Project 1 SeaSide Marina This project requires you to tie all parts of the accounting process together in a relatively simple manner. It is intended to enhance your understanding of fundamental accounting concepts and illustrate how all parts of an accounting system join together. You are required to complete a set of typical transactions, post the transactions to the General and Subsidiary Ledgers, complete a trial balance, month end adjustments, and an adjusted trial balance. Some students have found it helpful to complete the transactions in the workbook first.The final part of the project requires you to put together a complete set of financial statements (including a classified balance sheet and a multiple-step income statement) as well as the first footnote in most financial reports (Summary of Significant Accounting Policies). This is to be done manually not in the Seaside softwareSeaside Marina is an online program that contains program files that are downloaded and installed on your PC (the program does not work on Apple computers). This program is a learning tool and is not intended to demonstrate an actual commercial automated accounting system. The program files contain both a workbook file along with documentation in PDF format (make sure you print out this file for reference). In addition to the workbook and documentation, there is a link to access the online software. In order to access the online Seaside program for the first and subsequent sessions, you are required to have a session id number and product code. TheSession ID number is7007 for our class and the product code will be emailed to you along with a link to download the Seaside Marina software after your purchase is complete. Note: The e-mail sent by Ivy Software is often blocked by the Siena SPAM filter. Make sure you check your blocked messages after you order the software to insure you get your”Seaside Marina Download Link and Product Code.” Ivy Software recommends that you write the session id number and product code on your workbook after printing it out. Instructions for how to complete the Seaside Marina project are contained in the workbook file and should be carefully reviewed before beginning the project.To purchase the software, please click on the link directly to the Siena College order page:http://shop.ivysoftware.com/SearchResults.asp?Cat=229. After entering your name and payment information into the Ivy Software secure server, you will receive an order number along with a confirmation email. After they process your credit card, you will receive an email labeled “Seaside Marina Download Link and Product Code” which will contain a link to download your software and the product code to access it.Please feel to call Ivy Software at 800-342-5489 for assistance or via email at[email protected] if you have any questions about Seaside Marina or the ordering process.Requirements and Due Dates:Instructions 1 – 4 in the SeaSide workbook posted in BlackBoard under “Assignments(The transactions for the last three days of June) must be completed prior to and aredue Thursday, Oct. 1at the beginning of class. You do not need to turn in anything to the instructor. I will download results from Ivy Software.I will e-mail students the correct balance for any general ledger accounts that are incorrect. You need to adjust any incorrect amounts. Then you are required to complete Instruction 5 in the SeaSide workbook posted in BlackBoard under “Assignments” (the adjusting journal entries required at the end of the month). Make sure you use the adjusting entry mode when posting to the General Ledger. The adjusting entry mode is located in tool bar of the General Ledger.Instruction 6 in the SeaSide workbook posted in BlackBoard under “Assignments”(the adjusting journal entries required at the end of the month) and mannualy prepare the financial statements including the first footnote aredue Thursday, Oct. 15 at the beginning of class. The financial statements are to be manually put together from the adjusted trial balance. The financial statements should be in “good form,” meaning they should be formatted in the same manner as published financial statements. You will need to turn in a set of financial statements and the required footnote (Significant Accounting Policies) in good form at the beginning of class. Part 2 You are now required to complete the adjusting journal entries required at the end of the month.Make sure you use the adjusting entry