TRANSACTIONS FOR JUNE 3-9 Student Analysis June 4 One model A1100 Kawasaki Jet Ski Personal Watercraft was sold for cash. This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). Invoice Number: G4011. Because a perpetual inventory system is being used by Granite Bay Jet Ski, 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 journalizing procedure. Merchandise listed on the sales invoice: Item Quantity Stock Number A1100 Net Cost Per Unit $7,500.00 JET SKI STX-15F 1 NOTE: The Jet Ski being sold for $9,375.00 cost the business $7,500.00 (net). All personal watercraft and trailers carry a 25% markup on net cost (20% markup on selling price). The net cost of $7,500.00 plus the programmed markup of $1,875.00 ($7,500.00 x 25%) must equal the credit entry to sales of $9,375.00 or the journal entry will not be accepted by the program. 1. Enter the journal entry to record the sales transaction. Click on Verify Journal after entering the last credit amount. At the Invoice Number prompt type G4011. Click on Verify Documents. 2. After you have verified the documents, the cursor will automatically appear 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 (1). 4. Click on Verify Inventory Data button. If it is correct, click on the Post Ledger button. (If the inventory entries have an error, reenter the inventory data or clear the screen and reenter the transaction.) Clicking on the down arrow will provide a list of all of the inventory items that can be selected automatically. After each sale entry is recorded and posted, the program will automatically journalize and post the required second entry of a debit to the Cost of Goods Sold account and a credit to the Merchandise Inventory account 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 button and continue recording transactions. Daily JE Adjusting JE Close JE Clear Screen Date Account Numbers and Titles Debit Credit June 4 Verify Journal Verify Documents Post Ledger Check Number Invoice Number Credit Memo Number Debit Memo Number Customer or Vendor Daily Journal Entries Mode Selected Erase Inventory Data Verify Inventory Data Inventory Item Number and Description Units Unit Cost Extension Total Cost: Total Retail: 101 Cash 102 Petty Cash 105 Accounts Receivable 106 Allowance for Doubtful Accounts 109 Notes Receivable 111 Storage Fees Receivable 113 Interest Receivable 115 Merchandise Inventory 121 Prepaid Insurance 124 Prepaid Property Tax 125 Prepaid Advertising 127 Store and Shop Supplies 131 Store Equipment and Fixtures 132 Accum. Deprec., Store Equip. and Fix. 135 Shop Equipment 136 Accum. Depreciation, Shop Equipment 139 Trucks 140 Accumulated Depreciation, Trucks 201 Accounts Payable 201 Accounts Payable 203 Notes Payable 205 Sales Tax Payable 207 Dividends Payable 209 Salaries and Wages Payable 211 Estimated Property Tax Payable 213 Income Taxes Payable 215 Interest Payable 221 Unearned Storage Fees 230 Long-term Notes Payable 301 Common Stock 305 Retained Earnings 311 Dividends Declared 401 Watercraft and Accessory Sales 402 Sales Returns and Allowances 411 Service Fees Earned 421 Storage Fees Earned 501 Cost of Goods Sold 505 Transportation-In 601 Salaries and Wages Expense 601 Salaries and Wages Expense 602 Store and Shop Supplies Expense 603 Truck and Equipment Operating Exp. 604 Advertising Expense 606 Delivery Expense 607 Credit Card Expense 608 Tools Expense 610 Dep. Expense, Store Equipment and Fix. 611 Depreciation Expense, Shop Equipment 612 Depreciation Expense, Trucks 621 Rent Expense 622 Insurance Expense 623 Bad Debt Expense 624 Property Tax Expense 625 Utilities Expense 626 Telephone Expense 627 Bank Service Charges 628 License Expense 629 Professional Services Expense 621Cash Short and Avar 612 Depreciation Expense, Trucks 621 Rent Expense 622 Insurance Expense 623 Bad Debt Expense 624 Property Tax Expense 625 Utilities Expense 626 Telephone Expense 627 Bank Service Charges 628 License Expense 629 Professional Services Expense 631 Cash Short and Over 633 Discounts Lost 635 Miscellaneous Expense 711 Interest Earned 721 Gain on Sale of Assets 741 Miscellaneous Revenue 811 Income Taxes Expense 813 Interest Expense 821 Loss on Sale/Disposal of Assets 901 Income Summary