TRANSACTIONS FOR JUNE 17-23 June 17 Direct materials were purchased from Rapid City Steel for JOB 34. Rapid City Steel Stock No. Item A5000 12" T Wall Tube .049 C0750 3.4 T Wall Tube .065 Total Terms: n/30 Quantity 140 100 Cost/Unit 3.50 6.80 Invoice: M5588 Extension 490.00 680.00 1,170.00 June 17 A check was issued to Yomoto Steel for an invoice dated June 7 for $2,346.00 net. Check Number: 30558. Invoice Number: Y2588. Vendor Number: 28500. June 18 A check was issued to Rapid City Steel for an invoice dated May 18 for $15,362.90 net. Check Number: 30559. Invoice Number: M4091. Vendor Number: 26575. June 18 A check was issued to the Feather River State Bank for payroll ending June 15. Feather River State Bank offers a payroll service that provides checks directly to Summerset Fencing employees. The payroll ending June 15 was recorded, in total, for $13,776.00. Check Number: 30560. Invoice Number: PAYRL. June 18 A check was issued to Kraftsman Air and Gas for an invoice dated June 4 for $434.50, net. Check Number: 30561. Invoice Number: K4678. Vendor Number: 24800. June 18 Purchased direct materials from Rapid City Steel for JOB 33 Rapid City Steel Stock No. Item G3000 3" Square Tubing .095 E0150 1-1/2" T Wall Tube .056 C0750 3.4 T Wall Tube .065 Total Terms: n/30 Quantity 150 250 950 Cost/Unit 52.00 14.00 6.80 Invoice: M5612 Extension 7,800.00 3,500.00 6,460.00 17,760.00 June 19 A check was issued to Turner Commercial Bank as payment in full for the $28,000 note payable that is due today. Interest on the note as of June 19 is $860.00. Interest on the note has not been accrued. Check Number: 30562. Invoice Number: NTPAY. June 19 Indirect materials were purchased from Delta Supply for $1,362.00. Invoice Number: D$100. Overhead: INMAT. Vendor Number: 21800. June 20 Record the time tickets for JOB 33 Hours Date June 20 June 20 Job Number JOB 33 JOB 33 Time Ticket T1574 TT575 30 20 Rate $60 $48 June 20 Record the transfer of JOB 33 to the Cost of Goods Sold account from the Raw and In-Process Inventory account. To determine the amount of the transfer, go to the subsidiary ledger for Raw and In-Process Inventory and find the total cost, to date, for JOB 33. Invoice Number: TRANS. June 21 A check was issued for $468.20 and purchased factory tools. The cost of the factory tools is charged to the Manufacturing Overhead account. Check Number: 30563. Invoice Number: 34333. Overhead: TOOLS. Record the time tickets for JOB 34. Use the Time Ticket dates. Date June 21 June 22 Job Number JOB 34 JOB 34 Time Ticket TT576 TT577 Hours 20 24 Rate $60 $48 June 22 A check was issued for the purchase of office equipment with a list price of $2,100.00 and trade discounts of 30% and 10%. Check Number: 30564. Invoice Number: Z2546. June 22 The used company truck was traded in for a new truck. The cost of the used truck is $10,000.00 and on March 31, the end of the previous quarter, it had depreciated $7,530 (at $60 per month). The new truck has a list price of $14,000.00 and a trade-in allowance of $2,800.00 was given for the used truck. Check number 30565 was issued to Dobbins Commercial Truck Sales and Repairs for the new truck. This trade has no commercial value, and no gain or loss will be recognized on this transaction. First Entry: Record the depreciation, to the nearest month, on the old truck. Straight-line depreciation is $60.00 per month. Invoice Number: DEPRE. Overhead: DEPRE. Second Entry: Record the trade-in. Invoice Number: 06734. June 22 A check was issued for $620.00 to the Department of Motor Vehicles for the license on the new truck. Check Number: 30566. Invoice Number: DMV06. June 23 A check was issued for $436.00 for the purchase of factory supplies from Montana Metal Tools and Accessories. Check Number: 30567. Invoice Number: MM569. Overhead: FSUPP. June 23 Record the time tickets for JOB 34. Use the Time Ticket dates. Date June 21 June 22 Job Number JOB 34 JOB 34 Time Ticket TT578 TT579 Hours 10 Rate $60 $48 8 June 23 A check was issued for $10,090.00 to Ambrosini Steel for the June 13 invoice. Check Number: 30568. Invoice Number: A6102. Summerset Fencing Chart of Accounts ASSETS 101 103 105 109 113 115 123 124 125 126 129 131 132 135 136 139 140 141 142 145 146 185 Cash Short-Term Investments Accounts Receivable Notes Receivable Interest Receivable Raw and In-Process Inventory Prepaid Insurance Prepaid Rent Prepaid Property