mode when posting to the General Ledger.The adjusting entry mode is located in tool bar of the General Ledger.The financial statements including the first footnote are dueThursday, Oct. 15at the beginning of class. The financial statements are to be put together from the adjusted trial balance. Please e-mail me if you would like me to check your Adjusted Trial Balance numbers prior to Monday, October 12th at noon.The financial statements should be in “good form,” meaning they should be formatted in the same manner as published financial statements. For example (the following list is not inclusive):This means the heading for each financial statement should contain the company name, the date or period covered, and the name of the statement.The first number at the top of a column and the final number in a column should have a dollar sign ($).All numbers should be whole dollar amounts and line up in a column.The last number in a column should have a double underline.You will need to turn in a set of financial statements and the required footnote in good form (examples of the first footnote are posted in BlackBoard under “Assignments”) at the beginning of class on October 9th. Allocation of Points Trial Balance 30%Adjusted Trial Balance 20%Post Closing T/B 10%A/R sub ledger 5%A/P sub ledger 5%Financial statements Income Statement25% Statement of RE or SE 10% Balance Sheet 25% Statement of Cash Flows25% Footnote15% 30%Total 100% 9/17/2015 Transactions for SeaSide Marinahttp://www.ivysoftware.com/cgibin/seaside.pl?code=5BZL28&sessionid=7007&func=gen 1/9Transactions for SeaSide Marina 5BZL28Set 0June 28 (Monday)1. Discovered error made by Jack Hobie. Onethird ($270.00) of the supplies purchased from BeachOffice Supply on June 2 were actually store supplies rather than office supplies.2. Sold merchandise over the counter to Bill Hankins for $110 cash.3. Sold $2,000 of merchandise to Sail Board City on account? terms 3/10, n/30? invoice #17.4. Received a check from Bill Hankins in the amount of $240 to be applied to invoice #8.5. Received a check from Laker Marine Supply in full payment of the balance of their account. You mustdetermine if a discount was taken, and if so, how much it was. Seaside Marina only grants discounts onthe basis of full payment of an invoice within the discount period.6. Paid Avis Boat Builders the balance due on Seaside’s June 3 merchandise purchase.7. Sent a check to Catamaran Corp. in full payment of Seaside’s June 19 merchandise purchase.8. Purchased $1200 of merchandise for resale from Tackle Box Supply on account? terms 2/10, n/30.9. Purchased $1,400 of merchandise for resale from Nautical Industries on account? terms 2/10, n/30.10. Seaside needed additional space and purchased a warehouse to remodel and the land around it. Priorto arranging permanent financing, Seaside signed a short term construction note payable. The terms ofthe note are $50,000, 90 days at 16%. The building value was determined to be $40,000.11. Seaside’s ad agency offered Mr. Hobie a special deal. If he purchased an additional $150 ofadvertising to be used in August, Seaside would receive free layout services. Mr. Hobie paid the agency$150 to be recorded as advertising expense.June 29 (Tuesday)1. Sold $400 of merchandise to BassARama Rentals and $114 of merchandise to Carl Jenkins. Bothcustomers paid cash.2. Sold $2100 of merchandise to Waterfront Marina on account? terms 3/10, n/30? invoice #18.3. Received a check from BassARama Rentals in full payment of invoice #16.4. Received a check from Waterfront Marina in full payment of invoices #14 and #15. You mustdetermine the amount of discount allowed, if any.5. Certain unusable store equipment costing $1,030 was returned by Mr. Hobie and a credit was receivedfrom Office Equipment Company. The remaining balance due on the store equipment was paid in full.9/17/2015 Transactions for SeaSide Marinahttp://www.ivysoftware.com/cgibin/seaside.pl?code=5BZL28&sessionid=7007&func=gen 2/96. Purchased $270 of merchandise for resale from Catamaran Corp. on account? terms n/30.7. Purchased $335 of merchandise for resale from Danforth Tool on account? terms 2/10,n/30.8. Purchased $1110 of merchandise for resale from Tackle Box Supply on account? terms 2/10, n/30.9. Sail Board City returned $840 of merchandise purchased on June 17 and requested that their accountbe credited.10. Requested & Returned $205 of merchandise purchased from Nautical Industries and was given acredit on the