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Date Account Numbers and Titles Debit Credit June v Check Number Invoice Number Credit Memo Number Debit Memo Number Customer or Vendor v Select a Journal Entry Mode - Daily JE or Adjusting JE Inventory Item Number and Description Units Unit Cost |Extension b b b Total Cost: Total Retail: Algorithmic Granite Bay Jet Ski, Incorporated I Edition Transactions For June 10-16 and the Mid-Project Evaluation Page | Algorithmic Granite Bay Jet Ski, Inc., Level I1 - Module 2 1" Edition, Copyright 2014 - 2024 PKL Software, Incorporated. All rights reserved. Last Revised: March 1, 2024 Did you backup your data files at the end of Module One? It is recommended that you backup your files at the end of each data entry session. If you want to return to a previously saved position and start from the point of your last saved data files, click on Administration, select Files: Restore and Backup, select Restore Backed-up Data Files. Should you restore, it is recommended that you print a copy of the General Journal and a Trial Balance to verify the position of the last save. TRANSACTIONS FOR JUNE 10-16 Student Analysis June 10 Obsolete store equipment was sold for $630.00 cash. The equipment originally cost $2,105.00 and depreciation to March 31 of this year (the end of the first quarter) totals $1,200.00. The asset depreciates on a straight-line basis at a rate of $40.00 per month and depreciation is calculated to the nearest month (two entries required). 1) Record the entry to bring the depreciation up-to-date. At the Invoice Number type DEPRE (for depreciation). 2) Record the entry for the sale of the store equipment. At then Invoice Number type ASALE (for asset sale). June 10 A check was issued to Bull Dog Freight Company for $124.60 as payment in full on an invoice that was received today. The invoice (payable upon receipt) is for freight charges on merchandise delivered to customers under shipping terms of FOB destination. Check Number: 31220. Invoice Number: R3449. June 10 A certified check for $1,240.00 was received from customer Hazel Peske as payment in full on her account. Ms. Peske's account was written off as uncollectible on April 14. Two entries are required for this transaction. Customer Number: 11685. 1) Record the reinstatement of Peske's account. At the Invoice Number prompt type REEST (for reestablish). 2) Record the receipt of the check. At each Invoice Number prompt type RECOVCfor recovery). Page 2 Algorithmic Granite Bay Jet Ski, Inc., Level II - Module 2 I" Edition, Copyright @ 2014 - 2024 PKL Software, Incorporated. All rights reserved. Last Revised: March 1, 2024TRANSACTIONS FOR JUNE 10-16 Student Analysis June 11 Discovered that invoice W6438 from Wrascal Dancer Jetcraft for $19,500.00 list ($19,305.00 net), with credit terms of 1/10, n/30, and dated May 13 was filed incorrectly and the cash discount has been lost. Record the discount lost entry. Check Number: 31221. Vendor Number: 29650. Since the discovery of the error and the invoice payment are made the same day, a single compound entry which includes the discount lost may be used to record this transaction. June 13 Instead of repairing the heavy duty shop hoist at a cost of $1,210.00 and charging this cost to an operating expense account, the hoist, which has one year remaining in its estimated useful life, is completely overhauled at a cost of $3,260.00. This overhaul, which is an extraordinary repair, will be charged directly to the Shop Equipment account and will extend the remaining useful life of the hoist to four years. Check Number: 31222. Invoice Number: EXTRA (for extraordinary repair). June 14 A debit memo was issued for $6,880.00 to Kawaski USA, for the return of one AU150 ULTRA 150 jet-ski. The body of the jet-ski was damaged during shipping. Kawasaki has agreed to accept the return. There are no freight charges. The AU150 was part of the June 6 purchase on account. Only one entry is required to properly record this transaction. Invoice