Question

TUCKER BOATS Tucker Boats began business on September 1, 2013, as a retail sales outlet for Swellcraft water- ski and fishing boats. Tucker Boats is located on Oe outskirts of Las Vegas, Nevada, and the area provides skiers and fishermen with ample opportunities for boating recreation at nearby Lake Mead. Joe Tucker was excited that he was able to get his business established before the spring, so that he would have his operations running smoothly by the peak sales period during spring and early summer. Tucker Boats has adopted a September 30 as fiscal year end, just in time to stock new merchandise. On September 1, Joe and his attorney were involved with issuing the stock of this closely-held corporation. On this same date, he hired a recent graduate of a local trade school, Henry Webster, to be responsible for boat repairs. 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 accounts. Note: Since this is a new business, there are no beginning balances in your accounts.

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.

Answer 1

Name Box B с D E F G H J K M N 0 P 1 2 3 101 0 Cash 0 111 0 112 Allowance for doubtful account 0 0 BB 0 100,000 Accounts Receivable 0 BB 220 410 770 2,329 10 11 26 28 121 Boat Inventory 0 BB 12,050 6 8,110 16 12,050 18 12,615 22 490 335 1 2,196 2 2,400 3 900 4 6,880 5 550 6 760 8 9 40 12 180 13 15 310 16 300 17 18 11,500 19 20 180 21 515 22 23 24 730 25 23 27 5 3 7 3 3 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 Adjustments 18,999 1,755 704 580 122,863 95,399 27,464 0 3,729 3,729 0 0 0 0 0 0 186 A1 32.775 20,725 12,050 0 ON ON 0 95,399 Olo 0 3,729 0 0 0 0 186 186 0 20,725 0 0 122 0 131 0 Supplies 0 760 133 Prepaid Rent 0 BB 132 Prepaid Insurance 0 BB 2.196 0 0 BB 8 N 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 Boat Accessory Inventory 0 BB 1,330 7 350 9 225 11 900 12 130 14 222 15 425 23 545 26 850 27 0 3,080 1,183 1,897 0 43 A2 760 760 0 0 498 A3 2,196 2,196 0 0 0 0 0 183 A7 -1 2 Adjustments 3 4 5 43 498 183 0 0 0 111n 0 02 0 2012 n n


B c D E F G H 1 J K L M N o Р Q 1,140 0 262 0 2,013 0 0 0 141 0 Store, Office & Boat Equipmen 142 0 BB 0 5 Accumulated depreciation 0 BB 202 Accrued Salaries Payable 0 BB 0 0 26,880 201 Accounts Payable 10 BB 11,500 6 1,330 7 860 12 1301 14 7,800 16 11,500 19 12,100 22 730 25 827 27 26,880 26,880 0 0 0 0 0 0 280 A4 12,360 0 34,417 22,057 0 0 0 0 4,600 A5 0 26.880 0 0 0 0 280 280 0 0 0 22,057 0 0 4,600 4,600 A 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 Adjustments 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 Adjustments 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110L 203 0 Accrued Interest Payable 0 BB 204 0 Unearned Revenue 0 BB 580 205 Dividends Payable 0 BB 1,500 29 206 Current Maturities of long-term BB 0 0 24 0 0 0 0 133 AB 0 0 580 580 1,500 1,500 0 0 0 0 0 0 5,000 A9 0 0 0 0 0 133 133 0 0 0 0 0 5,000 5.000 580 0 1,500 207 0 Other Accrued expenses payat 210 BB 0 0 Notes Payables 0 BB 20,000 0 0 301 Common Stock - (no par) 0 BB 100.000 1 900 4 311 Retained Earnings 0 BB 1,500 29 5


A B с D E F G H J K L M N 0 Р 0 0 0 357 A6 0 0 5,000 20.000 20,000 A9 900 0 100,000 99,100 0 1,500 1,500 olo 0 0 357 357 5,000 0 0 15,000 Olo 0 99, 100 0 1,500 olo 401 0 402 0 403 Boat Repair Revenue Boat Sales 0 BB 18,999 18 0 0 501 Cost of Goods Sol 0 BB 12,050 18 9 Accessory Sales 0 BB 490 410 335 704 770 220 10 1,755 20 2,329 28 11 15 23 26 111 112 113 Adjustments 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 0 0 0 18,999 18,999 0 0 2.709 2,709 0 0 4,304 4,304 12,050 12,050 0 0 0 0 0 18,999 0 0 0 2.709 0 0 0 4,304 0 12,050 0 502 0 Salaries Expenses 0 BB 602 Supplies Expenses 603 Insurance Expens BB 0 BB 0 146 Cost of Goods Sold - Accessory 601 0 BB 0 350 9 225 11 222 15 425 23 545 26 1,767 0 1,767 0 43 A2 0 0 4,600 0 0 0 0 498 0 0 A3 0 0 183 0 0 A7 12 43 1,810 0 0 4,600 4,600 olol 498 498 0 0 183 183 0 0 147 148 149 150 151 Adjustments 152 153 154 155 156 157 158 159 160 161 162 163 164 165 604 0 Rent Expense 0 605 0 Depreciation expense 0 BB 606 Utilities expense 0 BB BB 0 0 2,400 3 607 Advertising expen 0 BB 180 13 300 17 180 21

