TRANSACTIONS FOR JUNE 3.9 Student Analysis June 4 One mode A1100 Kawasaki Jet Ski Personal Watercraft was sold for cash This model retails for 59.375.00 plus 8% sales tax (59.375.00 x 8%-$750.00). Invoice Number: G4011 Because a perpetual inventory system is being used by Granite Bay Jet SA, Inc., for each entry where a product is being sold, an update of the specific inventory items being sold will be a part of the journaling procedure Merchandise listed on the sales volce Stock Item Omnity Net Cost 1 Number Per Init A1100 JETSKI STX-15 $7.500.00 NOTE: The Jet Std being sold for 59.375.00 cost the business 57.500.00 (act). All personal watercraft and trailers carry a 25% markupea net cost (30% murkup on selling price The art cost of 57.500.00 plus the programmed markup of S1,875.00 (57.500.00 25%) metal the credit entry to sales of $9.875.01 or the journal entry will not be accepted by the program 1. Enter the journal entry to record the sales transaction. Click on Verity Journal after intering the last credit amount. At the luvale Number prompt type Gel Click on Verify Documents 1 After you have verified the documents, the core will stically apprar in the first row of the Inventory Item Number and Description 3. Enter the stock number (A1100), tab to the Units column and enter the product quantity of 4. Click on Verity Inventory Data button. It is correct, click on the Post Ledger button. If the inventory entries have an error, reenter the investory data or dem the serves and reenter the transaction.) Clicking the down arrow will provide list of all of the inventary items that can be selected automatically After each sale entry is recorded and posted, the program will stomatically journal and post the required word entry of a debit to the Cost of Good Sold account and credit ta the Merchandise inventory act for the cost of the inventory sold. The amount of this entry will appear in a message box immediately after the posting. Click on the OK buttos and sontinue recording transaction TRANSACTIONS FOR JUNE 3-9 Student Analysis June 4 A check was issued to replenish the Petty Cash fund and to increase the size of the S50.00 find to $100.00. Invoices for this transaction list $23.50 for store supplies, and $18.75 for delivery charges. There is currently $7.75 left in petty cash. At the Check Number prompt, type 31217. At the Invoice Number prompt type PCASH June 4 The account balance of customer Buster Jenkins has proven to be uncollectible and is to be written ofl. See your printout of the Schedule of Accounts Receivable for the amount. Granite Bay Jet Ski uses the allowance method for all bad debt write-offs. At the Invoice Number prompt type WROFF (for write-off). At the Customer Number type 11340. June 4 A check was received for $1,090.00 from the Sierra Jet Set for storage fees on personal watercraft and equipment. This check prepays their storage fees for June, July and August. Invoice Number: 64012. Customer Number: 11850. TRANSACTIONS FOR JUNE 3-9 Student Analysis June 5 A new Shipment of three watercraft trailer for inventory was received from Starlight Sports All merchandise perchases by Granite Bay Jet Ski are recorded NET The invoice from Starlight shows the list price of the trailers at $1,200.00 each Credit ferms of 1/10, 1/30 are offered and the merchandise shipped POB destination. Invoice Number: 52717. Vendor Number: 28600 The calculated NET purchase price of the merchandise that will be recorded in the journal entry is $1.364.00 (51.600.00 .99) Using the system calculator Should you wish to use the system calculator for computations, do the following using the problem above as an example: 1. After entering the date, and entering 155 (Merchandise Inventory), click on Support and select Calculator 2. Press the 3,6, 0, buttons, then press the multiplication sigo ("), then enter 99. 3. Press the sign and make note of the amount (3,564). 4. Press Exit to return to the Data Entry screen Merchandise listed on the purchase involce (at net cost): Stock Osantity Net Cost Number Perlinit AL 800 STARLIGHT TRAILERT S1.188.00 Student Analysis TRANSACTIONS FOR JUNE 3-9 June 6 Service and installation work were completed on a customer's jet di personal watercraft and the customer paid sub for the work completed. The sales invoice lists S156.00 for 24 hours of labor. $421.40 for accessories, and 8% sales tax on the total (habond accessories). Invece Number: G401.3. Round all sales tax calculation to the nearest cen (Example $46:192 - 546.19 sales tax). Merchandise listed on the sales inveket Item Quantity Net Cost Number Per Unit C1400 STAINLESS IMP. 1100 1 S8.20 KW003 NOZZEL EXTENSION 1 The stainku impeller being sold for 5176.46 cost the business $8.20. The norte extension cost $122.50 and is being sold for 5245.00. ALL accessories carry a 50% normal markep on selling price (100% markup on netcost) $122.50 June 6 A new shipment of Kawasaki Jet Ski personal watercraft for inventory was received. The invoice from Kawasaki USA lists the totalt ptchase price of $46.180,00 credit terms of 2/10,30 FOB shipping point tem, and the models shipped Freight