Please help me make journal entries for these transactions! and bank reconciliation.

Zac's Bike hub!

Zacks Bike Hut Level II 1st Web-Based Edition Transactions For June 17-23 Page 1 Zacks Bike Hut, Level II - Module 3 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 TRANSACTIONS FOR JUNE 3-9 Student Analysis June 17 Upon receiving a late notice from Bingham Supply, issued check number 02618 or $516.50 to Bingham Supply as payment in full of the invoice number B8455 of May 8. ****************************************************** June 18 On April 19 of this year, Zacks Bike Hut borrowed $6,000.00 cash by issuing a 60-day, 12%, note payable. The proceeds from the note were received and deposited in the Cash account. This note is due today and is paid in full (face value plus accrued interest) with check number 02619 . Use a 360-day year when computing interest. At the invoice prompt enterNTPAY for note payable. ****************************************************** June 18 Received a check for $749.00 from a local bike club (Mountaineers Bike Club) for group lessons to be organized and presented for the club members over the first three weekends of July. Sales tax of $49.00 is charged on the $700.00 of lesson fees. The sales invoice number is Z1609. ****************************************************** June 19 Purchased bicycles from Jurassic Bikes (22600). Credit terms offered by Jurassic are net 10 and the merchandise is shipped FOB Factory (purchase invoice numberJ9888 ). A separate billing for freight charges will be received later from the freight company delivering the merchandise. Merchandise listed on the purchase invoice: Stock Number A0008 B1010 A0016 Item ZIPP 900 T-5 FRAME SPEEDSTER R1 Quantity 4 2 3 Net Cost Per Unit $2,085.00 $1,000.00 $300.00 Page 2 Zacks Bike Hut, Level II - Module 3 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 TRANSACTIONS FOR JUNE 17-23 Student Analysis June 21 Sold accessory items to a local bike club. The sales invoice number for this transaction is Z1610 , merchandise sold totals $480.00, and sales tax is $33.60. The payment is made with a certified check. Merchandise listed on the sales invoice: Stock Number B1300 C2300 Item PROTECTION COMBO CUSTOM HELMET Quantity 4 Net Cost Per Unit $50.00 4 $30.00 ****************************************************** June 21 Received invoice N4201 from Noreen's Freight Lines for$277.00 in delivery charges on the Jurassic Bikes inventory purchase of June 19. Credit terms extended by Noreen's Freight Lines are net 15. ****************************************************** June 21 Received a certified check for $565.00 from customer Sally Bridges as payment in full on her account that was written off as uncollectible on June 10. Two journal entries are required. First, reinstate the account entering REINS for reinstate at the invoice prompt. Then record the receipt of the certified check as payment of invoice Z1449 . ****************************************************** June 21 Issued check 02620 and purchased additional store equipment for better display and security of merchandise. The equipment lists for $3,200.00, with a trade discount of 40%and sales tax on the net The invoice number for this purchase is23111 . amount. Page 3 Zacks Bike Hut, Level II - Module 3 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 TRANSACTIONS FOR JUNE 17-23 Student Analysis June 21 Returned one(1) B1010 T-5 Frame (net cost $1,000.00) to Jurassic Bikes. The bike was severely damaged upon delivery. The invoice number is J9888.The debit memorandum number isDM014. ****************************************************** June 22 Wrote check 02621 to the cash customer of June 21 who returned one Custom Helmet ( C2300) for a cash refund. The helmet had a flaw in the chin strap. The invoice number Z1610 is . The credit memorandum number is CM012.Be sure to include the sales tax on the return. The selling price of the helmet was $45.00, which included the mark up on cost of 150%. ****************************************************** June23 Received notice from the bank that the $749.00 check received from the Mountaineers Bike Club ( 10440 ) on June 18 had not cleared due to lack of funds. The check is charged back to Accounts Receivable and the club's account. At the check number prompt enter NSFCK for non-sufficient funds check, and at the invoice prompt enter Z1609 as the original invoice number. ****************************************************** June 23 Issued check number 02622 for $3,264.01 to the State Board of Equalization for the sales taxes collected to theclose of the business on June .20 At the invoice prompt enter SLTAX. ****************************************************** This concludes the transactions for the period of June 17-23. Page 4 Zacks Bike Hut, Level II - Module 3 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 When all of the transactions for the week have been entered, move the pointer to and select General Ledger. The June 23 Trial Balance will appear Journals/Ledgers/Statements on the screen. Carefully compare your totals to those in the \"Check It Out\" block below. \"CHECK IT OUT\" 101 Cash $33,826.04 105 Accounts Receivable 6,539.00 106 Allowance for Doubtful Accounts 821.30 127 Store and Shop Supplies 1,390.75 131 Store Equipment 45,250.40 201 Accounts Payable 12,947.50 205 Sales Taxes Payable 30.45 221 Unearned Lesson Fees 6,225.00 401 Sales 150,267.50 501 Cost of Goods Sold 86,767.00 608 Tools Expense 33.00 813 Interest Expense 321.00 TRIAL BALANCE TOTAL $360.409.18 When your Trial Balance totals match the check figures, move the pointer to Journals/Ledgers/Statements, select