Acct202 AC Speed Company, Best Research Paper Writing Service

Acct202 AC Speed Company (Working Papers ONLY) – Spring Summer 2014 (June 2010 Transactions)

Acct202 Accounting Simulation (Practice Set) AC Speed Company – Spring Summer 2014 (June 2010 Transactions) ***This tutorial contains working papers in Excel ONLY*** JUNE 2010 JOURNAL TRANSACTIONS June 1Signed a one-year 18.5%, $180,000 note payable with First Bank.June 1Purchased 3,000 GPS units on Credit from Navistar for $35.00 per unit.June 1Issued 5,500 shares of common stock for $11 per share (Refer to General ledger for description of common stock). June 1Sold 2,000 DVD players on account to Toyota for $75 per units, Invoice #5555.June 2Sold 3,500 GPS units on account to Kia for $52 per unit, Invoice #5556.June 2Purchases office supplies from Office Max on credit for $1,200. June 2Sold 900 docking stations for $64 per unit and 1950 GPS units for $83 per unit on account to Nissan, Invoice #5560. June 3The Board of Directors declared a cash dividend of $5 per share for shareholders of record on June 5th, payable on June 12th. June 4Received payment from Toyota for May 11th sale June 4Rented part of the warehouse to a new tenant and received $4,900 for three months rent (June, July, August). June 5Paid $2,100 to Michigan Utility Co. for utilities bill that was recorded in May as an Account Payable, Check #5278. June 7Received and paid expense reports for travel and entertainment totaling $925, Check #5279. June 8Paid for office supplies purchased on June 2nd, Check #5280. June 11Paid in full for the June 1 purchase from Navistar, Check #5281. June 11Received a bill from the law firm of Larry, Moe & Curly for $5,400, payable upon receipt, for bond consulting fees, Check #5282. June 12Paid the dividend that was declared on June 3, Check #5283. June 13Took advantage of a special deal to purchase 3,250 DVD players on account from JVC for $48 per unit. June 13Purchased 850 GPS units on credit from Magellan for $33 per unit.June 15Sold 2,000 DVD players on credit to Fort Motor Co. for $89.00 per unit, Invoice 5557. June 15Check # 5284 was issued for payroll: $14,500 for salaried and $4,750 for wages.June 16Purchased 1,800 docking stations on credit from Samsung for $42 per unit.June 17Issued a credit to Kia for the return of 350 defective units from the June 2nd sale. These units has a cost basis of $35 per unit. June 17Returned the 350 defective units received from Kia to Navistar. June 18Received payment in full from Toyota for the June 1st sale. June 20While inspecting the June 13th purchase, it was discovered that the GPS units were programmed for South America instead of North America. AC Speed returned the entire order to Magellan. June 20A bankruptcy judge disallowed AC Speed’s claim for $5,000 due from General Motors. Management Decided to write off this accounts receivable. June 22Sold 1,650 docking stations on credit to Kia for $64.50 per unit, Invoice #5559.June 23Paid $75,000 of the $162,500 owed to JVC from May 25, Check #5285.June 23Received payment from Ford Motor Co. for $175,000 of the $300,000 owed from May 5. June 24Purchased a $100 international phone card for one of the sales representative’s upcoming European business trip, Check #5286. June 25Paid in full for the purchase from JVC on June 13, Check #5287 June 26Purchased 1,250 docking station from Samsung for $41 per unit paying in cash, Check #5288 June 27Sold 1,500 docking stations on credit to Honda for $61 per unit, Invoice 5558.June 27Hired and paid a consultant $75,000 to devise a marketing plan. AC Speed’s management felt this was necessary to develop brand awareness. Check #5289.June 28AC Speed is behind in its mortgage payments to Bank of America. Paid a total of $10,000 ($2,000 principal and $8,000 interest), Check #5290. June 29Received payment in full from Honda for the June 27th transaction.June 29Paid in full for the purchase from Magellan on May 31st, Check #5291.June 29Check #5292 was issued for payroll: $14,500 for salaries and $4,750 for wages.June 30Paid the first month’s principal payment of $15,000 on the note payable. In addition, paid one month’s interest, Check #5293 June 30Issued bonds payable at face value for $350,000 *All purchases of inventory on account terms of 2/15, n/30 **All credit sales have terms of 2/30, n/45