TRANSACTIONS FOR JUNE 3-9 Student Analysis June 4 One model A1100 Kawasaki Jet Ski Personal Watercraft was sold for cash. This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). Invoice Number: G4011. Because a perpetual inventory system is being used by Granite Bay Jet Ski, 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 journalizing procedure. Merchandise listed on the sales invoice: Item Quantity Stock Number A1100 Net Cost Per Unit $7,500.00 JET SKI STX-15F 1 NOTE: The Jet Ski being sold for $9,375.00 cost the business $7,500.00 (net). All personal watercraft and trailers carry a 25% markup on net cost (20% markup on selling price). The net cost of $7,500.00 plus the programmed markup of $1,875.00 ($7,500.00 x 25%) must equal the credit entry to sales of $9,375.00 or the journal entry will not be accepted by the program. 1. Enter the journal entry to record the sales transaction. Click on Verify Journal after entering the last credit amount. At the Invoice Number prompt type G4011. Click on Verify Documents. 2. After you have verified the documents, the cursor will automatically appear 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 (1). 4. Click on Verify Inventory Data button. If it is correct, click on the Post Ledger button. (If the inventory entries have an error, reenter the inventory data or clear the screen and reenter the transaction.) Clicking on the down arrow will provide a list of all of the inventory items that can be selected automatically. After each sale entry is recorded and posted, the program will automatically journalize and post the required second entry of a debit to the Cost of Goods Sold account and a credit to the Merchandise Inventory account 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 button and continue recording transactions. Daily JE Adjusting JE Close JE Clear Screen Date Account Numbers and Titles Debit Credit June 4 Verify Journal Verify Documents Post Ledger Check Number Invoice Number Credit Memo Number Debit Memo Number Customer or Vendor Daily Journal Entries Mode Selected Erase Inventory Data Verify Inventory Data Inventory Item Number and Description Units Unit Cost Extension Total Cost: Total Retail: 101 Cash 102 Petty Cash 105 Accounts Receivable 106 Allowance for Doubtful Accounts 109 Notes Receivable 111 Storage Fees Receivable 113 Interest Receivable 115 Merchandise Inventory 121 Prepaid Insurance 124 Prepaid Property Tax 125 Prepaid Advertising 127 Store and Shop Supplies 131 Store Equipment and Fixtures 132 Accum. Deprec., Store Equip. and Fix. 135 Shop Equipment 136 Accum. Depreciation, Shop Equipment 139 Trucks 140 Accumulated Depreciation, Trucks 201 Accounts Payable 201 Accounts Payable 203 Notes Payable 205 Sales Tax Payable 207 Dividends Payable 209 Salaries and Wages Payable 211 Estimated Property Tax Payable 213 Income Taxes Payable 215 Interest Payable 221 Unearned Storage Fees 230 Long-term Notes Payable 301 Common Stock 305 Retained Earnings 311 Dividends Declared 401 Watercraft and Accessory Sales 402 Sales Returns and Allowances 411 Service Fees Earned 421 Storage Fees Earned 501 Cost of Goods Sold 505 Transportation-In 601 Salaries and Wages Expense 601 Salaries and Wages Expense 602 Store and Shop Supplies Expense 603 Truck and Equipment Operating Exp. 604 Advertising Expense 606 Delivery Expense 607 Credit Card Expense 608 Tools Expense 610 Dep. Expense, Store Equipment and Fix. 611 Depreciation Expense, Shop Equipment 612 Depreciation Expense, Trucks 621 Rent Expense 622 Insurance Expense 623 Bad Debt Expense 624 Property Tax Expense 625 Utilities Expense 626 Telephone Expense 627 Bank Service Charges 628 License Expense 629 Professional Services Expense 621Cash Short and Avar 612 Depreciation Expense, Trucks 621 Rent Expense 622 Insurance Expense 623 Bad Debt Expense 624 Property Tax Expense 625 Utilities Expense 626 Telephone Expense 627 Bank Service Charges 628 License Expense 629 Professional Services Expense 631 Cash Short and Over 633 Discounts Lost 635 Miscellaneous Expense 711 Interest Earned 721 Gain on Sale of Assets 741 Miscellaneous Revenue 811 Income Taxes Expense 813 Interest Expense 821 Loss on Sale/Disposal of Assets 901 Income Summary