Tucker Boats began business on September 1, 2013, Tucker Boats has adopted a September 30 as fiscal year end, just in time to stock new merchandise On September 1, Joe hired a recent graduate, Henry Webster In the next few days of September, he rented a sales office, boat garage, and lot space The store is open Monday through Saturday and Joe is there all six days Henry works 8 hours per day, Monday through Friday Both Henry and Joe are employees of the corporation The next page shows Tucker Boat's chart of accounts Following are descriptions of events occurring during September After October begins, you are to close the Note Since this is new business, there are no beginning balances DESCRIPTIONS OF EVENTS OCCURRING Sept 1 30 1 Sept 1, 2013 Joe, with the help and advice of his attorney, Jason Rutherford, issued to himself 5,000 shares of Tucker Boats, Incorporated common stock (no par) at a price of $20 per share Joe transferred $100,000 cash from his personal bank account and deposited it in a checking account in the name of Tucker Boats, Incorporated 2 Sept 1, 2013 Tucker Boats hired Henry at $10 per hour Henry's typical work week will be 8 hours a day, 5 days per week Joe and Henry are paid on the first of each month for the month just ended 3 Sept 1, 2013 Tucker Boats paid Far West Insurance Agency a one year general property and liability insurance premium of $2,196 4 Sept 1, 2013 Tucker Boats paid $2,400 to Ace Property Management Group for September's rent on the sales office and boat lot 5 Sept 4, 2013 Tucker Boats wrote a $900 check to Jason Rutherford to pay for his assistance in issuing the common stock 6 Sept 6, 2013 Tucker Boats purchased boat moving equipment, office furniture, and boat repair machinery Tucker Boats paid $6,880 in cash and signed a four year, 9 6 , $20,000 installment note payable to First National Bank Equal monthly principal and interest payments of $503 42 are due the 5th of each month, beginning October 6 (The note assumes a 360 day year and 30 days of interest charged for each full month Months with 31 days accrue only 30 days of interest, but so does September The date the loan is signed bears interest Interest is accrued to the nearest penny ) 7 Sept 6, 2013 Tucker Boats purchased, at a cost of $11,500, a Fast Glass model Swell craft ski boat for resale Transportation cost from the Swellcraft factory to Tucker Boats was $550, which Tucker paid in cash Tucker uses a perpetual inventory system for both boats and accessories Payment terms to Swellcraft are net 60 days or within two days of the sale of the boat 8 Sept 7, 2013 Tucker Boats purchased on account a variety of accessory merchandise at a cost of $1,330 from Miller Ski Supplies Transportation was paid by Miller Terms are net 30 days 9 Sept 8, 2013 Tucker Boats purchased supplies costing $760, paying cash 10 Sept 9, 2013 John Phillips, a local ski enthusiast, provided Tucker Boats with its first sale when he bought a $490 slalom ski for cash The ski had been included in the September 7 purchase and had cost Tucker $350 11 Sept 11, 2013 Albert Snell, another skier, brought his Manvader ski boat in to be winterized Henry changed both the engine and outdrive oil, drained the water from the engine, replaced the spark plugs, and tuned the engine Albert, a long time friend of Joe, agreed to pay the $220 invoice within Tucker Boats' customary 30 day trade terms 12 Sept 11, 2013 Sold Frank Featherstone a dry suit with a $410 price After checking his credit, he was allowed the 30 day trade terms The dry suit also was included in the September 7 purchase and had cost $225 13 Sept 13, 2013 Tucker Boats purchased additional accessory merchandise from Fisherman's Warehouse at a cost of $860 Tucker agreed to the 15 day payment terms from Fisherman's and paid $40 cash to a trucking firm for transportation 14 Sept 13, 2013 Tucker Boats paid Admirable Advertising Agency $180 for a newspaper advertisement to carried in the Saturday, September 18 edition of the Las Vegas Gazette 15 Sept 14, 2013 After inspecting the merchandise from Fisherman's Warehouse on September 13, Joe noticed that part of the merchandise was damaged Tucker Boats returned the damaged merchandise, which had cost $130, and received a debit memorandum from Fisherman's Warehouse 16 Sept 15, 2013 Art Jensen, a new customer, purchased fishing gear at a price of $335, paying cash The merchandise was included in the September 13 purchase at a cost of $222 17 Sept 15, 2013 Joe was hopeful that his upcoming newspaper advertisement would bring in boat customers, so he purchased a 15 foot, Swellcraft fishing boat with a 25 horsepower outboard motor Tucker Boats received an invoice for $7,800 from Swellcraft and paid $310 cash for transportation 18 Sept 18, 2013 Tucker Boats' advertisement in the morning paper paid off when Lance Layitover signed a sales contract to buy the Fast Glass Swellcraft ski boat for an out the door price of $18,999 The sale was contingent on Lance's arranging bank financing 19 Sept 18, 2013 Tucker Boats had a booth in the Nevada State Boat Show to be held Sunday, September 26, paying the organizers of the event $300 20 Sept 20, 2013 Lance delivered the bank's check for $17,000 and his own for the balance of $1,999 to finalize the sale of the Swellcraft ski boat 21 Sept 21, 2013 Tucker Boats paid Swellcraft the $11,500 it owed on its purchase of the Swellcraft ski boat 22 Sept 21, 2013 Henry finished repairs and maintenance jobs on several boats Cash receipts for this work amounted to $1,755 23 Sept 22, 2013 Tucker Boats' advertisement was so successful that he paid another $180 for an advertisement in the September 24 morning edition of the Gazette 24 Sept 23, 2013 Tucker Boats purchased another Fast Glass Swellcraft ski boat with some additional options that weren't included in the one he sold The invoice cost was $12,100, which he agreed to pay on the same terms as his first purchase Transportation cost, which Tucker Boats paid in cash, was $515 25 Sept 23, 2013 Ski accessory sales for cash totaled $704 for the day The cost of these sales was $425 26 Sept 24, 2013 Frank Hammons, an avid skier, purchased a slalom ski from the manufacturer's catalogue He paid the entire $580 price and the ski was ordered because it was not in stock 27 Sept 24, 2013 Tucker Boats wrote a $730 check to pay Fisherman's Warehouse for its September 13 purchase 28 Sept 25, 2013 Accessories costing $545 were sold to Vivian Ellis for a price of $770 Joe's check of her credit qualified her for 30 day credit terms 29 Sept 25, 2013 Additional accessory merchandise costing $827 was purchased from Tackle and Line Shop Shipping costs were paid for in cash ($23) Payment terms are 30 days 30 Sept 27, 2013 James Murphy, a long time associate of Joe Tucker, had major repairs to his boat performed during the last week of September Henry finished the repairs on this date and Murphy was billed $2,329 Payment from James is due in 30 days 31 Sept 28, 2013 Joe and his wife, Martha, who is the Vice president of Tucker Boats, constitute the Board of Directors They met and declared a $ 30 per share cash dividend, to be paid on March 15, 2021 QUESTIONS 1) prepare the journal entries for all the transactions ( with description of the transaction ) 2) prepare the T accounts To complete the journal entries, do not forget that you need to make the adjusting entries per the descriptions of transactions in the project document

