Need all general journal entries any further answers appreciated. Thanks. Compan

Question

Need all general journal entries any further answers appreciated.

Thanks.

Company Background & Scenario The Panther Marine Company is a well-established, publicly-held corporation, operating as a wholesaler in the marine parts industry. Specifically, Panther Marine purchases marine parts from manufacturers and sells them to large business customers. Most purchases and sales are on account, with trade credit terms specified in Transactions" worksheet within this workbook. You're a Davenport University student pursuing a bachelor's degree in business and employed at the Panther Marine Company this semester as an intern. You've worked in various departments and on several projects so far, learning a lot about the company's business operations. Management seems impressed with your enthusiasm and the quality of your work. The company's accountant has just been called away for a family emergency and will likely be absent for a month or so. The General Manager asks you to take over the accountant's regular duties on an interim basis. You're nervous about doing so, but are confident that what you've learned in accounting class, plus your personal problem-solving skills, will make this a successful experience. What a great learning opportunity, not to mention an enhancement to your resume!

Explanation / Answer

SHARES IN GRAND VELLY MARINE INC.

(INVESTMENT)

(3250*52=$169000) LESS 20% DISCOUNT

= 135200

      DATE           PARTICULARS    DEBIT CREDIT     ( $)      ($) JUNE 1 PURCHASE 210000 RAYDER MARINE 210000 JUNE 1 BANK 200000 SHARE CAPITAL 10000 PREMIUM ON ISSUE OF COMMON STOCK 190000 JUNE 1 BANK 216000 NOTE PAYABLE 216000 JUNE 1 CHRIS CRAFT 340000 SALES 340000 JUNE 2 BANK 6000 RENT 2000 ACCRUED RENT 4000 JUNE 2 SEA RAY 426400 SALES 426400 JUNE 2 OFFICE SUPPLIES 4800 STAPELS 4800 JUNE 2 BOSTON WHALER 128200 SALES(DOWNRIGGERS) 59400 SALES(PROPELLER) 68800 JUNE 3 PROFIT AND LOSS 100000 PROVISION FOR DIVIDENDS 100000 (40000+10000 COMMON STOCK0 JUNE 4 BANK 86350 CHIRS CRAFT 86350 JUNE 4 PROFIT AND LOSS 7000 FOUR WINNS(A/C RECIEVABLE) 7000 JUNE 5 ACCOUNT PAYABLE (DU UTILITY CO.) 3300 BANK 3300 JUNE 6

SHARES IN GRAND VELLY MARINE INC.

(INVESTMENT)

120000 BANK 120000 JUNE 7 TRAVEL& ENTERTAINMENT EXPENSES 5925 BANK 5925 JUNE 8 STAPLES 4800 BANK 4800 JUNE 11 RYDAR MARINE 210000 BANK 210000 JUNE 11 CONSULTING FEES(EXPENSES) 4100 BANK 4100 JUNE 12 PROVISION FOR DIVIDEND 100000 DIVIDEND 100000 JUNE 12 DIVIDEND 100000 BANK 100000 JUNE 13 PURCHASE(PROPELLERS) 135200 ACME 135200

(3250*52=$169000) LESS 20% DISCOUNT

= 135200

JUNE 13 PURCHASE (FISH FINDER) 92500 RAYDAR MARINE 92500 JUNE 15 DONZI 346500 SALES (PROPELLERS) 346500 JUNE 15 SALERIES 20500 WAGES 6600 BANK 27100 JUNE 16 PURCHASE (DOWNRIGGERS) 80000 SCOTTY 80000 JUNE 17 CREDIT NOTE 28700 SEA RAY 28700 CREDIT WILL BE ISSUED FOR SELLING AMT. JUNE 17 CASH 17500 RAYDAR MARINE 17500 (AS WE ARE FOLLOWING LIFO METHOD WE WILL CONSIDER THE PURCHASE PRICE OF LATEST PURCHASE WHICH IS $50 PER UNIT) JUNE 18 BANK 340000 CHRIS CRAFT 340000 JUNE 20 RAYDAR MARINE 75000 PURCHASE RETURN 75000 (1850 UNITS WERE PURCHASED OUT OF WHICH 350 RETURED EARLIER SO NOW 1850- 350= 1500 UNITS HAVE BEEN RETURNED) JUNE 20 BANK 28000 MARINE STOCK 28000 JUNE 22 SEA RAY 148400 SALES 148400 JUNE 23 ACME 195000 BANK 195000 JUNE 23 BANK 175000 DONZI 175000 JUNE 24 PHONE CARD(TRAVEL EXP.) 3000 BANK 3000 JUNE 25 ACME 135200 BANK 135200 JUNE 26 PURCHASE 41250 BANK 41250 JUNE 27 DONZI 91500 SALES 91500

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