases and sales. The net method assumes that discounts are taken when a purchase or sale is made on account. Discounts are applied right away.
JUNE JOURNAL TRANSACTIONS
June 1	Purchased 5,000 Fish Finder units on Credit from Raydar Marine for $42.00 per unit.
June 1	Issued 10,000 shares of common stock for $20 per share (Refer to the Chart of Accounts for description of common stock).
June 1	Signed a one-year 15%, $216,000 note payable with Boat US Bank.
June 1	Sold 4,000 Propellers on account to Chris Craft for $85 per units, Invoice #5555.
June 2	Rented part of the warehouse to a new tenant and received $6,000 for three months rent (June, July, August).
June 2	Sold 5,200 Fish Finder units on account to Sea Ray for $82 per unit, Invoice #5556.
June 2	Purchased office supplies from Staples on credit for $4,800.
June 2	Sold 900 Downriggers for $66 per unit and 800 propeller units for $86 per unit on account to Boston Whaler, Invoice #5560.
June 3	The Board of Directors declared a cash dividend of $2 per share for shareholders of record on June 5th, payable on June 12th. Refer to the chart of accounts for # of outstanding shares. Please include ALL outstanding shares as of June 5th.
June 4	Received payment from Chris Craft for May 20th sale.
June 4	A bankruptcy judge disallowed Panther Marine's claim for $7,000 due from Four Winns. Management decided to write off this accounts receivable.
June 5	Paid $3,300 to DU Utility Co. for utilities bill that was recorded in May as an Account Payable, Check #5278.
June 6	Purchased 8,000 shares of Grand Valley Marine stock for $15 per share. The investment is intended to be held for less then 1 year.
June 7	Received and paid expense reports for travel and entertainment totaling $5,925, Check #5279.
June 8	Paid for office supplies purchased on June 2nd, Check #5280.
June 11	Paid in full for the June 1 purchase from Raydar Marine, Check #5281.
June 11	Received a bill from the law firm Bob Loblaw for $4,100, payable upon receipt, for bond consulting fees, paid the bill immediately-no payable recognized. Issued Check #5282.
June 12	Paid the dividend that was declared on June 3, Check #5283.
June 13	Took advantage of a trade discount of 20% on the purchase of 3,250 Propellers on account from Acme for $52 per unit. (Trade discount taken on total BEFORE other purchase discount).
June 13	Purchased 1,850 Fish Finder units on credit from Raydar Marine for $50 per unit.
June 15	Sold 3,500 Propellers on credit to Donzi for $99.00 per unit, Invoice 5557.
June 15	Check # 5284 was issued for payroll: $20,500 for salaried and $6,600 for wages.
June 16	Purchased 2,500 Downriggers on credit from Scotty for $32 per unit.
June 17	Issued a credit to Sea Ray for the return of 350 defective fish finder units from the June 2nd sale. These units has a cost basis of $41.16 per unit.
June 17	Returned the 350 defective units received from Sea Ray to Raydar Marine. Raydar Marine issued a cash refund.
June 18	Received payment in full from Chris Craft for the June 1st sale.
June 20	While inspecting the June 13th purchase, it was discovered that the Fish Finder units were programmed for South America instead of North America. Panther Marine returned the entire order to Raydar Marine.
June 20	Panther Marine purchased 2,800 shares of it's own stock for $10 per share.
June 22	Sold 2,650 Downriggers on credit to Sea Ray for $56 per unit, Invoice #5559.
June 23	Paid $195,000 of the $362,500 owed to Acme from May 25, Check #5285.
June 23	Received payment from Donzi for $175,000 of the $300,000 owed from May 5.
June 24	Purchased a $3,000 international phone card for one of the sales representative's upcoming European business trip, Check #5286.
June 25	Paid in full for the purchase from Acme on June 13, Check #5287
June 26	Purchased 1,250 Downriggers from Scotty for $33 per unit paying in cash, Check #5288
June 27	Sold 1,500 Downriggers on credit to Donzi for $61 per unit, Invoice 5558.
June 27	Hired and paid a consultant $85,000 to devise a marketing plan. Panther Marine's management felt this was necessary to develop brand awareness. Check #5289.
June 28	Panther Marine is behind in its mortgage payments to LMCU. Paid a total of $20,000 ($4,000 principal and $16,000 interest), Check #5290.
June 28	Sold 1,000 treasury shares from June 20th transaction for $15 per share
June 29	Received payment in full from Donzi for the June 27th transaction.
June 29	Sold 3,000 shares of Grand Valley Marine stock for $18 per share.
June 29	Check #5292 was issued for payroll: $20,500 for salaries and $7,750 for wages.
June 30	Paid the first month's principal payment of $18,000 on the note payable. In addition, paid one month's interest, Check #5293
June 30	Issued bonds payable at 97 discount. Face value of the bonds is $400,000. Contract rate on bond is 8% and bond matures in 5 years.

