Tucker Boats began business on September 1, 2013, ...Tucker Boats has adopted a September 30 as fiscal

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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 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.

- 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.

3) The last tab in the Excel template is for you to prepare the unadjusted trial balance, as well as the adjusted trial balance. Note that you need to enter all the adjustments in the worksheet.

4) The last step of the project is to make the closing entries. You shall close the Revenue account(s) as well as the Expenses accounts to the income summary and the then close to the Retailed Earnings. Note that in the Excel template "trial balance" tab, the income summary account is not needed.