The transactions in this practice set were completed by Hydro Paddle Boards, Inc. during January, the first month of the companys fiscal year. Hydro Paddle Boards, Inc. is a manufacturing corporation that designs and manufactures a limited variety of custom stand up paddle (SUP) boards. The SUP boards vary in size and performance, including beginner, intermediate, advanced, competition, and racing boards.

Jan. 2 Paid Salt Water Mall $7,200.00 for January rent. Of this amount, 30% is for office facilities and 70% is for factory facilities.

2. Paid RWT Advertising Agency $980.00 for preparing advertisements in local newspaper.

3. Paid Hi-Foam Products Company $16,826.24 in payment of December 31 balance.

3. Received a check from Calm Waters Board Corporation for the amount due within the discount period.

4. Paid Marine National Bank $45,733.48 for December payroll taxes payable as follows: Employees' Income Tax Payable, $26,353.78; FICA Tax Payable $17,928.88; Federal Unemployment Tax , $812.44.

4. Paid $14,846.72 for Income Tax Payable.

4. Paid Coco PVC Company $21,428.00 in Payment of the December 31 balance.

4. Applied $7,248.00 of direct materials (1676) and $16,240.00 of direct labor (time ticket No. 258.) to Job No. 1403, which will complete the job. Use the simplified rates of 7.5% of gross pay fro employees FICA tax and 15% of gross pay for employees federal income tax. When preparing the entry for applying direct labor, debit Work in Process for the gross pay, and credit Employees Income Taxes Payable and FICA Tax Payable for the appropriate amounts and Salaries Payable for net pay .Remember that employees are paid on the last day of each month.

Applied factory overhead to Job No. 1403 is based upon 125% of direct labor cost.

4. Transferred the completed job to the finished goods account.

5. Sold and shipped Job No. 1403 to SaltWaterHut.com. All sales are on account 1/10, net 30 days, FOB shipping point. Hydro Paddle Boards, Inc. marks up all work by 40% of the job cost. Refer to the individual Job Cost Record for the total cost of the job, and multiply the total cost by 140% to determine the selling price. SaltWaterHut is not expected to pay within the discount period.

Hydro Paddle Boards, Inc. maintains a perpetual inventory system. Each time a sale is made to a customer, you must debit Cost of Goods Sold and credit Finished Goods for the cost of the job.

8. Requisitioned $2,482.54 of indirect materials and factory supplies to eh used in the manufacture of all jobs currently in process. (Materials Requisition N. 1680).

9. Paid Anabella Henriquez County Tax Collector, $12,642.00 for property taxes accrued as of December 31.

9. Purchased from GT Matrix Corporation $4,468.52 of indirect factory supplies, credit terms net 15 days.

9. Accepted a job for the manufacture of 66 units B1 (Beginning SUP) paddle boards for Rio Watersports. The promise date is February 14. The company began the job today, applying $11,828.00 of direct materials to Job No. 1406. (Materials Requisition No. 1681.)

10. Received a check from Tarpon Sports Ltd. For the amount due within the discount period.

11 Paid Light Hardware, Inc. $18,200.00 in payment of the December 31 balance.

11. Applied $2,654.28 of direct materials to Job No. 1402. (Materials Requisition No. 1682.)

12. Received a check from Go Paddle Sales Company for the amount due after the discount period has expired.

15. Applied $4,428.12 of direct materials to Job No. 1404. (Materials Requisition No. 1683).

16. Purchased $1, 006.00 of factory supplies from Keyz Supplies Inc. and paid cash.

16. Applied $6,434.00 of direct labor to Job No. 1405, which will complete the job. (Time Ticket No. 260).Applied factory overhead using the appropriate rate.Transferred the completed job to the finished goods account.

16. Sold one Standard C1 (Competition) custom stand up paddle (SUP) board to ta cash customer for $2,800.00. The Cost of the goods shipped from finished goods inventory was $2,000.00. company began the job today, applying $4,936.20 of direct materials to Job No. 1408. (Materials Requisition No. 1686)

help with general ledger accounts?

ACCOUNT Allowance for Doubtful Accounts ACCOUNT NO.

DATE

ITEM

POST. REF.

DEBIT

CREDIT

BALANCE

DEBIT

CREDIT

20Y8

Jan.

1

Balance

6

7

3

4

00