Fish Finders

Beginning Inventory (BI)

Purchases

Sales

Ending Inventory (EI)

Date

BI Units

BI $/Unit

BI $

Purch Units

Purch $/Unit

Purch $

Sale Units (CGS)

Sale $/Unit (CGS)

Sale $ (CGS)

EI Units

EI $/Unit

EI $

1-Jun

500

$ 40.00

$ 20,000.00

$ -

$ -

500

$ 40.00

$ 20,000.00

Propellers

Beginning Inventory (BI)

Purchases

Sales

Ending Inventory (EI)

Date

BI Units

BI $/Unit

BI $

Purch Units

Purch $/Unit

Purch $

Sale Units (CGS)

Sale $/Unit (CGS)

Sale $ (CGS)

EI Units

EI $/Unit

EI $

1-Jun

5200

$ 55.00

$ 286,000.00

$ -

$ -

5200

$ 55.00

$ 286,000.00

Downriggers

Beginning Inventory (BI)

Purchases

Sales

Ending Inventory (EI)

Date

BI Units

BI $/Unit

BI $

Purch Units

Purch $/Unit

Purch $

Sale Units (CGS)

Sale $/Unit (CGS)

Sale $ (CGS)

EI Units

EI $/Unit

EI $

1-Jun

1400

$ 40.00

$ 56,000.00

$ -

1400

$ 40.00

$ 56,000.00

After completing journal entries and inventory control, general journal adjustments and general journal closing needs to be completed. (Below)

Panther Marine Corporation
General Journal - Adjusting Entries
June Month-end Adjustments:
Instructions: Please write the month end journal entries for each of the following scenarios listed below. Date each entry as of the end of the month. The aging of accounts receivable method is used to estimate allowance for doubtful accounts for entry (C). PLEASE list debits before credits and skip a line between entries. ONLY use account titles listed in the chart of accounts.
				6/30 (A )	Panther Marine has earned one month of the prepaid rent received from their tenant at the beginning of June.
6/30 (B )	The company estimates customer returns monthly. They estimate half of 1% of the credit sales of $2,902,760 for the month of June will be uncollectible. The related inventory returned amounts to $7,256.90.
6/30 (C )	Panther Marine estimates bad debt expense on a monthly basis rather than waiting until year-end. The company uses the allowance method. Based on recent industry estimates, Panther Marine estimates that the allowance account should be 1.75% of accounts receivable. The ending AR balance is $755,400. At the end of the month (prior to this journal entry) there is a DEBIT balance of $1,250 in the Allowance for Doubtful Accounts account. Write the necessary adjusting entry.
6/30 (D )	The Company took a physical inventory count on June 30 and found the following inventory on hand to be $346,350. The ending balance in the Inventory account (before this adjusting entry) was $368,461. Write the necessary adjusting entry.
6/30 (E )	Grand Valley Marine shares are trading for $12 per share on June 30th. Panther Marine adjusts security investments to market value once a month. Write the adjusting entry for the change in stock value.
6/30 (F)	Depreciation on the company's fixed assets for the month of June is as follows:
	1. The equipment for the warehouse was purchased a 2 years ago for $61,000. These assets have a 5-year life, an expected salvage value of $1,000, and are depreciated using the straight-line method.
	2. The office furniture was purchased last year for $22,500. these assets have a 7 year life, an expected salvage value of $1,500, and are depreicated using straight-line method.
Page 1
Date	Accounts	DEBIT	CREDIT
	TOTAL	$ -	$ -