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Tucker Boats began business on September 1, 2013, ...Tucker Boats has adopted a September 30 as fiscal year end, just in time to stock new

Tucker Boats began business on September 1, 2013, ...Tucker Boats has adopted a September 30 as fiscal year end, just in time to stock new merchandise.

On September 1, Joe ...hired a recent graduate, Henry Webster. In the next few days of September, he rented a sales office, boat garage, and lot space. The store is open Monday through Saturday and Joe is there all six days. Henry works 8 hours per day, Monday through Friday. Both Henry and Joe are employees of the corporation.

The next page shows Tucker Boat's chart of accounts. Following are descriptions of events occurring during September. After October begins, you are to close the

Note: Since this is new business, there are no beginning balances .

DESCRIPTIONS OF EVENTS OCCURRING Sept. 1 - 30

1	Sept. 1, 2013	Joe, with the help and advice of his attorney, Jason Rutherford, issued to himself 5,000 shares of Tucker Boats, Incorporated common stock (no par) at a price of $20 per share. Joe transferred $100,000 cash from his personal bank account and deposited it in a checking account in the name of Tucker Boats, Incorporated.
2	Sept. 1, 2013	Tucker Boats hired Henry at $10 per hour. Henry's typical work week will be 8 hours a day, 5 days per week. Joe and Henry are paid on the first of each month for the month just ended.
3	Sept. 1, 2013	Tucker Boats paid Far West Insurance Agency a one-year general property and liability insurance premium of $2,196.
4	Sept. 1, 2013	Tucker Boats paid $2,400 to Ace Property Management Group for September's rent on the sales office and boat lot.
5	Sept. 4, 2013	Tucker Boats wrote a $900 check to Jason Rutherford to pay for his assistance in issuing the common stock.
6	Sept. 6, 2013	Tucker Boats purchased boat moving equipment, office furniture, and boat repair machinery. Tucker Boats paid $6,880 in cash and signed a four-year, 9.6%, $20,000 installment note payable to First National Bank. Equal monthly principal and interest payments of $503.42 are due the 5th of each month, beginning October 6. (The note assumes a 360-day year and 30 days of interest charged for each full month. Months with 31 days accrue only 30 days of interest, but so does September. The date the loan is signed bears interest. Interest is accrued to the nearest penny.)
7	Sept. 6, 2013	Tucker Boats purchased, at a cost of $11,500, a Fast Glass model Swell craft ski boat for resale. Transportation cost from the Swellcraft factory to Tucker Boats was $550, which Tucker paid in cash. Tucker uses a perpetual inventory system for both boats and accessories. Payment terms to Swellcraft are net 60 days or within two days of the sale of the boat.
8	Sept. 7, 2013	Tucker Boats purchased on account a variety of accessory merchandise at a cost of $1,330 from Miller Ski Supplies. Transportation was paid by Miller. Terms are net 30 days.
9	Sept. 8, 2013	Tucker Boats purchased supplies costing $760, paying cash.
10	Sept. 9, 2013	John Phillips, a local ski enthusiast, provided Tucker Boats with its first sale when he bought a $490 slalom ski for cash. The ski had been included in the September 7 purchase and had cost Tucker $350.
11	Sept. 11, 2013	Albert Snell, another skier, brought his Manvader ski boat in to be "winterized." Henry changed both the engine and outdrive oil, drained the water from the engine, replaced the spark plugs, and tuned the engine. Albert, a long time friend of Joe, agreed to pay the $220 invoice within Tucker Boats' customary 30-day trade terms.
12	Sept. 11, 2013	Sold Frank Featherstone a dry suit with a $410 price. After checking his credit, he was allowed the 30-day trade terms. The dry suit also was included in the September 7 purchase and had cost $225.