account.11. Marlinspike Marine signed a 12%, 60day note dated June 20 to pay the balance of its account. Thenote has not been recorded yet. Sale date was June 19.12. Mr. Hobie leased some extra space in the new warehouse to Wayward Fishers. Seaside collected$500 for July and August rent. Use the Rent Revenue account.June 30 (Wednesday)1. Purchased store supplies costing $810 from Local Supply. Paid cash.2. Paid Beach Office Supply the balance due on Seaside’s account.3. Sent a check for $370 to Local Supply to be applied to Seaside’s June 2 purchase.4. Paid Nautical Industries the balance due on Seaside’s June 28 purchase. You must determine thediscount to be taken, if any. Seaside’s creditors only grant discounts on the basis of full payment of apurchase within the discount period.5. Sent a check for $1185 to Tackle Box Supply to be applied to Seaside’s account.6. Seaside Marina was informed that the store equipment returned to Office Equipment Company hadactually cost Seaside Marina $930 rather than $1,030. Office Equipment Company requested that Mr.Hobie remit a check for $100. Mr. Hobie sent the check.7. Sold $200 of merchandise to Carl Jenkins on account? terms n/30? invoice #19.8. Sold $2210 of merchandise to Pope’s Charters on account? terms 2/10, n/30? invoice #20.9. Sold merchandise to Sail Board City for $880 cash.10. Paid freight of $214 on incoming purchases. These purchases were all FOB shipping point.11. Paid $310 for June utilities.12. Received payment for the balance due from Sail Board City, less discount.13. The board of directors declared a $850 dividend to be paid on July 2.9/17/2015 Transactions for SeaSide Marinahttp://www.ivysoftware.com/cgibin/seaside.pl?code=5BZL28&sessionid=7007&func=gen 3/9Adjustment Information:Summarize and post the appropriate columns of the special journals and prepare the trial balance sectionof the worksheet to prove that the general ledger is in balance. Next, prepare the subsidiary ledgerschedules to verify that the subsidiary ledgers balance with their control accounts. Then, journalize andpost the adjusting entries using the following information and the journals and ledgers.Assume 360 days for any interest calculations and follow the traditional rules for rounding. For example,$5.415 rounds to $5.42 and $5.414 rounds to $5.41.1. Physical inventories as of June 30, 20XX are as follows:Office Supplies $115Store Supplies $4302. Depreciation is based on the endofmonth balance in the asset account, regardless of the datepurchased. Seaside elects to use the straightline method for calculating depreciation. Based on thebalances in the following depreciable asset accounts, using the salvage value and useful life given,calculate the depreciation for each asset for the month of June.Depreciable Asset Salvage Value Useful LifeOffice Equipment $240 96 monthsStore Equipment $200 120 monthsWarehouse $4000 240 months3. Seaside must accrue salaries of $240 for the last three days of June. Employee income taxes arewithheld at a rate of 15% and FICA taxes are withheld at a rate of 10%. The policy regarding theemployer’s matching 10% FICA liability is to accrue the amount for the full month’s payroll at the end ofthe month.4. Unused advertising amounts to $350.Closing Information:Prepare the adjusted trial balance section of the worksheet to verify that the general ledger is still inbalance. Then, journalize and post the closing entries using the following information, the worksheet andthe general ledger.1. The ending merchandise inventory as of June 30, 20XX is $4,994. Seaside uses a periodic inventorysystem and uses the closing entry format for handling cost of goods sold? therefore, it does not have aCost of Goods Sold account.Prepare a postclosing trial balance to prove that the general ledger is still in balance and prepare thefinancial statements.9/17/2015 Transactions for SeaSide Marinahttp://www.ivysoftware.com/cgibin/seaside.pl?code=5BZL28&sessionid=7007&func=gen 4/9Additional information needed by those students that wish to pursue thedocumentation aspect of Seaside Marina.Transaction Set 0June 28 (Monday)3. Sold $2,000 of merchandise to Sail Board City on account? terms 3/10, n/30? invoice #17. Sail BoardCity’s address is:116 Nautical RoadTravis Wharf, VA 23421ATTN: Archie BradfordPurchase order number is 0061, dated June 26 and signed by L. Sanford. Shipment date is June 28,shipped by Yellow Freight Bill of Lading No. 007. The product ordered was 200 units of item 7960oarlocks