Acct202 AC Speed Company (Working Papers ONLY) - Winter 2014 (June 2013 transactions)

*This tutorial is in MS EXCEL WITH MACRO for the working papers (Excel working paper computations) only!!!
f you also need the business memo (Word), please follow this link:

Important Reminder: This tutorial was specifically requested and has been used by the original buyer. Please make sure you reword or paraphrase this tutorial and DO NOT submit this tutorial as your own work because you will be marked for PLAGIARISM.

Acct202 Practice Set Winter 2014
AC Speed Company (June 2013 transactions)
Part 1 – Excel Working Paper
June 2013 Journal Transactions:
June 1 Signed a 3 year 7.5% , $200000 note payable with First Bank.
June 1 Purchased 3,000 GPS units on credit from Navistar for $36 per unit.
June 1 Issued 5,500 shares of common stock for $11 per share (Refer to General Ledger for description Of common stock).
June 1 Sold 2,000 DVD players on account to Toyota for $76 per unit, Invoice #5555
June 2 Sold 3,500 GPS units on account to Kia for $53 per unit, Invoice #5566.
June 2 Purchased office supplies from Office Max on credit for $1,200
June 2 Sold 900 docking stations for $64 per unit and 1,950 GPS units for $83 per unit on account to Nissan, Invoice #5557.
June 3 The Board of Directors declared a cash dividend of $5 per share for shareholders of record on June 5th, payable on June 12th .
June 4 Received payment from Toyota for May 11th sale.
June 4 Rented part of the warehouse to a new tenant and received $5,400 for three months rent starting in June
June 5 Paid $2,100 to Michigan Utility Co. for utilities bill that was recorded in May as an Account Payable, Check #5278.
June 7 Received and paid expense reports for travel and entertainment totaling $925, Check #5279.
June 8 Paid for Office supplies purchased on June 2nd , Check #5280.
June 11 Paid in full for the June 1 purchase from Navistar, Check #5281.
June 11 Received a bill from the law firm of Larry, Moe & Curly for $5,400, payable upon receipt, for bond consulting fees, Check #5282.
June 12 Paid the dividend that was declared on June 3, Check #5283.
June 13 Took advantage of a special deal to purchase 3,250 DVD players on account from JVC for $48 per unit
June 13 Purchased 850 GPS units on credit from Magellan for $33 per unit
June 15 Sold 2,000 DVD players on credit to Ford Motor Co. for $89 per unit, Invoice 5558.
June 15 Check # 5284 was issued for payroll: $14,500 for salaried and $4,750 for wages.
June 16 Purchased 1,800 docking stations on credit from Samsung for $42 per unit.
June 17 Issued a credit to Kia for the return of 350 defective units from the June 2nd sale. These units has a cost basis of $36 per unit.
June 17 Returned the 350 defective units received from Kia to Navistar. (GPS)
June 18 Received payment in full from Toyota for the June 1st sale.
June 20 While 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 20 A bankruptcy judge disallowed AC Speed's claim for $5,000 due from General Motors. Management Decided to write off this accounts receivable.
June 22 Sold 1,650 docking stations on credit to Kia for $64.50 per unit, Invoice #5559.
June 23 Paid $75,000 of the $162,500 owed to JVC from May 25, Check #5285.
June 23 Received payment from Ford Motor Co. for $175,000 of the $300,000 owed from May 5.
June 24 Purchased a $100 international phone card for one of the sales representative's upcoming European business trip, Check #5286.
June 25 Paid in full for the purchase from JVC on June 13, Check #5287
June 26 Purchased 1,250 docking station from Samsung for $41 per unit paying in cash, Check #5288
* June 27 Sold 1,500 docking stations on credit to Honda for $61 per unit, Invoice 5560.
June 27 Hired 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 28 AC 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 29 Received payment in full from Honda for the June 27th transaction.
June 29 Paid in full for the purchase from Magellan on May 31st, Check #5291.
June 29 Check #5284 was issued for payroll: $14,500 for salaries and $4,750 for wages.
June 30 Paid the first month's principal payment of $15,000 on the note payable. In addition, paid one month's interest, Check #5293
June 30 Issued bonds payable at face value for $450,000

* all purchases on account terms of 2/15, n/30
* all credit sales have terms of 2/20, n/30

Practice Set Corrections (see asterisk * items as these are corrected items already)
June 27 transaction
Payment and sales credit terms