Subsidiary Ledgers , and then Inventory . The total value of the perpetual inventory at the close of business is $36,427.00 . This total should also match the Merchandise Inventory account balance on the June 23 Trial Balance. If all of your totals match the check figures, and you have printed all documents by your instructor, you are ready to begin the data entry for Module 4, which inc transactions for June 24-30. See \"BACKUP YOUR DATA FILES\" at the end manual. If any of your account balances DO NOT MATCH THE CHECK FIGURES in the \"Che It Out\" box, you must correct the unmatched balances before continuing to Mod most efficient method of locating the error/s is to a print copy of the Trial Balan copy of the General Journal. For accuracy, efficiency, and a clear audit trail, use ONLY the correction system designed for the Zacks Bike Hut accounting system. Read ERROR CORRECTION PROCEDURES at the end of Module. 1 Page 5 Zacks Bike Hut, Level II - Module 3 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 PRINTED DOCUMENTS--A REMINDER Although no printed documents are required at the end of this Module, if you wish any printed documents for June 23, they must be printed now before entries for the fourth accoun Additional entries will change the account balances. Your period of June 24-30 are recorded. instructor may ask for a printed Trial Balance or specific documents. BACKUP YOUR DATA FILES Go to Administration on the Menu Bar, scroll down Files: Reset and Backup, and Backup Data Files. You now have a copy of all of your work to the end of Modul file will allow you to return to the end of Module 3, even after entering transact Module 3. CONTINUING TO MODULE 4 If you have printed all the required documents, you are ready to begin the data Module 4, which includes the transactions for June 24-30. To begin, you must fi copy of the Module 4 Transactions for June 24-30. Move the pointer to Menu Bar and select Download Student Manual. Select Module 4: Transactions 24-30, and print a copy. EXITING THE SYSTEM If you have completed your work for this session, move the pointer to A scroll down to Return to Home Page and click on Home Page. You can exit the p any point and return to that point at a later time. Page 6 Zacks Bike Hut, Level II - Module 3 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 Zacks Bike Hut Level II 1st Web-Based Edition Transactions For June 24-30 and the Bank Reconciliation Page 1 Zacks Bike Hut, Level II - Module 4 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 TRANSACTIONS FOR JUNE 24-30 Student Analysis June 24 Zacks Bike Hut has a policy of maintaining a $25,000.00 cash balance. Preparing for the vendor account balances, dividends payable, and a long-term note of $12,000.00 that are coming due on the first of the subsequent quarter, Zacks Bike Hut borrowed cash on the business credit line by issuing a 9%, 90-day, $15,000.00 short-term note payable to a private lender. At the invoice prompt enter NTPAY for note payable. ****************************************************** June 26 Sold accessory items on account to customer Sugar Folley (invoice ). All accessory items carry a markup of 50% on cost Z1611 (33.1/3% on selling price). Calculate the total selling price and be sure to include the 7%sales tax (rounded to the nearest cent if necessary). Merchandise listed on the sales invoice: Stock Number A0300 B1180 C2355 Item CASCADE PEAK LEATHER SEAT HELMET DELUXE Quantity 1 1 1 Net Cost Per Unit $900.00 $41.50 $65.00 ****************************************************** June 28 A customer paid $99.51 (sales tax included) for 1.5 hours of straightening and adjustment work on her bicycle, at $62.00 per hour. The customer paid in full with Bank a . The Credit Card sales invoice for this transaction isZ1612 . ****************************************************** June 29 Issued check number 02623 to Jurassic Bikes for the purchase invoice J9888of June 19, less the purchase return of June 21. Page 2 Zacks Bike Hut, Level II - Module 4 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 TRANSACTIONS FOR JUNE 24-30 Student Analysis June 29 Shipped merchandise under FOB destination shipping terms to customer Sugar Folley. Charged the$173.00 freight costs to our account with Noreen's Freight Lines (N5380 ). ****************************************************** June 29 Issued check 02624 for $6,500.00 to the California State Bank. This check is for the dividends declared by the corporation board of directors on June 9. California Bank will issue the cash dividends to the June 20 stockholders of record. At the invoice prompt enter DIVPDfor dividends paid. ****************************************************** June 30 Issued check number02625 to Louis Manich, part-time repairman and salesman for the business. Louis is paid $15.25 per hour and worked 31.00 hours during the past two-week period ending June 28. At the invoice prompt enter PAYRL. ****************************************************** June 30 Issued check 02626 for $48.00 to replenish the $50.00 Petty Cash Fund. A total of $2.00 in change is all that remains in the petty cash box at this time. Be sure to account for the cash overage or shortage. At the invoice prompt enter PCASH. All of the receipts have been accounted for and the summary below shows the following expenditures made from the fund: Store & Shop Supplies$32.50 Tools Expense 14.50 Page 3 Zacks Bike Hut, Level II - Module 4 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 TRANSACTIONS FOR JUNE 24-30 Student Analysis June 30 Issued the following checks as payment in full for miscellaneous billings: Check 02627 for $412.54 to