charges of $100.00 ae leched the imice which total $46.280.00 Invice Number: K4461. Vendor Number 24500 Please note that all merchandise purchases a Granite Baykal Skills recorded NEL The NET purchase price of the merchandise has been calculated at $46.180 (list price of $47,122.45.98 fetal met All completed invoice information will be displayed with the cost price of each merchandise item shown at the NET PRICE (list price less the purchase discount allowed). The net.cost price of each item purchased is shown below. Merchandise listed on the purchase invoice Item Quantity Stock Number A1100 AU150 A900T JET SKI STX-15F ULTRA 150 JET SKI 900 STX 3 1 3 Net Cost Per Unit $7,500.00 $6,880.00 $5,600.00 Freight Charges $100.00 When the Accumulated Purchases total is in agreement with the debit to the Merchandise Inventory account and all other information is correct, click on the Post Ledger button. June 6 The Rascal Bar Jetters were billed 303.80 plus sales tax for accessories installed for no-charge on their racing craft. All sales tax calculations should be rounded to the nearest cent. Invoice Number: G4014. Customer Number: 11780. Merchandise listed on the sales invoice: Item Quantity Stock Number KW003 KW001 Net Cost Per Unit S122.50 $29.40 NOZZEL EXTENSION JS BATTERY 1 1 Student Analysis June 7 Two Kawasaki 900 STX personal watercraft were sold for $14,000.00 cash, plus sales tax of 8%. Invoice Number: G4015 Vendor Number: 24500. Merchandise listed on the sales invoice Stock Item Quantity Net Cost Number Per Unit A900T JET SKI 900 STX 2 $5,600.00 June 7 In order to raise additional cash, stockholders approved the sale of 5,000 shares of common stock at $5.00 (par value) per share. At the invoice prompt type CMSTK (for common stock) June 8 A cash register was donated to the North San Juan High School Student Store. The cash register that is no longer being used, originally cost $950,00, has no current market value, and was fully depreciated two years ago. At the invoice prompt type DONAT (for donation) June 9 A $350.00 check was issued today to the Granite Bay City Reporter for an advertisement that has been running all work in the Reporter. Check Number: 31218. Invoice Number: 90866. June 9 A check was issued to pay a cash dividend of $0.06 per share to all June 1 stockholders of record. The dividend was declared on May 9, and is payable today, June 9. The company had 40,000 common shares outstanding as of June 1. Check Number: 31219 Invoice Number: DIVPD (for dividend paid). This completes the transactions for June 3 to June TRANSACTIONS FOR JUNE 3.9 Student Analysis June 4 One mode A1100 Kawasaki Jet Ski Personal Watercraft was sold for cash This model retails for 59.375.00 plus 8% sales tax (59.375.00 x 8%-$750.00). Invoice Number: G4011 Because a perpetual inventory system is being used by Granite Bay Jet SA, Inc., for each entry where a product is being sold, an update of the specific inventory items being sold will be a part of the journaling procedure Merchandise listed on the sales volce Stock Item Omnity Net Cost 1 Number Per Init A1100 JETSKI STX-15 $7.500.00 NOTE: The Jet Std being sold for 59.375.00 cost the business 57.500.00 (act). All personal watercraft and trailers carry a 25% markupea net cost (30% murkup on selling price The art cost of 57.500.00 plus the programmed markup of S1,875.00 (57.500.00 25%) metal the credit entry to sales of $9.875.01 or the journal entry will not be accepted by the program 1. Enter the journal entry to record the sales transaction. Click on Verity Journal after intering the last credit amount. At the luvale Number prompt type Gel Click on Verify Documents 1 After you have verified the documents, the core will stically apprar in the first row of the Inventory Item Number and Description 3. Enter the stock number (A1100), tab to the Units column and enter the product quantity of 4. Click on Verity Inventory Data button. It is correct, click on the Post Ledger button. If the inventory entries have an error, reenter the investory data or dem the serves and reenter the transaction.) Clicking the down arrow will provide list of all of the inventary items that can be selected automatically After each sale entry is recorded and posted, the program will stomatically journal and post the required word entry of a debit to the Cost of Good Sold account and credit ta the Merchandise inventory act for the cost of the inventory sold. The amount of this entry will appear in a message box immediately after the posting. Click on the OK buttos and sontinue recording transaction TRANSACTIONS FOR JUNE 3-9 Student Analysis June 4 A check was issued to replenish the Petty Cash fund and to increase the size of the S50.00 find to $100.00. Invoices for this transaction list $23.50 for store supplies, and $18.75 for delivery charges. There is currently $7.75 left in petty cash. At the Check Number prompt, type 31217. At the Invoice Number prompt type PCASH June 4 The account balance of customer Buster Jenkins has proven to be uncollectible and is to be written ofl. See your printout of the Schedule of Accounts Receivable for