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

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.