Tax Prepaid Advertising Office Supplies Office Equipment Accumulated Depreciation, Office Equipment Shop Equipment Accumulated Depreciation, Shop Equipment Trucks Accumulated Depreciation, Trucks Factory Accumulated Depreciation, Factory Shipping Facility Accumulated Depreciation, Shipping Facility Manufacturing Overhead LIABILITIES 201 203 207 209 211 213 215 221 250 Accounts Payable Notes Payable Dividends Payable Salaries and Wages Payable Estimated Property Taxes Payable Income Taxes Payable Interest Payable Unearned Revenue Mortgage Note Payable STOCKHOLDERS' EQUITY 301 305 311 Common Stock Retained Earnings Dividends Declared REVENUE 401 Custom Fence and Gate Sales COST OF GOODS SOLD 501 Cost of Goods Sold OPERATING EXPENSES 601 602 603 604 607 611 615 621 622 623 624 625 626 627 628 629 631 Office Salaries and Wages Expense Office Supplies Expense Truck Operating Expense Advertising Expense Credit Card Expense Depreciation Expense, Office Equipment Depreciation Expense, Trucks Rent Expense - General Insurance Expense - General Bad Debt Expense Property Tax Expense - General Utilities Expense - General Telephone Expense - General Bank Service Charges License Expense Professional Services Expense Miscellaneous Expense OTHER REVENUE 711 713 721 731 741 Interest Earned Dividends Earned Gain on Sale of Assets Gain on Short-Term Investments Miscellaneous Revenue OTHER EXPENSES 811 813 814 821 831 Income Tax Expense Interest Expense Discounts Lost Loss on Sale/Disposal of Assets Loss on Short-Term Investments INCOME SUMMARY 901 Income Summary Summerset Fencing Customer List Customer Customer Number 10400 10650 10930 11000 11150 11460 11680 11910 Arcade Construction Co. Bestline, Incorporated Flexible Storage Larson Pools, Inc. Ralph E. Morales Sierra Builders Tulane County Windover Pools and Spas Summerset Fencing extends 30-day credit to all charge customers. Summerset Fencing Vendor List Vendor Vendor Number 20500 21880 22500 23400 24800 25850 26575 28500 Ambrosini Steel, Inc. Delta Supply Gooden Welding Supply Granite Business Supply Kraftsman Air & Gas Penryn Legal Group Rapid City Steel, Inc. Yomoto Steel, Inc. Credit terms will vary among the vendors. TRANSACTIONS FOR JUNE 17-23 June 17 Direct materials were purchased from Rapid City Steel for JOB 34. Rapid City Steel Stock No. Item A5000 12" T Wall Tube .049 C0750 3.4 T Wall Tube .065 Total Terms: n/30 Quantity 140 100 Cost/Unit 3.50 6.80 Invoice: M5588 Extension 490.00 680.00 1,170.00 June 17 A check was issued to Yomoto Steel for an invoice dated June 7 for $2,346.00 net. Check Number: 30558. Invoice Number: Y2588. Vendor Number: 28500. June 18 A check was issued to Rapid City Steel for an invoice dated May 18 for $15,362.90 net. Check Number: 30559. Invoice Number: M4091. Vendor Number: 26575. June 18 A check was issued to the Feather River State Bank for payroll ending June 15. Feather River State Bank offers a payroll service that provides checks directly to Summerset Fencing employees. The payroll ending June 15 was recorded, in total, for $13,776.00. Check Number: 30560. Invoice Number: PAYRL. June 18 A check was issued to Kraftsman Air and Gas for an invoice dated June 4 for $434.50, net. Check Number: 30561. Invoice Number: K4678. Vendor Number: 24800. June 18 Purchased direct materials from Rapid City Steel for JOB 33 Rapid City Steel Stock No. Item G3000 3" Square Tubing .095 E0150 1-1/2" T Wall Tube .056 C0750 3.4 T Wall Tube .065 Total Terms: n/30 Quantity 150 250 950 Cost/Unit 52.00 14.00 6.80 Invoice: M5612 Extension 7,800.00 3,500.00 6,460.00 17,760.00 June 19 A check was issued to Turner Commercial Bank as payment in full for the $28,000 note payable that is due today. Interest on the note as of June 19 is $860.00. Interest on the note has not been accrued. Check Number: 30562. Invoice Number: NTPAY. June 19 Indirect materials were purchased from Delta Supply for $1,362.00. Invoice Number: D$100. Overhead: INMAT. Vendor Number: 21800. June 20 Record the time tickets for JOB 33 Hours Date June 20 June 20 Job Number JOB 33 JOB 33 Time Ticket T1574 TT575 30 20 Rate $60 $48 June 20 Record the transfer of JOB 33 to the Cost of Goods Sold account from the Raw and In-Process Inventory account. To determine the amount of the transfer, go to the subsidiary ledger for Raw and In-Process Inventory and find the total cost, to date, for JOB 33. Invoice