Number: K4461. Debit Memo Number: DM601. Vendor Number: 24500. Page 3 Algorithmic Granite Bay Jet Ski, Inc., Level II - Module 2 I" Edition, Copyright @ 2014 - 2024 PKL Software, Incorporated. All rights reserved. Last Revised: March 1, 2024TRANSACTIONS FOR JUNE 10-16 Student Analysis June 14 Two Kawasaki Jet Ski 800 SX-R Personal Watercraft were sold to customer Arlene Baxter at an out-the-door retail sales price of $12,852.00 which includes sales tax. Received from Ms. Baxter a check for $5,000.00 as a cash down payment and charged the balance to her account. The account will be paid in full in 30 days. To calculate the total amount of the sales, divide the out-the-door price by 1.08. The difference between the answer (sales price) and the out-the-door retail sales price (selling price + sales tax) will be the sales tax. Invoice Number: G4016. Customer Number: 10300. Merchandise listed on the sales invoice: Stock Item Quantity Net Cost Number Per Unit AS888 JET SKI 800 SR-X 2 $4,760.00 June 14 A payroll check was issued to part-time employee Kim Booker. Kim earns $11.30 per hour and worked 40 hours during this past two-week pay period ending today. Check Number: 31223. Invoice Number: WAGES (for wages). TITITITIT June 15 A notice was received from the bank that the $5,000.00 check received from customer Arlene Baxter June 14 has not cleared due to lack of funds. The $5,000.00 balance of this NSF check plus an additional $80.00 handling fee will be charged back to Ms. Baxter's account. The $80.00 handling fee charged by Granite Bay Jet Ski will be entered as Miscellaneous Revenue. Check Number: 00000. Invoice Number: G4016. Customer Number: 10300. Page 4 Algorithmic Granite Bay Jet Ski, Inc., Level II - Module 2 I" Edition, Copyright @ 2014 - 2024 PKL Software, Incorporated. All rights reserved. Last Revised: March 1, 2024TRANSACTIONS FOR JUNE 10-16 Student Analysis June 15 A check was issued for $3,564.00 to Starlight Sports as payment in full of the June 5 invoice. Check Number: 31224. Invoice Number: $2717. Remember that the "net method" of recording purchases is being used by Granite Bay Jet Ski. June 16 A check was issued in payment of a June 6 invoice from Kawasaki USA. To check the balance due on this June 6 invoice, click on Journals/Ledgers/Statements, select the Subsidiary Ledger option, and select Accounts Payable Ledger. Look up the Kawasaki USA account. Do not overlook the purchase return of June 14. Check Number: 31225. Invoice Number: K4461. Remember that the "net method" of recording purchases is being used by Granite Bay Jet Ski. June 16 A check for $5,650.00 was received from customer Charles Grubonski, as a partial payment on his past-due account balance. Invoice number G3906. Customer Number: 11100. Page 5 Algorithmic Granite Bay Jet Ski, Inc., Level II - Module 2 I" Edition, Copyright @ 2014 - 2024 PKL Software, Incorporated. All rights reserved. Last Revised: March 1, 2024TRANSACTIONS FOR JUNE 10-16 Student Analysis June 16 Completed 4.2 hours of service work for cash customer Hank Ajax. Hank also purchased a new Starlight Trailer. The selling price for the trailer is $1,485.00. Be sure to include the sales tax on the trailer and the service work. The full amount due is paid with a bank credit card. The bank will charge Granite Bay Jet Ski, Inc., a credit card fee (1-4%) which will be shown on the bank statement and recorded at the end of the month. Invoice Number: G4017. Merchandise listed on the sales invoice: Stock Item Quantity Net Cost Number Per Unit AL800 STARLIGHT TRAILER T 1 $1,188.00 June 16 A check was received from Water Rippers, Inc., as payment in full on their account. Find the balance of the account in the Schedule of Accounts Receivable. Invoice Number: G3954. Customer number: 11990. This concludes the transactions for June 10 to June 16. Page 6 Algorithmic Granite Bay Jet Ski, Inc., Level II - Module 2 I" Edition, Copyright @ 2014 - 2024 PKL Software, Incorporated. All rights reserved. Last Revised: March 1, 2024