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Journal Entry Instructions Within this worksheet you will find a list of transactions for the month of June. Use these to write the corresponding journal entries. You are to write all the journal entries in general journal format (double entry accounting) uST DEBITS BEFORE CREDITS. SKIP 1 LINE AFTER EACH ENTRY. MAKE SURE TO INPUT THE CORRECT 2 TRANSACTIONS ON EACH GENERAL JOURNAL PAGE THERE WILL BE EXTRA ROWS ON EACH PAGE!!! fore starting work, review the entire project: all instructions, business transactions descriptions, workbo ok sections, check figures, due dates, and submission requirements Credit Terms & Inventory Accounting When Davenport Docking purchases ONLY merchandise inventory from a supplier or vendor on account, the receive credit terms of 2/20, net 30. Do NOT round intermediate calculations. If required round final number 5 to nearest cent When Davenport Docking sells merchandise to a customer on account, they offer that customer 6 of 2/30, net 45. Do NOT round intermediate calculations. If required round final number to nearest cent ing uses a perpetual inventory accounting system and a last-in, first-out (LIFO) inventory costing method. Within this workbook there is a worksheet labeled Inventory Control. You will need t update this worksheet EVERYTIME a purchase or sale of INVENTORY is made. As part of that prao be calculating the value of COGS each time you generate a sale of Inventory. Use t he Inventory Control 7 worksheet to calcluate your coGS values Davenport Docking uses the net method of acco unting for purchases and sales. The net method assumes that nts are taken when a purchase or sale is made on ascount. Dissounts are applied right aw ay Accounts AR ledger Char of Accomts Ap kedger Chart of Accounts G.Transactions

JUNE JOURNAL TRANSACTIONS June 1 Purchased 5,000 Fish Finder units on Credit from Raydar Marine for $42.00 per unit. Issued 10,000 shares of common stock for $20 per share (Refer to the Chart of Accounts for June 1 description of common stock) Signed a one-year 15%, S2 16,000 note payable with Boat US Bank. Sold 4,000 propellers on account to Chris Craft for S85 per units, Invoice #5555. Rented part of the warehouse to a new tenant and received $6,000 for three months rent (June, July, 51June 1-_ une 1 87J June 2 August) sold 5,200 Fish Finder units on account to Sea Ray for S82 per unit, invoice #5556. Purchased office supplies from Staples on credit for $4,800. 21 June 2 23 June 2 24 END OF PAGE 1. THE ENTRIES AFTER THIS MUST GO ON PAGE 2 25 4 Chart of Accounts AR LedgerChart of Accounmt illerisit!에aitouantFGU i Transactions : meentory Control / General

4 END OF PAGE 1. THE ENTRIES AFTER THIS MUST GO ON PAGE 2 June 2 26 Sold 900 Downriggers for $66 per unit and 800 propeller units for $86 per unit on account to Boston whaler, Invoice #5560. June 3The Board of Directors declared a cash dividend of $2 per share for shareholders of record on June 5th, payable on June 12th. Refer to the chart of accounts for # of outstanding shares. Please include ALL outstanding shares as of June 5th 28 30 June 4 Received payment from Chris Craft for May 20th sale. 31 June 4A bankruptcy judge disallowed Davenport Dockings claim for $7,000 due from Four Winns. June 5 Paid $3,300 to DU Utility Co. for utilities bill that was recorded in May as an Account Payable, June 6Purchased 8,000 shares of Grand Valley Marine, Inc. stock for $15 per share. The investment is 32 Management decided to write off this accounts receivable. 34 Check #5278. intended to be held for less then 1 year. Received and paid expense reports for travel and entertainment totaling S5.925, Check #5279. paid for office supplies purchased on lune 2nd, Check #5280. 36 June 7 39 40 June 8 41 END OF PAGE 2. THE ENTRIES AFTER THIS MUST GO ON PAGE 3 Chart of Accounts AR LedgerChart of Accounts AP Ledger Chart of Accounts GL Transactions

lune 8 paid for office supplies purchased on June 2nd, Check #5280. END OF PAGE 2. THE ENTRIES AFTER THIS MUST GO ON PAGE 3 June 11 Paid in full for the June 1 purchase from Raydar Marine, check #5281. June 11 Received a bill from the law firm Bob Loblaw for $15,845, payable upon receipt, for bond 15 consulting fees, paid the bill immediately-no payable recognized. Issued Check #5282. 47|June 12 Paid the dividend that was declared on June 3, Check #5283. Took advantage of a trade discount of 20% on the purchase of 3,100 propellers on account from Acme. Before applying trade discount the propellers are selling for $50 per unit. (Trade discount taken on total BEFORE purchase discount). June 13 49 SU 51 June 13 Purchased 1,850 Fish Finder units on credit from Raydar Marine for $50 per unit. 53 June 15 Sold 3,500 Propellers on credit to Donzi for $99.00 per unit, Invoice 5557 June 15 Check # 5284 was issued for payroll: S40,500 for salaried and $16,500 for wages. 57 june 16 Purchased 2,500 Downriggers on credit from Scotty for $32 per unit. 58 END OF PAGE 3. THE ENTRIES AFTER THIS MUST GO ON PAGE 4

B END OF PAGE 3. THE ENTRIES AFTER THIS MUST GO ON PAGE 4 June 17 0 Issued a credit to Sea Ray for the return of 350 defective fish finder units from the June 2nd sale. These units has a cost basis of $41.16 per unit. June 17 52 Returned the 350 defective units received from sea Ray to Raydar Marine. Raydar Marine issued a cash refund. 64 June 18 Received payment in full from Chris Craft for the June 1st sale. While inspecting the June 13th purchase, it was discovered that the Fish Finder units were programmed for South America instead of North America. Davenport Docking returned the entire order to Raydar Marine. June 20 68 June 20 Davenport Docking purchased 2,800 shares of its own stock for $10 per share b9 70 June 22 Sold 2,650 Downriggers on credit to Sea Ray for $56 per unit, Invoice #5559. 72 June 23 Paid $195,000 of the $362,500 owed to Acme from May 25, Check R5285. 73 END OF PAGE 4·TIE ENTRIES AFTER THIS MUST GO ON PAGE 5 /4 75 june 23 Received payment from Donzi for $175,000 of the s300,000 owed from May Purchased a $3,000 international phone card for one of the sales representatives upcoming Chart of Accounts AR Ledger Chart of Accounts AP Ledger Chart of Accounts GL Transactions June 24 inven

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June 28 Sold 1,000 treasury shares from June 20th transaction for $i5per share END OF PAGE 5. THE ENTRIES AFTER THIS MUST GO ON PAGE 6 2 June 29 Received payment in full from Donzi for the June 27th transaction. 4 June 29 Sold 3,000 shares of Grand Valley Marine, Inc stock for $18 per share. 61June 29 Check #5292 was issued for payroll: $40,500 for salaries and $17,750 for wages. June 30 Paid the first months principal payment of $18,000 on the note payable from June 1 Boat US bank. In addition, paid one months interest (interest calculated BEFORE principal payment each month), check #5293 98 Issued bonds payable at 97 discount. Face value of the bonds is $400,000. Contract rate on bond is 8% and bond matures in 5 years. June 30 100 IU uz 103 AR Ledaer Chart of Accounts

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