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Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
1 of 12 13/05/2008 11:41 PM
Navigation map
Additional information
To answer this question you may need the following information:
Background information
Trial balance
Transactions list - week 1
Schedules of accounts payable/receivable
Original information
The information in the above links comes from the 'Overview' and
'Further information' pages at the beginning of the practice set. If
you did not print them out, and you would like to refer to them,
you may review them below:
Overview
Further information
Transactions - week 1 [feedback page]
This is a feedback page. Please review this page carefully because later pages in this practice set may build on the
feedback provided here. When you are ready, click continue.
Saving your position. If you want to save this practice set where you are up to and come back to it at a later time,
click the bookmark button on this page to save your position and be returned to your home page. To re-enter the
practice set at this page at a later time, simply click the link that you originally clicked to access this practice set.
Instructions for week 1
Record all week 1 transactions in the relevant journals.
Note that special journals must be used where applicable. Any
transaction that cannot be recorded in a special journal should be
recorded in the general journal.
The following are to be posted to ledger accounts daily:
All entries affecting subsidiary ledgers
All entries in the Other Accounts column of the cash
receipts and cash payments journals
All transactions entered into the general journal.
Note that the relevant totals of the special journals will be posted
to the general ledger accounts at the end of the month. You will
enter this after you prepare the Bank Reconciliation Statement.
Update inventory cards on a daily basis.
Please note that any answers from previous pages carried through
onto this page (either on the page or in a popup information page)are the correct answers, not your particular answers.
Remember to enter all answers to the nearest whole dollar. When
calculating a discount, if a discount is not a whole number, round the
discount to the nearest whole dollar. Then, to calculate the cash at
bank amount, subtract the discount from the original amount.
Additional instructions
Displaying selected journals, ledgers and inventory cards:
Not all journals, ledgers and inventory cards will be displayed
on every page.
On this page you can access all journals, ledgers and
inventory cards necessary to answer this question.
There are several tabs representing different views of the
journal, ledgers and inventory cards. The active tab bydefault is Show All, but you may also select to view just the
special journals, the general journal, just the subsidiary
ledgers, the general ledger accounts or the inventory cards
by selecting the appropriate tab.
If you fill in any journal, ledger accounts or inventory cards
and change the view on this page by selecting a different tab,
the information that you have entered will remain in that
journal, ledger or inventory card and be displayed whenever
you can see that journal, ledger or inventory card.
Journals:
Please note that in the journals when you select accounts,
you will select the account using a popup link. You cannottype directly into the field.
For certain transactions in special journals, some accounting
textbooks do not always require an account to be chosen
under the column labeled Account. In this practice set you
are required to select an account for each transaction in the
special journals. Specifically, in all special journals, under the
column labeled Account, you must select the correct account
name for each transaction in order to receive full marks.
Note that for some transactions, this will mean that the
account name selected will correspond to the heading of one
of the columns in that special journal.
For each journal, in the Post Ref. column you will need to correctly type the account number of the account you are posting to.
Specialty Sports Store Practice SetBeing completed by: Beanut
1)
2)
3)
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
2 of 12 13/05/2008 11:41 PM
In particular, in special journals, some accounting textbooks do not always require a reference to be recorded in the Post Ref.
column. In this practice set, in order to receive full marks, every transaction entered in a special journal requires an entry in the
Post Ref. column. Note that in the special journals, if the account name selected for a transaction corresponds to the heading of one
of the columns in that special journal, the post ref is to be recorded as an X. This is because these transactions are not posted on a
daily basis. In order to receive full marks, you must record only the letter X in the Post Ref. column for these transactions.Note that in special journals, the Other Accounts column should not be used to record movements of inventory.
There may be entries in the general journal that require posting to both a control account and a subsidiary ledger. In these cases,
after you have posted to both ledgers, you should enter the reference for the subsidiary ledger account in the Post Ref. column to
indicate that you have posted to both accounts.
General journal entries do NOT require a description of the journal entries.
Ledgers:
When posting a transaction to a ledger account, under the Description column, please type the description of the transaction directly
into the field. The exact wording does not matter for marking purposes. For example, it does not matter in an electricity
transaction if you type Paid for electricity or Paid electricity bill.
For each ledger, under the Ref. column, you need to select the correct journal from a list in the drop-down box provided, in order to
receive full marks.
If the balance of a ledger account is zero you do not need to select a debit or credit from the drop-down box.Each transaction posted to the subsidiary ledgers must be entered in one line. In order to receive full marks, you must not split up
the relevant transaction into more than one line in the subsidiary ledger.
Both journals and ledgers:
Most journals and ledgers will have blank rows left at the end of this question.
Some journals and ledgers may not require any entries for this week.
When purchases and sales are recorded in special journals, changes in inventory must not be posted to the Inventory ledger on a
daily basis.
Inventory cards:
Each transaction recorded in the inventory cards must be entered in a pair of lines provided. In order to receive full marks, you
must not split up a transaction into more than the two lines given in the inventory card or combine two transactions into the one
pair of lines.However, each transaction may need to be recorded in more than one line on the inventory card when the movement in inventory
includes items that have two different unit costs. You should use a separate line within the pair of lines for each different unit cost.
