Marion Boats

1. JOURNAL ENTRIES

Oct 1 | Cash | 71,600 | |

| Legal Fees Expense | 400 | |

| Common Stock (1800 shares) | | 72,000 |

| (Record of Fred Cunningham purchase of shares) | | |

| | | |

Oct 1 | Cash | 19,600 | |

| Legal Fees Expense | 400 | |

| Common Stock (500 shares) | | 20,000 |

| (Record of Bill Cunningham purchase of shares) | | |

| | | |

Nov 1 | Cash | 40,000 | |

| Accounts Payable | | 40,000 |

| (Record receipt of bank loan for land) | | |

| | | |

Nov 1 | Land | 72,000 | |

| Cash | | 72,000 |

| (Record purchase of land) | | |

| | | |

Nov | Land | 9,000 | |

| Accounts Payable | | 9,000 |

| (Record demolition of building) | | |

| | | |

Dec 31 | Cash | 40,000 | |

| Accounts Payable- Sports Boats | | 40,000 |

| (Record receipt of loan) | | |

| | | |

Jan | Buildings | 140,000 | |

| Accounts Payable- Holmes Construction | | 140,000 |

| (Record cost of building construction) | | |

| | | |

Jan 31 | Accounts Payable- Holmes Construction | 40,000 | |

| Cash | | 40,000 |

| (Record first payment to Holmes Construction) | | |

| | | |

Feb 28 | Accounts Payable- Holmes Construction | 40,000 | |

| Cash- Sport Boats Loan | | 40,000 |

| (Record second payment - Holmes Construction) | | |

| | | |

Mar | Boats | 153,000 | |

| Cash | | 153,000 |

| (Record receipt of boats) | | |

| | | |

| | | |

| | | |

Mar | Cash | 112,000 | |

| Trade-In Allowances | 58,000 | |

| Accounts Receivable | 13,600 | |

| Revenue (Boat Sales) | | 183,600 |

| (Record sales of boats) | | |

| | | |

Mar | Depreciation Expense- Trade-In Boats | 3,200 | |

| Accumulated Depreciation- Trade-In Boats | | 3,200 |

| (Record depreciation expense on trade-ins) | | |

| | | |

Mar | Cash (Fred Cunningham) | 680 |...