TRANSACTIONS FOR JUNE 3-9 Student Analysis June 5 A new shipment of three watercraft trailers for inventory was received from Starlight Sports. All merchandise purchases 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 terms of 1/10, n/30 are offered and the merchandise is shipped FOB destination. Invoice Number: S2717. Vendor Number: 28600. The calculated NET purchase price of the merchandise that will be recorded in the journal entry is $3,564.00 ($3,600.00 x .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 115 (Merchandise Inventory), click on Support and select Calculator. 2. Press the 3, 6, 0, 0 buttons, then press the multiplication sign (*), 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 invoice (at net cost): Item Quantity Stock Number AL800 Net Cost Per Unit $1,188.00 STARLIGHT TRAILER T 3 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