the Dobbins Electric and Gas Company for the June utility bill received today (invoice number52233 ). Check 02628 for $575.00 to Higby Accountancy, Inc., for accounting services received (invoiceHA301 ). Check 02629 for $1,425.00 to the Reed Insurance Company for increased liability insurance coverage (invoice number88899 ). Check 02630 to Jacob's Truck Service for delivery van service and repairs totaling $258.80 (invoice56788 ). ******************************************************************************* This concludes the daily transactions for the period of June 24-30. When all of the transactions for the week of June 24-30 have been entered, print a copy of the June 30 Trial Balance. Carefully compare your totals to those in the \"Check It Out\" block on the next page. If any of the figures do not match the \"Check It Out\" block, use the Error Correction detailed at the end of Module 1. Procedures Print the Inventory Analysis. The value of the perpetual inventory at the close of business on June 30 should total $35,420.50 . This perpetual total should also match the balance of the Merchandise Inventory account as shown on the June 30 Trial Balance. When all of your totals match the check figures on page 5, you are ready to pro June 30 bank reconciliation. Should you wish to exit the program before completing the bank reconciliation, remember toBack Up Your Data Files. Page 4 Zacks Bike Hut, Level II - Module 4 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 \"CHECK IT OUT\" 101 Cash $28,993.46 105 Accounts Receivable 8,154.43 107 Accounts Rec., Credit Card Company 2,985.30 109 Notes Receivable 3,200.00 121 Prepaid Insurance 5,275.00 127 Store and Shop Supplies 1,423.25 135 Shop Equipment 20,750.00 201 Accounts Payable 2,880.50 203 Notes Payable 15,000.00 205 Sales Taxes Payable 142.64 221 Unearned Lesson Fees 6,225.00 401 Sales 151,777.25 402 Sales Returns and Allowances 4,260.00 411 Services Fees Earned 11,681.50 501 Cost of Goods Sold 87,773.50 505 Transportation-In 1,497.00 601 Salaries and Wages Expense 14,796.75 603 Van Operating Expense 931.80 604 Advertising Expense 1,093.00 606 Delivery Expense 427.75 607 Credit Card Expense 139.82 629 Professional Services Expense 955.00 631 Cash Short & Over 19.00 TRIAL BALANCE TOTAL $360,557.12 Page 5 Zacks Bike Hut, Level II - Module 4 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 BANK RECONCILIATION Before entering the adjusting entries, complete the bank reconciliation (page 7) the statement date and the last workday Enter of thethe month. cash balance from the trial . Additional balance as the book balance and $30,877.51 bank statement as the balance information needed to complete the reconciliation is: 1. The last cash sale on June 28 was not deposited in the bank. All other deposits required were made in a timely manner in June and were properly reported on the bank statement. 2. Accrued interest earned on the checking account totals$114.12 . 3. The debit memo from the bank for miscellaneous account services (charged to Bank Service Charges) totals $34.50 . 4. During the month of June, customers purchased $10,138.79 worth of merchandise and services using their bank credit cards . A debit memo with the bank statement charges Zacks Bike Hut 3.5%of the total of these sales receipts as a credit card fee (Credit Card Expense). For all calculations remember to round your answer to the nearest cent. , 02629 , and 02630 were not returned with the bank statement. 5. Checks 02628 in Zacks Bike Hut checking account. 6. The bank statement shows a balance of$30,877.51 Using the Journalize Daily Entries (Daily option, JE)record the required transactions resulting from the bank reconciliation. Since the entries are the balance of the cash updating account and no check is being issued , when the system asks for a check number, enter BKR06 . When an invoice number is requested for the interest earned, or bank service charge, also enter BKR06(Bank Reconciliation for June). ******************************************************************************* Use this space to write down the journal entries you must record for the bank re ******************************************************************************* Print a copy of the after bank reconciliation Trial Balance! THIS IS TH BALANCE THAT WILL BE USED WHEN RECORDING THE ADJUSTING ENTRIES The new June 30 Trial Balance total is $360,671.24 . The new balance of FOR THE BUSINESS! the Cashaccount is $28,718.22, Credit Card Expense totals $494.68 , Miscellaneous Expense remains unchanged at $44.90 , and Interest Earned totals $308.37 . If your balances match these figures, you have correctly completed all of your work for the quarter. Page 6 Zacks Bike Hut, Level II - Module 4 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010 BANK RECONCILIATION ZACKS BIKE HUT NAME_____________________________ SECTION__________DATE_____________ BANK RECONCILIATION ZACKS BIKE HUT June 30 Book Balance: $________________ Add:____________________________ ________________ Total $________________ Deduct: __________________ $_____________ __________________ $_____________ $________________ Reconciled Book Balance: $________________ ============== Bank Balance: $________________ Add: Deposit in Transit: $________________ Total $________________ Deduct: Outstanding Checks: Check No.________ $______________ Check No.________ $______________ Check No.________ $______________$________________ Reconciled Bank Balance: $________________ ============== Page 7 Zacks Bike Hut, Level II - Module 4 1st Web-Based Edition, Copyright 2010, PKL Software, Incorporated. All rights reserved. Last Revised: April 1, 2010