Granite Bay Jet Ski, Inc. Level II Answer Book - PKL Software

1 Granite Bay Jet Ski, Inc., Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 Granite Bay Jet Ski, Inc. Level II Answer Book 5th Edition Student Documents and Evaluation Answers Granite Bay Jet Ski, Inc., Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 Notes to Professors: The year to dates of the financial documents in the Answer Book will not reflect the current year, but will show a year to date of 2008.

2 The financial documents printed by your students will show a year to date of the current year plus one. Granite Bay Jet Ski, Inc., Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 Student Documents for June 3 9 Module 1 The student is not required to print any documents for June 3 9. These documents would be printed for audit purposes only.

3 Answer Book Granite Bay Jet Ski, Inc., Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 Granite Bay Jet Ski II Trial Balance June 9, 2008 Account Titles Debit Credit ---------------------------------------- ----------------------- Cash 78, Petty Cash Short-Term Investments 15, Accounts Receivable 56, Allowance for Doubtful Accounts Accts. Receivable, Credit Card Co. 8, Merchandise Inventory 217, Prepaid Insurance 4, Prepaid Property Tax Store and Shop Supplies 3, Store Equipment and Fixtures 69, Accum.

4 Deprec., Store Equip. and Fix. 13, Shop Equipment 34, Accum. Depreciation, Shop Equipment 7, Trucks 42, Accumulated Depreciation, Trucks 7, Accounts Payable 74, Notes Payable 12, Sales Tax Payable 4, Unearned Storage Fees 13, Long-term Notes Payable 70, Common Stock 225, Retained Earnings 73, Dividends Declared 2, Watercraft and Accessory Sales 226, Sales Returns and Allowances 2, Service Fees Earned 8, Cost of Goods Sold 160, Transportation-In Salaries and Wages Expense 14, Truck and Equipment Operating Exp. Advertising Expense 2, Delivery Expense Credit Card Expense 1, Tools Expense Rent Expense 15, Electricity and Gas Expense Telephone Expense Bank Service Charges License Expense Professional Services Expense Cash Short and Over Discounts Lost Miscellaneous Expense Interest Earned Dividends Earned Granite Bay Jet Ski, Inc.

5 , Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 Miscellaneous Revenue Income Taxes Expense 3, Interest Expense ---------- ---------- Total 736, 736, ========== ========== Granite Bay Jet Ski, Inc., Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 Answer Book Granite Bay Jet Ski II General Journal Date Accounts and Explanation PR Debit Credit ---------------------------------------- ---------------------------------------- -- June 3 Cash 101 Service Fees Earned 411 Sales Tax Payable 205 Invoice: G4010 June 2 Cash 101 Miscellaneous Expense 635 Invoice: 23339 June 2 Advertising Expense 604 Cash 101 Check: ERROR Invoice.

6 23339 June 3 Store Equipment and Fixtures 131 Store and Shop Supplies 127 Accounts Payable 201 Invoice: A4761 Vendor: 20110 Andregg Supply June 4 Cash 101 10, Watercraft and Accessory Sales 401 9, Sales Tax Payable 205 Invoice: G4011 June 4 Cost of Goods Sold 501 7, Merchandise Inventory 115 7, Invoice: G4011 June 4 Petty Cash 102 Store and Shop Supplies 127 Delivery Expense 606 Cash 101 Check: 31217 Invoice: PCASH June 4 Allowance for Doubtful Accounts 106 1, Accounts Receivable 105 1, Invoice: WROFF Customer: 11340 Buster Jenkins June 4 Cash 101 1, Unearned Storage Fees 221 1, Invoice: G4012 Granite Bay Jet Ski, Inc.

7 , Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 June 5 Merchandise Inventory 115 3, Accounts Payable 201 3, Invoice: S2717 Vendor: 28600 Starlight Sports June 6 Cash 101 Dividends Earned 713 Invoice: CASHD June 6 Cash 101 Watercraft and Accessory Sales 401 Service Fees Earned 411 Sales Tax Payable 205 Invoice: G4013 June 6 Cost of Goods Sold 501 Merchandise Inventory 115 Invoice: G4013 June 6 Merchandise Inventory 115 46, Transportation-In 505 Accounts Payable 201 46, Invoice.

8 K4461 Vendor: 24500 Kawasaki USA June 6 Accounts Receivable 105 Watercraft and Accessory Sales 401 Sales Tax Payable 205 Invoice: G4014 Customer: 11780 Royal Bar Jetters June 6 Cost of Goods Sold 501 Merchandise Inventory 115 Invoice: G4014 Customer: 11780 Royal Bar Jetters June 7 Cash 101 15, Watercraft and Accessory Sales 401 14, Sales Tax Payable 205 1, Invoice: G4015 June 7 Cost of Goods Sold 501 11, Merchandise Inventory 115 11, Invoice: G4015 June 7 Cash 101 25, Common Stock 301 25, Invoice: CMSTK June 8 Accum.

9 Deprec., Store Equip. and Fix. 132 Store Equipment and Fixtures 131 Invoice: DONAT Granite Bay Jet Ski, Inc., Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved. Last Revised: January 18, 2020 June 9 Advertising Expense 604 Cash 101 Check: 31218 Invoice: 90866 June 9 Dividends Payable 207 2, Cash 101 2, Check: 31219 Invoice: DIVPD Granite Bay Jet Ski, Inc., Level II Answer Book Copyright 2010 - 2020 PKL Software , Incorporated. All rights reserved.

10 Last Revised: January 18, 2020 Answer Book Granite Bay Jet Ski II Schedule of Accounts Receivable Last Activity Date: June 6, 2008 Number Name Balance 10300 Arlene Burnet $ .00 10550 Browns Ravine Jet Skiers .00 10890 Sean Dee 10930 Folsom Lake Skimmers .00 11100 Charles Grubonski 17, 11220 Isabelle Hart .00 11340 Buster Jenkins .00 11560 Chris Nelson 12, 11640 Paul Owens 11685 Hazel Peske .00 11780 Royal Bar Jetters 11850 Sierra Jet Set .00 11960 Don Temple .00 11990 Waterrippers, Inc. 25, ---------- Total Accounts Receivable $ 56, ========== Granite Bay Jet Ski, Inc.