Transactions are posted once each two weeks in summary format.

Notes:

• All sales amounts shown do not include sales tax. All sales are taxable. Be sure to add sales tax at a 5% rate to all sales and rental (not including deposits) transactions.
• Round all computations to the nearest dollar. Round up for 50 cents or more.

YOU NEED TO DO THE JOURNAL ENTRIES!!!

Dec. 24, 5	Record payment of accounts payable. Accounts paid total $25,000 (before cash discount). Only $10,000 of the goods purchased qualified for an early payment discount. Terms are 2/10, n30	Calculate
6	Pier and lift sales for cash, before tax amount	72,000
7	Cost of piers and lifts sold	32,000
8	Labor charged to install lifts, received in cash, before tax amount	Why is this amount not 18,200? (18,200 per solution) 1,500
9	Purchases of piers and lifts on account	17,000
10	Custom dock sales charged to customer accounts receivable accounts, before tax amount	32,000
11	Purchases of dock lumber for sold jobs and delivered to customer work site, on account	13,000
12	Dock parts issued from inventory to sold jobs	3,000
13	Purchase of dock parts for inventory on account	1,500
14	Seawall installations charged to customers, before tax amounts	15,000
15	Seawall rocks purchased on account	7,000
16	Sports equipment sales for cash, before tax amount	12,000
17	Purchases of sports equipment on account purchased from Italian supplier and billed as 5,000 Euros. On that date the exchange rate was one Euro = $1.20	Calculate
18	Cash collected from customers on accounts receivable. $2,000 was the collection of an amount written off a year ago.	22,000
19	Advertising expenses incurred and paid	2,300
20	Fuel bill received and paid in cash	1,000
21	Freight incurred (for sports equipment purchased) and paid	1,000
22	Utilities bills received and paid in cash	1,800
23	President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross, apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer.	12,000
24	Labor wages accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer.	16,000
25	Pay monthly payment on mortgage, interest portion is $1,190 Annual interest and principal amounts (needed for later Requirement 3) are: Year Payments Interest Principal 2016 $24,600 $15,500 $9,100 2017 24,600 13,600 11,000	2,050
26	Bad debt expense booked, equal to 2% of credit sales including sales tax (since Dec. 10 entry).	Calculate
27	Old truck sold, original cost was $25,000, and accumulated depreciation on Dec. 31, 2015 was $10,000. Annual depreciation is $5,000, Sale price is $14,000. The agent selling the truck charged a 5% commission. A check for $13,300 was received and deposited. Hint: compute and record full year of depreciation on truck before you record the sale. No sales tax is collected on this sale. The buyer pays it directly to the state when registering the vehicle.	13,300
28	Purchased new truck, paid $10,000 cash and financed $40,000 balance on a 3-year installment contract.	50,000
29	It was now discovered that, on July 1, a hydraulic crane was added to the barge. The expenditure was debited to Account #316, Maintenance expense. It should have been added to the barge account. Make the appropriate adjustment. .	7,000
30	Permits were obtained from the state for installations in 2018. The permit fees charged by the state and paid in cash were $2000, the fees charged by Ozark are $800. The $2,800 was charged to customer receivable account.	2,000 800
31	Tools are purchased and paid for in cash	2,000
32	Cash dividend of $1 per share of stock was declared and paid. Hint: is there a worksheet that will include the information you need to calculate the shares outstanding? Create a temporary account Dividends declared. It is a contra-equity account. Pick an appropriate account number.	Calculate
33	Christmas gift certificates for sports equipment were sold for the first time for the Christmas of 2016. The certificates can be redeemed at any time. There is no sales tax on certificates. Instead, the tax is added to the bill when the certificate is redeemed. All certificates were sold for cash. You may need to create an appropriate account for this new transaction.	9,000