In particular, you should not combine the total cost of the inventory into one amount. See the inventory cards for May in the Further
information popup for an example of how inventory cards are to be completed.
Special Journals General Journal Subsidary Ledgers General Ledger Inventory
(Q=301.salesJournalWeek1)
SALES JOURNAL
Date Account InvoiceNo.
PostRef.
Accounts Receivable
Cost of Sales
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Feedback
Solution
SALES JOURNAL
Date Account InvoiceNo.
PostRef.
Accounts Receivable
Cost of Sales
Jun 6 ARC - Jump Around 599 110-3 1,820 1,300
6 ARC - Jump Around 599 110-3 1820 1300
Show All
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
3 of 12 13/05/2008 11:41 PM
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL
Date Account Terms PostRef.
Accounts Payable
Jun (select) net 30net 30
Jun (select) 2/10 n/302/10 n/30
Jun (select)
Jun (select)
Feedback
Solution
PURCHASES JOURNAL
Date Account Terms PostRef.
Accounts Payable
Jun 2 APC - J. J. Spud net 30 210-5 1,440
Jun 6 APC - Good Sports 2/10, n/30 210-1 1,960
(Q=303.cashReceiptsJournalWeek1)
CASH RECEIPTS JOURNAL
Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.
Date Account Post Ref.
DR CRCost of Sales
Cash at Bank
Discount Allowed
Sales Revenue
Accounts Receivable
Other Accounts
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Feedback
Solution
CASH RECEIPTS JOURNAL
2 APC - J. J. Spud 210-5 1440
6 APC - Good Sports 210-1 1960
6 Sales Revenue 400 12190 0 12190 0 0 7530
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
4 of 12 13/05/2008 11:41 PM
Date AccountPost Ref.
DR CRCost of Sales
Cash at Bank
Discount Allowed
Sales Revenue
Accounts Receivable
Other Accounts
Jun 6 Sales Revenue X 12,190 12,190 7,530
(Q=304.cashPaymentsJournalWeek1)
CASH PAYMENTS JOURNAL
Note: In order to receive full marks, for each transaction, you must select an account under the column labelled 'Account', as indicated under
the additional instructions above.
Date Account ChequeNo.
PostRef.
DR CR
Accounts Payable
Inventory WagesExpense
Other Accounts
Cash at Bank
Discount Received
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Jun (select)
Feedback
Solution
CASH PAYMENTS JOURNAL
Date Account ChequeNo.
PostRef.
DR CR
Accounts Payable
Inventory WagesExpense
Other Accounts
Cash at Bank
Discount Received
Jun 1 APC - Sports 'R Us 308 210-2 2,300 2,277 23
Jun 3 APC - Extreme Sports Supplies 309 210-4 3,403 3,335 68
Jun 3 Inventory 310 X 3,000 3,000
Jun 4 Wages Payable 311 220 891 807 1,698
(Q=305.generalJournalWeek1)
GENERAL JOURNAL
Date Account and Explanation PostRef.
DR CR
Jun (select)
(select)
Jun (select)
(select)
Jun (select)
1 APC - Sports 'R Us 308 210-2 2300 0 0 0 2277 23
3 APC - J. J. Spud 309 210-4 3403 0 0 0 3335 68
3 Inventory 310 X 0 3000 0 0 3000 0
4 Wages Payable 311 220 0 0 891 807 1698 0
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
5 of 12 13/05/2008 11:41 PM
(select)
Feedback
Solution
There are no relevant entries in the general journal for this week.
(Q=310-110-3.AcctsRec3_week1)
Account: ARC - Jump Around Account No. 110-3
Date Description Ref. DR CR Balance
May 31 Balance 3,677 DR
Jun SJSJ DRDR
Jun
Jun
Feedback
Solution
Account: ARC - Jump Around Account No. 110-3
Date Description Ref. DR CR Balance
May 31 Balance 3,677 DR
Jun 6 Credit sale SJ 1,820 5,497 DR
(Q=310-210-1.AcctsPay1_week1)
Account: APC - Good Sports Account No. 210-1
Date Description Ref. DR CR Balance
May 31 Balance 2,476 CR
Jun PJPJ CRCR
Jun
Jun
Feedback
Solution
Account: APC - Good Sports Account No. 210-1
Date Description Ref. DR CR Balance
May 31 Balance 2,476 CR
6 Credit Sale 1820 0 5497
6 Purchased sports shoes from Good Sports0 1960 4436
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
6 of 12 13/05/2008 11:41 PM
Jun 6 Credit purchase PJ 1,960 4,436 CR
(Q=310-210-2.AcctsPay2_week1)
Account: APC - Sports 'R Us Account No. 210-2
Date Description Ref. DR CR Balance
May 31 Balance 2,300 CR
Jun CPJCPJ
Jun
Jun
Feedback
Solution
Account: APC - Sports 'R Us Account No. 210-2
Date Description Ref. DR CR Balance
May 31 Balance 2,300 CR
Jun 1 Repayment CPJ 2,300 0
(Q=310-210-4.AcctsPay4_week1)
Account: APC - Extreme Sports Supplies Account No. 210-4
Date Description Ref. DR CR Balance
May 31 Balance 3,403 CR
Jun CPJCPJ
Jun
Jun
Feedback
Solution
Account: APC - Extreme Sports Supplies Account No. 210-4
Date Description Ref. DR CR Balance
May 31 Balance 3,403 CR
Jun 3 Repayment CPJ 3,403 0
(Q=310-210-5.AcctsPay5_week1)
Account: APC - J. J. Spud Account No. 210-5
Date Description Ref. DR CR Balance
May 31 Balance 0
1 Paid amount owing 2300 0 0
3 Paid amount owing 3403 0 0
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
7 of 12 13/05/2008 11:41 PM
Jun PJPJ CRCR
Jun
Jun
Feedback
Solution
Account: APC - J. J. Spud Account No. 210-5
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun 2 Credit purchase PJ 1,440 1,440 CR
(Q=320-100.CashAtBank_week1)
Account: Cash at bank Account No. 100
Date Description Ref. DR CR Balance
May 31 Balance 48,285 DR
Jun CRJCRJ DRDR
Jun
Jun
Feedback
Solution
There are no relevant entries in the Cash at bank ledger for this week.
