(Solved) : June Journal Transactions June 1 Purchased 5 000 Fish Finder Units Credit Raydar Marine 42 Q26193950 . . .

JUNE JOURNALTRANSACTIONS
June 1 Purchased 5,000 Fish Finder units on Credit from Raydar Marinefor $42.00 per unit.
June 1 Issued 10,000 shares of common stock for$20 per share (Refer to the Chart of Accounts for description ofcommon stock).
June 1 Signed a one-year 15%, $216,000 notepayable with Boat US Bank.
June 1 Sold 4,000 Propellers on account to ChrisCraft for $85 per units, Invoice #5555.
June 2 Rented part of the warehouse to a newtenant and received $6,000 for three months rent (June, July,August).
June 2 Sold 5,200 Fish Finder units on account toSea Ray for $82 per unit, Invoice #5556.
June 2 Purchased office supplies from Staples oncredit for $4,800.
June 2 Sold 900 Downriggers for $66 per unit and800 propeller units for $86 per unit on account to Boston Whaler,Invoice #5560.
June 3 The Board of Directors declared a cashdividend of $2 per share for shareholders of record on June 5th,payable on June 12th. Refer to the chart of accounts for # ofoutstanding shares. Please include ALL outstanding shares as ofJune 5th.
June 4 Received payment from Chris Craft for May20th sale.
June 4 A bankruptcy judge disallowed PantherMarine’s claim for $7,000 due from Four Winns. Management decidedto write off this accounts receivable.
June 5 Paid $3,300 to DU Utility Co. forutilities bill that was recorded in May as an Account Payable,Check #5278.
June 6 Purchased 8,000 shares of Grand ValleyMarine stock for $15 per share. The investment is intended to beheld for less then 1 year.
June 7 Received and paid expense reports fortravel and entertainment totaling $5,925, Check #5279.
June 8 Paid for office supplies purchased on June2nd, Check #5280.
June 11 Paid in full for the June 1 purchase fromRaydar Marine, Check #5281.
June 11 Received a bill from the law firm BobLoblaw for $4,100, payable upon receipt, for bond consulting fees,paid the bill immediately-no payable recognized. Issued Check#5282.
June 12 Paid the dividend that was declared onJune 3, Check #5283.
June 13 Took advantage of a trade discount of 20%on the purchase of 3,250 Propellers on account from Acme for $52per unit. (Trade discount taken on total BEFORE other purchasediscount).
June 13 Purchased 1,850 Fish Finder units oncredit from Raydar Marine for $50 per unit.
June 15 Sold 3,500 Propellers on credit to Donzifor $99.00 per unit, Invoice 5557.
June 15 Check # 5284 was issued for payroll:$20,500 for salaried and $6,600 for wages.
June 16 Purchased 2,500 Downriggers on credit fromScotty for $32 per unit.
June 17 Issued a credit to Sea Ray for the returnof 350 defective fish finder units from the June 2nd sale. Theseunits has a cost basis of $41.16 per unit.
June 17 Returned the 350 defective units receivedfrom Sea Ray to Raydar Marine. Raydar Marine issued a cashrefund.
June 18 Received payment in full from Chris Craftfor the June 1st sale.
June 20 While inspecting the June 13th purchase,it was discovered that the Fish Finder units were programmed forSouth America instead of North America. Panther Marine returned theentire order to Raydar Marine.
June 20 Panther Marine purchased 2,800 shares ofit’s own stock for $10 per share.
June 22 Sold 2,650 Downriggers on credit to SeaRay for $56 per unit, Invoice #5559.
June 23 Paid $195,000 of the $362,500 owed to Acmefrom May 25, Check #5285.
June 23 Received payment from Donzi for $175,000of the $300,000 owed from May 5.
June 24 Purchased a $3,000 international phonecard for one of the sales representative’s upcoming Europeanbusiness trip, Check #5286.
June 25 Paid in full for the purchase from Acme onJune 13, Check #5287
June 26 Purchased 1,250 Downriggers from Scotty for $33 per unit payingin cash, Check #5288
June 27 Sold 1,500 Downriggers on credit to Donzifor $61 per unit, Invoice 5558.
June 27 Hired and paid a consultant $85,000 todevise a marketing plan. Panther Marine’s management felt this wasnecessary to develop brand awareness. Check #5289.
June 28 Panther Marine is behind in its mortgagepayments to LMCU. Paid a total of $20,000 ($4,000 principal and$16,000 interest), Check #5290.
June 28 Sold 1,000 treasury shares from June 20th transaction for $15per share
June 29 Received payment in full from Donzi forthe June 27th transaction.
June 29 Sold 3,000 shares of Grand Valley Marinestock for $18 per share.
June 29 Check #5292 was issued for payroll:$20,500 for salaries and $7,750 for wages.
June 30 Paid the first month’s principal paymentof $18,000 on the note payable. In addition, paid one month’sinterest, Check #5293
June 30 Issued bonds payable at 97 discount. Facevalue of the bonds is $400,000. Contract rate on bond is 8% andbond matures in 5 years.

 

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