NEED Part A, General Journals pg 1-6 and adjusting journal

Product Name Description Fish Finders Helm module using sonar to identify fish Propellers Propulsion unit designed specifically for V-drives Downriggers Transom mounted deep lake fishing device Panther Marine Corporation Chart of Accounts - Accounts Receivable Ledger 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 Panther Marine Corporation Chart of Accounts - Accounts Payable Ledger Account Name May Balances Raydar Marine $25,000.00 Acme $362,500.00 Scotty $104,000.00 DU Utility Company $3,300.00 Staples $500.00 Panther Marine Corporation Chart of Accounts - General Ledger BALANCE SHEET ACCOUNTS Assets Current Assets Acct # Account Name 100 Cash 102 Accounts Receivable 103 Allowance for Doubtful Accounts 104 Merchandise Inventory 105 Estimated Returns Inventory 106 Office Supplies 107 Prepaid Insurance Other Assets 120 Investments - Trading 121 Investments - Available for Sale 122 Investments - Held to Maturity 123 Valuation Allowance Property, Plant and Equipment 140 Land 145 Building 146 Accumulated Depreciation - Building 151 Equipment 152 Accumulated Depreciation - Equipment 153 Office Furniture 154 Accumulated Depreciation - Office Furniture Liabilities Current Liabilities 201 Accounts Payable 202 Wages Payable 203 Interest Payable 204 Dividends Payable 205 Unearned Rent 206 Customer Refunds Payable Long-Term Liabilities 250 Notes Payable 251 Bonds Payable 252 Premium on Bonds Payable 253 Discount on Bonds Payable 252 Mortgage (Warehouse) Payable Capital (Equity) 300 Common Stock, $1 Par, 100,000 Authorized; 40,000 shares Issued/Outstanding 301 Paid In Capital - Excess of Par (APIC) 330 Retained Earnings 331 Cash Dividends 340 Treasury Stock 341 Unrealized (Gain) Loss - Available for Sale INCOME STATEMENT ACCOUNTS Revenue 500 Sales Cost of Goods Sold 600 Cost of Goods Sold Operating Expenses 700 Wage Expense (hourly workers) 701 Salaries Expense (Exempt Staff) 702 Marketing Expense 703 Travel and Entertainment Expense 704 Bad Debt Expense 705 Property Tax Expense 706 Office Maintenance & Repair Expense 707 Legal Expenses 708 Insurance Expense 709 Utilities Expense 710 Office Supplies Expense 711 Telecommunications Expense 712 Depreciation Expense - Equipment 713 Depreciation Expense - Office Furniture Other Income 800 Rent Income 801 Unrealized Gain - Trading Securities 802 Realized Gain - Investment Securities Other Expenses 900 Interest Expense 901 Urealized Loss - Trading 902 Realized Loss - Investment Securities 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.MAKE SURE TO INPUT THE CORRECT TRANSACTIONS ON EACH GENERAL JOURNAL PAGE - THERE WILL BE EXTRA ROWS ON EACH PAGE!!! 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 inventory from a supplier or vendor on account, they receive credit terms of 2/20, net 30. When Panther Marine sells merchandise to a customer on account, they offer that customer credit terms of 2/30, net 45. Do NOT round intermediate calculations. If required round final number to nearest cent. 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, Inc. 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. Before applying trade discount the propellers are selling for $52 per unit. (Trade discount taken on total BEFORE 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, Inc 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. Do NOT round intermediate calculations. If required round final number to nearest cent. Fish Finders Purchases Sales Ending Inventory (EI) Date Purch Units Purch $/Unit Purch $ Sale Units (CGS) Sale $/Unit (CGS) Sale $ (CGS) EI Units EI $/Unit EI $ Beg. Bal. 500 $40.00 $20,000.00 Propellers Purchases Sales Ending Inventory (EI) Date Purch Units Purch $/Unit Purch $ Sale Units (CGS) Sale $/Unit (CGS) Sale $ (CGS) EI Units EI $/Unit EI $ Beg. Bal. 5200 $55.00 $286,000.00 Downriggers Purchases Sales Ending Inventory (EI) Date Purch Units Purch $/Unit Purch $ Sale Units (CGS) Sale $/Unit (CGS) Sale $ (CGS) EI Units EI $/Unit EI $ Beg. Bal. 1400 $40.00 $56,000.00