13	Sept. 13, 2013	Tucker Boats purchased additional accessory merchandise from Fisherman's Warehouse at a cost of $860. Tucker agreed to the 15-day payment terms from Fisherman's and paid $40 cash to a trucking firm for transportation.
14	Sept. 13, 2013	Tucker Boats paid Admirable Advertising Agency $180 for a newspaper advertisement to carried in the Saturday, September 18 edition of the Las Vegas Gazette.
15	Sept. 14, 2013	After inspecting the merchandise from Fisherman's Warehouse on September 13, Joe noticed that part of the merchandise was damaged. Tucker Boats returned the damaged merchandise, which had cost $130, and received a debit memorandum from Fisherman's Warehouse.
16	Sept. 15, 2013	Art Jensen, a new customer, purchased fishing gear at a price of $335, paying cash. The merchandise was included in the September 13 purchase at a cost of $222.
17	Sept. 15, 2013	Joe was hopeful that his upcoming newspaper advertisement would bring in boat customers, so he purchased a 15-foot, Swellcraft fishing boat with a 25-horsepower outboard motor. Tucker Boats received an invoice for $7,800 from Swellcraft and paid $310 cash for transportation.
18	Sept. 18, 2013	Tucker Boats' advertisement in the morning paper paid off when Lance Layitover signed a sales contract to buy the Fast Glass Swellcraft ski boat for an "out-the-door" price of $18,999. The sale was contingent on Lance's arranging bank financing.
19	Sept. 18, 2013	Tucker Boats had a booth in the Nevada State Boat Show to be held Sunday, September 26, paying the organizers of the event $300.
20	Sept. 20, 2013	Lance delivered the bank's check for $17,000 and his own for the balance of $1,999 to finalize the sale of the Swellcraft ski boat.
21	Sept. 21, 2013	Tucker Boats paid Swellcraft the $11,500 it owed on its purchase of the Swellcraft ski boat.
22	Sept. 21, 2013	Henry finished repairs and maintenance jobs on several boats. Cash receipts for this work amounted to $1,755.
23	Sept. 22, 2013	Tucker Boats' advertisement was so successful that he paid another $180 for an advertisement in the September 24 morning edition of the Gazette.
24	Sept. 23, 2013	Tucker Boats purchased another Fast Glass Swellcraft ski boat with some additional options that weren't included in the one he sold. The invoice cost was $12,100, which he agreed to pay on the same terms as his first purchase. Transportation cost, which Tucker Boats paid in cash, was $515.
25	Sept. 23, 2013	Ski accessory sales for cash totaled $704 for the day. The cost of these sales was $425.
26	Sept. 24, 2013	Frank Hammons, an avid skier, purchased a slalom ski from the manufacturer's catalogue. He paid the entire $580 price and the ski was ordered because it was not in stock.
27	Sept. 24, 2013	Tucker Boats wrote a $730 check to pay Fisherman's Warehouse for its September 13 purchase.
28	Sept. 25, 2013	Accessories costing $545 were sold to Vivian Ellis for a price of $770. Joe's check of her credit qualified her for 30-day credit terms.
29	Sept. 25, 2013	Additional accessory merchandise costing $827 was purchased from Tackle and Line Shop. Shipping costs were paid for in cash ($23). Payment terms are 30 days.
30	Sept. 27, 2013	James Murphy, a long-time associate of Joe Tucker, had major repairs to his boat performed during the last week of September. Henry finished the repairs on this date and Murphy was billed $2,329. Payment from James is due in 30 days.
31	Sept. 28, 2013	Joe and his wife, Martha, who is the Vice-president of Tucker Boats, constitute the Board of Directors. They met and declared a $.30 per share cash dividend, to be paid on March 15, 2021.

QUESTIONS

- 1) prepare the journal entries for all the transactions ( with description of the transaction)

- 2) prepare the T-accounts. To complete the journal entries, do not forget that you need to make the adjusting entries per the descriptions of transactions in the project document.