the amount. Granite Bay Jet Ski uses the allowance method for all bad debt write-offs. At the Invoice Number prompt type WROFF (for write-off). At the Customer Number type 11340. June 4 A check was received for $1,090.00 from the Sierra Jet Set for storage fees on personal watercraft and equipment. This check prepays their storage fees for June, July and August. Invoice Number: 64012. Customer Number: 11850. TRANSACTIONS FOR JUNE 3-9 Student Analysis June 5 A new Shipment of three watercraft trailer for inventory was received from Starlight Sports All merchandise perchases by Granite Bay Jet Ski are recorded NET The invoice from Starlight shows the list price of the trailers at $1,200.00 each Credit ferms of 1/10, 1/30 are offered and the merchandise shipped POB destination. Invoice Number: 52717. Vendor Number: 28600 The calculated NET purchase price of the merchandise that will be recorded in the journal entry is $1.364.00 (51.600.00 .99) Using the system calculator Should you wish to use the system calculator for computations, do the following using the problem above as an example: 1. After entering the date, and entering 155 (Merchandise Inventory), click on Support and select Calculator 2. Press the 3,6, 0, buttons, then press the multiplication sigo ("), then enter 99. 3. Press the sign and make note of the amount (3,564). 4. Press Exit to return to the Data Entry screen Merchandise listed on the purchase involce (at net cost): Stock Osantity Net Cost Number Perlinit AL 800 STARLIGHT TRAILERT S1.188.00 Student Analysis TRANSACTIONS FOR JUNE 3-9 June 6 Service and installation work were completed on a customer's jet di personal watercraft and the customer paid sub for the work completed. The sales invoice lists S156.00 for 24 hours of labor. $421.40 for accessories, and 8% sales tax on the total (habond accessories). Invece Number: G401.3. Round all sales tax calculation to the nearest cen (Example $46:192 - 546.19 sales tax). Merchandise listed on the sales inveket Item Quantity Net Cost Number Per Unit C1400 STAINLESS IMP. 1100 1 S8.20 KW003 NOZZEL EXTENSION 1 The stainku impeller being sold for 5176.46 cost the business $8.20. The norte extension cost $122.50 and is being sold for 5245.00. ALL accessories carry a 50% normal markep on selling price (100% markup on netcost) $122.50 June 6 A new shipment of Kawasaki Jet Ski personal watercraft for inventory was received. The invoice from Kawasaki USA lists the totalt ptchase price of $46.180,00 credit terms of 2/10,30 FOB shipping point tem, and the models shipped Freight charges of $100.00 ae leched the imice which total $46.280.00 Invice Number: K4461. Vendor Number 24500 Please note that all merchandise purchases a Granite Baykal Skills recorded NEL The NET purchase price of the merchandise has been calculated at $46.180 (list price of $47,122.45.98 fetal met All completed invoice information will be displayed with the cost price of each merchandise item shown at the NET PRICE (list price less the purchase discount allowed). The net.cost price of each item purchased is shown below. Merchandise listed on the purchase invoice Item Quantity Stock Number A1100 AU150 A900T JET SKI STX-15F ULTRA 150 JET SKI 900 STX 3 1 3 Net Cost Per Unit $7,500.00 $6,880.00 $5,600.00 Freight Charges $100.00 When the Accumulated Purchases total is in agreement with the debit to the Merchandise Inventory account and all other information is correct, click on the Post Ledger button. June 6 The Rascal Bar Jetters were billed 303.80 plus sales tax for accessories installed for no-charge on their racing craft. All sales tax calculations should be rounded to the nearest cent. Invoice Number: G4014. Customer Number: 11780. Merchandise listed on the sales invoice: Item Quantity Stock Number KW003 KW001 Net Cost Per Unit S122.50 $29.40 NOZZEL EXTENSION JS BATTERY 1 1 Student Analysis June 7 Two Kawasaki 900 STX personal watercraft were sold for $14,000.00 cash, plus sales tax of 8%. Invoice Number: G4015 Vendor Number: 24500. Merchandise listed on the sales invoice Stock Item Quantity Net Cost Number Per Unit A900T JET SKI 900 STX 2 $5,600.00 June 7 In order to raise additional cash, stockholders approved the sale of 5,000 shares of common stock at $5.00 (par value) per share. At the invoice prompt type CMSTK (for common stock) June 8 A cash register was donated to the North San Juan High School Student Store. The cash register that is no longer being used, originally cost $950,00, has no current market value, and was fully depreciated two years ago. At the invoice prompt type DONAT (for donation) June 9 A $350.00 check was issued today to the Granite Bay City Reporter for an advertisement that has been running all work in the Reporter. Check Number: 31218. Invoice Number: 90866. June 9 A check was issued to pay a cash dividend of $0.06 per share to all June 1 stockholders of record. The dividend was declared on May 9, and is payable today, June 9. The company had 40,000 common shares outstanding as of June 1. Check Number: 31219 Invoice Number: DIVPD (for dividend paid). This completes the transactions for June 3 to June