Panther Marine Corporation
For the Month Ended JULY 31, 2017
Instructions: Below is adjusted trial balance for the month FOLLOWING the previous journal entries. The amounts are NOT related and should not be used as check figures for normal and adjusting journal entries from June.
						Adjusted
		Trial Balance
Acct. No.	Account Title	Dr.	Cr.
100	Cash	372,840.00
102	Accounts Receivable	755,400.00
103	Allowance for Doubtful Accounts		19,816.89
104	Merchandise Inventory	346,350.00
105	Estimated Returns Inventory	43,541.00
106	Office Supplies	2,465.00
107	Prepaid Insurance	10,500.00
120	Investments - Trading	60,000.00
121	Investments - Available for Sale	26,450.00
122	Investments - Held to Maturity	40,005.01
123	Valuation Allowance		35,000.00
140	Land	2,000,600.00
145	Building	2,146,167.60
146	Accumulated Depreciation - Building		1,500,000.00
151	Equipment	61,000.00
152	Accumulated Depreciation - Equipment		30,000.00
153	Office Furniture	22,500.00
154	Accumulated Depreciation - Office Furniture		4,500.00
201	Accounts Payable		904,850.00
202	Wages Payable		-
203	Interest Payable		-
204	Dividends Payable		-
205	Unearned Rent		4,000.00
206	Customer Refunds Payable		29,027.60
250	Notes Payable		212,000.00
251	Bonds Payable		400,000.00
252	Premium on Bonds Payable
253	Discount on Bonds Payable
252	Mortgage (Warehouse) Payable		198,000.00
300	Common Stock, $1 Par, 100,000 Authorized; 40,000 shares Issued/Outstanding		65,500.00
301	Paid In Capital - Excess of Par		396,000.00
330	Retained Earnings		38,500.00
331	Cash Dividends	100,000.00
340	Treasury Stock	18,000.00
341	Unrealized (Gain) Loss Available for Sale Securities	-	-
500	Sales		2,902,760.00
600	Cost of Goods Sold	582,159.00
700	Wage Expense (hourly workers)	9,500.00
701	Salaries Expense (Exempt Staff)	29,000.00
702	Marketing Expense	75,000.00
703	Travel and Entertainment Expense	925.00
704	Bad Debt Expense	9,816.88
705	Property Tax Expense	-
706	Office Maintenance & Repair Expense	-
707	Legal Expenses	5,400.00
708	Insurance Expense	3,500.00
709	Utilities Expense	-
710	Office Supplies Expense	735.00
711	Telecommunications Expense	100.00
712	Depreciation Expense - Equipment	6,000.00
713	Depreciation Expense - Office Furniture	1,500.00
800	Rent Income		2,000.00
801	Unrealized Gain - Trading Securities		6,000.00
802	Realized Gain - Investment Securities		18,000.00
900	Interest Expense	12,500.00
901	Unrealized Loss - Trading Securities	15,000.00
902	Realized Loss - Investment Securities	9,000.00
	Total	6,765,954.490	6,765,954.490
	Net Income (Loss)
	Total
	Difference	-

Panther Marine Corporation
General Journal - Adjusting Entries
July Month-end CLOSING ENTRIES:
Instructions: Please write the JULY month end closing entries USING the adjusted trial balance workbook amounts. Use end of month as date. List debits before credits, skip a line between each entry and only use account titles from adjusted trial balance workbook. That's it! Part 1 is complete after finishing below closing entries. Give yourself a pat on the back!
				7/31 (A )	Close ALL revenue and income accounts to income summary.
7/31 (B )	Close ALL expense accounts WITH balances to income summary.
7/31 (C )	Close cash dividends to retained earnings
7/31 (D )	Close income summary to retained earnings
Page 1
Date	Accounts	DEBIT	CREDIT
		$ -	$ -