A B с D E F G H 1 J K L M N O Р 0 2,400 2,400 0 0 0 0 0 0 0 0 357 660 660 0 0 0 A6 280 A4 0 0 2,400 0 0 280 280 0 0 357 357 0 0 0 660 0 608 609 0 0 0 Interest expense 0 BB Doubtful Accounts expense 0 BB 0 BB 0 0 BB 166 167 168 169 170 Adjustments 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 Adjustments 191 192 193 194 0 0 0 0 0 0 133 0 0 AB 0 0 186 olol 0 0 0 0 A1 0 133 133 0 0 186 186 0 0 0 0 0 0 0 0 0

Date:				Transactions				Adjustments				EOM Closing Entries
Account	Account Name	Beginning Balance			Ending Balance				Adjusted Balance				Ending Balance
		DB	CR	DB	CR	DB	CR		DB	CR	DB	CR		DB	CR	DR	CR
101	Cash	0	0	122,863	27,464	95,399	0				95,399	0				95,399	0
111	Accounts Receivable	0	0	3,729	0	3,729	0				3,729	0				3,729	0
112	Allowance for doubtful accounts	0	0	0	0	0	0			186	0	186				0	186
121	Boat Inventory	0	0	32,775	12,050	20,725	0				20,725	0				20,725	0
122	Boat Accessory Inventory	0	0	3,080	1,897	1,183	0			43	1,140	0				1,140	0
131	Supplies	0	0	760	0	760	0			498	262	0				262	0
132	Prepaid Insurance	0	0	2,196	0	2,196	0			183	2,013	0				2,013	0
133	Prepaid Rent	0	0	0	0	0	0				0	0				0	0
141	Store, Office, & Boat Equipment	0	0	26,880	0	26,880	0				26,880	0				26,880	0
142	Accumulated depreciation	0	0	0	0	0	0			280	0	280				0	280
201	Accounts Payable	0	0	12,360	34,417	0	22,057				0	22,057				0	22,057
202	Accrued Salaries Payable	0	0	0	0	0	0			4,600	0	4,600				0	4,600
203	Accrued Interest Payable	0	0	0	0	0	0			133	0	133				0	133
204	Unearned Revenue	0	0	0	580	0	580				0	580				0	580
205	Dividends Payable	0	0	0	1,500	0	1,500				0	1,500				0	1,500
206	Current Maturities of long-term debt	0	0	0	0	0	0			5,000	0	5,000				0	5,000
207	Other Accrued expenses payable	0	0	0	0	0	0			357	0	357				0	357
210	Notes Payables	0	0	0	20,000	0	20,000		5,000		0	15,000				0	15,000
301	Common Stock - (no par)	0	0	900	100,000	0	99,100				0	99,100				0	99,100
311	Retained Earnings	0	0	1,500	0	1,500	0				1,500	0		0	2,855	0	1,355
401	Boat Sales	0	0	0	18,999	0	18,999				0	18,999		18,999	0	0	0
402	Accessory Sales	0	0	0	2,709	0	2,709				0	2,709		2,709	0	0	0
403	Boat Repair Revenue	0	0	0	4,304	0	4,304				0	4,304		4,304	0	0	0
501	Cost of Goods Sold - Boat Sales	0	0	12,050	0	12,050	0				12,050	0		0	12,050	0	0
502	Cost of Goods Sold - Accessory Sales	0	0	1,767	0	1,767	0		43		1,810	0		0	1,810	0	0
601	Salaries Expenses	0	0	0	0	0	0		4,600		4,600	0		0	4,600	0	0
602	Supplies Expenses	0	0	0	0	0	0		498		498	0		0	498	0	0
603	Insurance Expenses	0	0	0	0	0	0		183		183	0		0	183	0	0
604	Rent Expense	0	0	2,400	0	2,400	0				2,400	0		0	2,400	0	0
605	Depreciation expense	0	0	0	0	0	0		280		280	0		0	280	0	0
606	Utilities expense	0	0	0	0	0	0		357		357	0		0	357	0	0
607	Advertising expense	0	0	660	0	660	0				660	0		0	660	0	0
608	Interest expense	0	0	0	0	0	0		133		133	0		0	133	0	0
609	Doubtful Accounts expense	0	0	0	0	0	0		186		186	0		0	186	0	0
		0	0	223,920	223,920	169,249	169,249		11,280	11,280	174,805	174,805		26,012	26,012	150,148	150,148