at $10 each for a price of $2,000. Customer account number is 006.Assume the role of Jack Hobie. Go to Figure 1.2 Seaside Marina Boat Equipment Sales flow chart.Complete the Sales Invoice (Figure 2.1) and print. Also, if you have not already done this, enter thetransaction in the Sales Journal and Accounts Receivable subsidiary ledger.June 28 (Monday)9. Purchased $1,400 of merchandise for resale from Nautical Industries on account? terms 2/10, n/30. Thepurchase order number is 0106, the purchase order date is June 28, 20XX. Nautical Industries address is:206 Water StreetWest Point, VA 23106The phone # is 8047697111, fax is 8047697119, contact name is Brad Smith. The part # is 176437,the item is personal floatation device (PFD). The quantity is 280 and the unit price is $5. Ignore taxes for9/17/2015 Transactions for SeaSide Marinahttp://www.ivysoftware.com/cgibin/seaside.pl?code=5BZL28&sessionid=7007&func=gen 5/9purposes of this exercise and assume shipping is free for orders above $1000.Assume the role of Jess Nathan. Go to figure 1.6 Seaside Marina Purchase Orders flow chart. Completethe Purchase Order (Figure 2.2) and print. Also, if you have not already done this enter the transaction inthe Purchases Journal and Accounts Payable Subsidiary Ledger.10. The Baytown Bank loaned the money to Seaside Marina. The note shown is a generic note and isFigure 2.7 Promissory Note. You do not have to do anything other than observe the format of the noteand make the appropriate entry if you have not done so already.June 29 (Tuesday)10. Sail Board City returned $840 of merchandise purchased on June 17 and requested that their accountbe credited. The invoice date is June 17, the invoice number is 10, the return number is 43, and the creditnumber is 006. The product is 10 gallons of metallic paint at $84/gallon.Assume the role of Jess Nathan. Go to figure 1.4, Seaside Marina Sales Returns flow chart. Complete theCredit Memo (Figure 2.3) and print. Also, if you have not already done this, enter the transaction in theGeneral Journal and Accounts Receivable Subsidiary Ledger.11. Requested and returned $205 of merchandise purchased from Nautical Industries and was given acredit on the account.The return request number is 003, the date of the request is June 29, 20XX. The reason is damagedgoods. Seaside requested and received a credit on their account, account number 1611. Seaside’s phonenumber is 18003426000. The dept. is 11. The invoice number is 7436. There were 41 units returnedfrom an original order of 280 units. The product number is 176437 the list price is $10. It was authorizedby Ely Jones of Nautical Industries on the date it was received (June 29).Assume the role of Anne Bolin. Go to Figure 1.7 Seaside Marina Purchase Returns. Complete theRequest to Return (Figure 2.6) and print. Also, if you have not already done so, enter the transaction inthe General Journal and Accounts Payable Subsidiary Ledger.June 30 (Wednesday)7. Sold $200 of merchandise to Carl Jenkins on account? terms n/30? invoice #19 Carl Jenkins address is:619 Bay StreetOshkosh, WI 54901The shipment is by Yellow Freight. The document number is 0179, the shipper number is 116 and thecarrier number is 1016. The merchandise is 10 paddles at $20 each. The weight is 20lbs and the rate is$1.00/lb. The freight charges are billed to shipper. Eliot Wire represented Yellow Freight.Assume the role of Jess Nathan. Go to Figure 1.8 Seaside Marina’s shipping to customers. Complete theUniform Bill of Lading Domestic (Figure 2.4) and print. Also, if you have not already done so, enter thetransaction in the sales journal and Accounts Receivable Subsidiary Ledger.9/17/2015 Transactions for SeaSide Marinahttp://www.ivysoftware.com/cgibin/seaside.pl?code=5BZL28&sessionid=7007&func=gen 6/9Additional information needed by those students that wish to pursue bankreconciliation and payroll.Transaction Set 0Payroll InformationJune 25 Paid employeesJess Nathan worked 44.59 hours DD voucher #5004Ron Holt worked 31.01 hours DD voucher #5005Anne Bolin worked 37.04 hours DD voucher #50061. Complete the employee record for each employee and print.2. Complete the payroll register and print.3. Complete the Direct Deposit voucher for each employee and print.Bank Reconciliation InformationAUTO CHECKSNumber Payee Date Amount#0019 Catamaran Boat Builders 6/11/20XX $4,250Checking Account Balance $24,392.50NO INTEREST EARNEDNO BALANCE FEES
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