(Q=320-110.AcctsRecControl_week1)
Account: ARC - Accounts Receivable Control Account No. 110
Date Description Ref. DR CR Balance
May 31 Balance 16,637 DR
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Accounts Receivable Control ledger for this week.
2 Purchased minor-league base balls 0 1440 1440
6 Cash Sale 12190 0 60475
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
8 of 12 13/05/2008 11:41 PM
(Q=320-210.AcctsPayControl_week1)
Account: APC - Accounts Payable Control Account No. 210
Date Description Ref. DR CR Balance
May 31 Balance 15,735 CR
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=320-222.WagesPayable_week1)
Account: Wages Payable Account No. 220
Date Description Ref. DR CR Balance
May 31 Balance 807 CR
Jun CPJCPJ
Jun
Jun
Feedback
Solution
Account: Wages Payable Account No. 220
Date Description Ref. DR CR Balance
May 31 Balance 807 CR
Jun 4 Staff wages CPJ 807 0
(Q=320-400.SalesRevenue_week1)
Account: Sales Revenue Account No. 400
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
4 Paid Wages owing 807 0 0
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
9 of 12 13/05/2008 11:41 PM
Solution
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320-402.DiscountRecd_week1)
Account: Discount Received Account No. 402
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Discount Received ledger for this week.
(Q=320-500.CostOfSales_week1)
Account: Cost of Sales Account No. 500
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Cost of Sales ledger for this week.
(Q=320-516.WagesExpense_week1)
Account: Wages Expense Account No. 516
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun CPJCPJ DRDR
Jun
Jun
4 Wages paid 891 0 891
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
10 of 12 13/05/2008 11:41 PM
Feedback
Solution
There are no relevant entries in the Wages Expense ledger for this week.
(Q=320-573.DiscountAllowed_week1)
Account: Discount Allowed Account No. 573
Date Description Ref. DR CR Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
Solution
There are no relevant entries in the Discount Allowed ledger for this week.
(Q=330.Inventory2_week1)
rugby balls
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 21 130 2730
56 150 8400
Jun
Jun
Jun
Jun
Feedback
Solution
rugby balls
3 20 150 3000 0 0 0 21 130 2730
0 0 0 76 150 11400
6 0 0 0 21 130 2730 44 150 6600
32 150 4800 0 0 0
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
11 of 12 13/05/2008 11:41 PM
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 21 130 2730
56 150 8400
Jun 3 20 150 3000 21 130 2730
76 150 11400
Jun 6 21 130 2730 44 150 6600
32 150 4800
(Q=330.Inventory3_week1)
sets of minor-league base balls
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 79 100 7900
Jun
Jun
Jun
Jun
Feedback
Solution
sets of minor-league base balls
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 79 100 7900
Jun 2 12 120 1440 79 100 7900
12 120 1440
Jun 6 13 100 1300 66 100 6600
12 120 1440
(Q=330.Inventory5_week1)
pairs of sports shoes
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 57 170 9690
2 12 120 1440 0 0 0 79 100 7900
0 0 0 12 120 1440
6 0 0 0 13 140 1820 66 100 6600
0 0 0 12 120 1440
Transactions - week 1 http://www.perdisco.com/elms/qsam/html/qsam.aspx
12 of 12 13/05/2008 11:41 PM
Jun
Jun
Jun
Jun
Feedback
Solution
Account: pairs of sports shoes
DatePurchases Cost of Sales Balance
Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
May 31 57 170 9690
Jun 6 14 140 1960 57 170 9690
14 140 1960
Perdisco / latin /, v., to learn thoroughly
© 2006 Perdisco
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http://www.perdisco.com.au
6 14 140 1960 0 0 0 57 170 9690
0 0 0 14 140 1960