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Now that you’ve been made aware of the company’s financial picture as of June 30
Now that you’ve been made aware of the company’s financial picture as of June 30, you, the bookkeeper, can begin to work through Splash House’s transactions through the month of July. You’ll have to journalize the transactions and post to the respective ledger accounts. Once the ledger accounts have been brought to their ending balance as of July 31, you’ll then create the following financial statements for the owner:
1. Schedule of Sales 15 points
2. Schedule of Accounts Receivable 15 points
3. Schedule of Accounts Payable 10 points
4. Schedule of Merchandise Inventory 15 points
5. Bank Reconciliation 15 points
6. Income Statement 15 points
7. Balance Sheet 15 points
The information you need to answer the following questions is within this work book (attached).
Now you’re ready to begin entering the following transactions.
SPLASH HOUSE EQUIPMENT TRANSACTIONS: 07/01: Pay July salaries : Check #82
07/02: Sale of 3 paddleboards to Dodge Lodge plus 6% Sales Tax. Terms are 2/10, n/30.
07/02: Purchased 5 wet suits and 5 Mask/Flipper/Snorkel sets from Cousteau Underwater Inc. The wet suits cost $220 each and the MFS sets cost $12 each. Terms are 2/10, n/30. Took delivery today.
07/03: Issued check #83 to Kayak Warehouse for amount owed as of 06/27. Take discount on full amount.
07/03: Sale of 2 Kayak 500s to Pierce Family Sporting Group plus Sales Tax. Terms are 2/10, n/30
07/04: Fay Family Recreation Centre returned two safety kits purchased in June because the kits were incomplete. Splash House agreed to reduce the Centre’s June 17 receivable accordingly. You memo yourself to adjust all accounts affected by this return.
07/05: Returned the two defective Safety Kits to Reelin in the Years Fishing Co. Reelin in the Years agreed to deduct the return from the June 27 account payable. You memo yourself to adjust all accounts affected by this return.
07/05: Issued check #84 to Reelin in the Years to pay amount owed on June 27th account payable. Take discount on full amount of account payable.
07/05: Sale of 1 Kayak 1000 to St.Catharines Private School. Terms are 2/10, n/30, plus sales tax.
07/06: Received check from Manyak Kayak Group to settle account receivable from June 15th.
07/06: Received check from Dodge Lodge as payment of its receivable as of June 1st.
07/07: Received $5,000 check from Namur Prince Scuba Club in partial payment of its June 20th account receivable.
07/07: Issued checks #85 and #86 respectively to Cousteau Underwater Inc. and The Boarding Skool in payment of account balances as of June 28 for Cousteau Underwater Inc. and June 29 for The Boarding Skool. Take discount on full amount.
07/08: Sale to Namur Prince Scuba Club consisting of two wet suits –sale price $400 each, plus Sales Tax. Terms are 2/10, n/30 07/08: Received electric bill from St. Catharines Electrical Power Co. The amount is $150 due on 07/18
07/09: Sale of 10 MFS Sets to Aqua Vadis Sporting Group $16.00 each plus Sales Tax. Terms are 2/10, n/30.
07/10: Sale of 10 Kayak 500s to Manyak Kayak Group plus Sales Tax. Terms are 2/10, n/30
07/10: Received bill from Ultrasonic Gasoline Inc. for gasoline purchased for truck in June. $200.00, due on July 27th.
07/10: Check #87: Paid June 30th balance owing to Odds and Rods Fishing Supplies
07/11: Purchased 10 fishing rods at $125.00 each from Odds and Rods Fishing Supplies and took delivery today. Terms are 2/10, n/30.
07/11: Sale of one Kayak1000 to the Dodge Lodge plus Sales Tax. Terms are 2/10, n/30
07/12: Sale of 5 fishing rods to Pierce Family Sporting Group plus Sales Tax. Terms are: 2/10, n/30
07/12: Sale of 5 paddleboards to St. Catharines Private School plus Sales Tax.
07/13: Sale of 20 wet suits to Namur Prince Scuba Club plus Sales Tax. Terms are 2/10; n/30
07/13: Issued check #88 to pay electric bill from July 8th
07/13: Sale of 10 Kayak 500s to Fay Family Recreation Centre, plus Sales Tax.
07/14: Sale of 20 Kayak500s to St. Catharines Private School plus Sales Tax. Terms are 2/10, n/30
07/15: Issued check #89 to pay Odds and Rods Fishing Supplies for purchase of July 11th. Compute any discount available on purchase price alone.
07/15: Sale of 5 Kayak1000s to Manyak Kayak Group plus Sales Tax. Terms are 2/10;n/30
07/15: Ms. Romana just advised that the company truck had been in the Swifty Muffler Shop and that the bill for the new muffler is $379. She asks you to issue her a check #90 so that she can pay for the repairs.
07/15: Received check from St. Catharines Private School – full payment from July 5th sale.
07/16: Received two checks from Namur Prince Scuba Club. One check is for amount still owing on June 20th receivable; the other is in payment of sale made on July 8th.
07/17: Received check from Aqua Vadis Sporting Group in payment of its July 9th receivable
07/18: Received check from Manyak Kayak Group in payment of its July 10th receivable
07/18: Ms. Romana has been trying to interest the Knot Yacht Club in some of Splash House’s items and has taken the president and treasurer out to dinner at Captain Steamliner’s restaurant. The bill was $250, which she paid on her company credit card. She asks you to note this transaction on your books.
07/20: Based upon the loan schedule, record the payment of principal and interest for the month of July. Hint: Consult the trial balance and make separate entries to record payment of the principal and payment of the interest.
07/22: Received payment from Dodge Lodge for receivable of July 11th
07/22: Received payment from Pierce Family Sporting Group and St. Catharines Private School in payment of their July 12th receivables.
07/23: Received payment from Fay Family Recreation Centre for July 13th receivable
07/24: Received payment from St. Catharines Private School for receivable of July 14th
07/25: Issued check #91 to pay Ultrasonic Gasoline Inc. for bill due July 27th 07/31: Record the following end of month adjustments to be paid next month: Salary, store supplies, office supplies, rent, insurance, plant & machinery depreciation, motor vehicles depreciation.
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