Number: TRANS. June 21 A check was issued for $468.20 and purchased factory tools. The cost of the factory tools is charged to the Manufacturing Overhead account. Check Number: 30563. Invoice Number: 34333. Overhead: TOOLS. Record the time tickets for JOB 34. Use the Time Ticket dates. Date June 21 June 22 Job Number JOB 34 JOB 34 Time Ticket TT576 TT577 Hours 20 24 Rate $60 $48 June 22 A check was issued for the purchase of office equipment with a list price of $2,100.00 and trade discounts of 30% and 10%. Check Number: 30564. Invoice Number: Z2546. June 22 The used company truck was traded in for a new truck. The cost of the used truck is $10,000.00 and on March 31, the end of the previous quarter, it had depreciated $7,530 (at $60 per month). The new truck has a list price of $14,000.00 and a trade-in allowance of $2,800.00 was given for the used truck. Check number 30565 was issued to Dobbins Commercial Truck Sales and Repairs for the new truck. This trade has no commercial value, and no gain or loss will be recognized on this transaction. First Entry: Record the depreciation, to the nearest month, on the old truck. Straight-line depreciation is $60.00 per month. Invoice Number: DEPRE. Overhead: DEPRE. Second Entry: Record the trade-in. Invoice Number: 06734. June 22 A check was issued for $620.00 to the Department of Motor Vehicles for the license on the new truck. Check Number: 30566. Invoice Number: DMV06. June 23 A check was issued for $436.00 for the purchase of factory supplies from Montana Metal Tools and Accessories. Check Number: 30567. Invoice Number: MM569. Overhead: FSUPP. June 23 Record the time tickets for JOB 34. Use the Time Ticket dates. Date June 21 June 22 Job Number JOB 34 JOB 34 Time Ticket TT578 TT579 Hours 10 Rate $60 $48 8 June 23 A check was issued for $10,090.00 to Ambrosini Steel for the June 13 invoice. Check Number: 30568. Invoice Number: A6102. Summerset Fencing Chart of Accounts ASSETS 101 103 105 109 113 115 123 124 125 126 129 131 132 135 136 139 140 141 142 145 146 185 Cash Short-Term Investments Accounts Receivable Notes Receivable Interest Receivable Raw and In-Process Inventory Prepaid Insurance Prepaid Rent Prepaid Property Tax Prepaid Advertising Office Supplies Office Equipment Accumulated Depreciation, Office Equipment Shop Equipment Accumulated Depreciation, Shop Equipment Trucks Accumulated Depreciation, Trucks Factory Accumulated Depreciation, Factory Shipping Facility Accumulated Depreciation, Shipping Facility Manufacturing Overhead LIABILITIES 201 203 207 209 211 213 215 221 250 Accounts Payable Notes Payable Dividends Payable Salaries and Wages Payable Estimated Property Taxes Payable Income Taxes Payable Interest Payable Unearned Revenue Mortgage Note Payable STOCKHOLDERS' EQUITY 301 305 311 Common Stock Retained Earnings Dividends Declared REVENUE 401 Custom Fence and Gate Sales COST OF GOODS SOLD 501 Cost of Goods Sold OPERATING EXPENSES 601 602 603 604 607 611 615 621 622 623 624 625 626 627 628 629 631 Office Salaries and Wages Expense Office Supplies Expense Truck Operating Expense Advertising Expense Credit Card Expense Depreciation Expense, Office Equipment Depreciation Expense, Trucks Rent Expense - General Insurance Expense - General Bad Debt Expense Property Tax Expense - General Utilities Expense - General Telephone Expense - General Bank Service Charges License Expense Professional Services Expense Miscellaneous Expense OTHER REVENUE 711 713 721 731 741 Interest Earned Dividends Earned Gain on Sale of Assets Gain on Short-Term Investments Miscellaneous Revenue OTHER EXPENSES 811 813 814 821 831 Income Tax Expense Interest Expense Discounts Lost Loss on Sale/Disposal of Assets Loss on Short-Term Investments INCOME SUMMARY 901 Income Summary Summerset Fencing Customer List Customer Customer Number 10400 10650 10930 11000 11150 11460 11680 11910 Arcade Construction Co. Bestline, Incorporated Flexible Storage Larson Pools, Inc. Ralph E. Morales Sierra Builders Tulane County Windover Pools and Spas Summerset Fencing extends 30-day credit to all charge customers. Summerset Fencing Vendor List Vendor Vendor Number 20500 21880 22500 23400 24800 25850 26575 28500 Ambrosini Steel, Inc. Delta Supply Gooden Welding Supply Granite Business Supply Kraftsman Air & Gas Penryn Legal Group Rapid City Steel, Inc. Yomoto Steel, Inc. Credit terms will vary among the vendors