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Your progress
Completed: 9% (approximately)
Remaining pages will take: up to 17.25 hours
The time frames we provide are a guide only. It maytake you more or less time to complete each step.
Your grading
Your grading outcome (still in progress)
Awarded Total
Points (prior to this page) 0 0
Points (on this page) 120 132
Points (after this page) − 918
Total 120 1,050
Manual Accounting Practice SetVinyl Revival, Australasian Edition 3
Feedback: Transactions week 1
This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedbackprovided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on tothe next page of your practice set.
Now that you have reviewed information about Vinyl Revival, you are ready to begin the first step in the accountingcycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred duringthe first week of June into the company's journals and post the appropriate entries to the ledger accounts. The followingtransactions occurred throughout the first week of June:
Week 1Date Transaction description1 KB LoFi paid the full amount owing on their account.
1 Issued Cheque No. 604 for $9,200 to pay Realty Bites for two month's worth of rent in advance.
4 Made payment of $924 to PowerGen for 3 months of electricity up to and including 31 May, Cheque No. 605.
4 Paid sales staff wages of $2,772 for the week up to and including yesterday, Cheque No. 606. Note that
$1,429 of this payment relates to the wages expense incurred during the last week of May.
4 Issued Cheque No. 607 to Office Supplies Warehouse for the purchase of $516 worth of office supplies.
7 Paid the full amount owing to Global records, Cheque No. 608.
After completing this practice set page, you should know how to record basic transactions in the journals provided belowand understand the posting process in the manual accounting system. Note that you will record the remaining Junetransactions in the following sections of this practice set.
Remember, one purpose of using special journals is to make the posting process more efficient by posting the total ofmost columns in the special journals after all of the transactions for the period have been recorded. However, some partsof a journal entry are still required to be posted on a daily basis. View the company's accounting policies and proceduresfor details of what is to be posted daily or monthly.
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 specialjournal should be recorded in the general journal.
Post entries recorded in the journals to the appropriate ledger accounts according to the company's accountingpolicies and procedures.
Note that the relevant totals of the special journals will be posted to the general ledger accounts at the end of themonth. You will enter this after you prepare the Bank Reconciliation Statement.
Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a wholenumber, round the discount to the nearest whole dollar. Then, to calculate the cash at bank amount, subtract thediscount from the original amount.
Additional instructions
Displaying selected accounting records:
To save space, not all accounting records (e.g. journals and ledgers) will be displayed on every page. However,on each page you can access all accounting records necessary to answer the questions on that page.There are several tabs representing different views of the accounting records. The active tab by default is ShowAll, but you may also select to view just one particular accounting record by selecting the appropriate tab.If you fill in any accounting records and change the view on the page by selecting a different tab, theinformation that you have entered will remain in that accounting record and be displayed whenever you can seethat accounting record.Before submitting your answers, we recommend that you click the Show All tab and check that all relevantaccounting records have been completed. You are required to complete all relevant accounting records beforepressing the Submit answers button. Once submitted, you will not be able to return to the page to reenter oralter your answers.
Journals:
Each transaction recorded in a special journal must be entered in one line. In order to receive full points,you must not split up the relevant transaction into more than one line in the special journal.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 accountfor each transaction in the special journals. Specifically, in all special journals, under the column labeledAccount, you must select the correct account name for each transaction in order to receive full points.Note that for some transactions, this will mean that the account name selected will correspond to theheading 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. In particular, in special journals, some accounting textbooks do not alwaysrequire a reference to be recorded in the Post Ref. column. In this practice set, in order to receive fullpoints, every transaction entered in a special journal requires an entry in the Post Ref. column. Note that inthe special journals, if the account name selected for a transaction corresponds to the heading of one ofthe columns in that special journal, the post ref is to be recorded as an X. This is because thesetransactions are not posted on a daily basis. In order to receive full points, you must record only the letterX 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.If a cheque number is not required, you need to fill the appropriate input box with an X.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 forboth the general ledger account and the subsidiary ledger account in the Post Ref. column to indicate thatyou have posted to both accounts. For example, if the reference number for the control account is 110 andthe reference number for the subsidiary ledger account is 1101, you should type '110/1101' into the PostRef. column.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 thetransaction directly into the field. The exact wording does not matter for grading purposes. For example, itdoes 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 dropdown boxprovided in order to receive full points.If the balance of a ledger account is zero you do not need to select a debit or credit from the dropdown box.Each transaction posted to the subsidiary ledgers must be entered in one line. In order to receive full points, youmust not split up the relevant transaction into more than one line in the subsidiary ledger.
Both journals and ledgers:
1)
2)
Most journals and ledgers will have blank rows left at the end of the page.Some journals and ledgers may not require any entries.When purchases and sales are recorded in special journals, the corresponding changes in inventory must not beposted to the Inventory account in the general ledger on a daily basis.
Special Journals General Journal Subsidiary Ledgers General Ledger
(Q=301.salesJournalWeek1)
SALES JOURNAL
Date Account InvoiceNo.
PostRef.
AccountsReceivable
Cost ofSales
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the sales journal for this week.
(Q=302.purchasesJournalWeek1)
PURCHASES JOURNAL
Date Account Terms PostRef.
AccountsPayable
Jun
Jun
Jun
Jun
Feedback
There are no relevant entries in the purchases journal for this week.
(Q=303.cashReceiptsJournalWeek1)
CASH RECEIPTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labelled'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash atBank account, you are asked to enter the name of the appropriate account credited in these transactions into theAccount column so that the type of transaction can be determined by the name of the account entered into thiscolumn.
Date Account PostDebit Credit Cost of
Show All
ARC KB LoFi
Prepaid Rent
Electricity Payable
Wages Payable
Office Supplies
APC Global records
Ref. Cash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts
Sales
Jun 1 2587 0 0 2587 0 0
Jun
Jun
Jun
Jun
Jun
Feedback
CASH RECEIPTS JOURNAL
Date AccountPost
Ref.
Debit CreditCost of
Sales
Cash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 1 ARC KB LoFi 1105 2,587 2,587
(Q=304.cashPaymentsJournalWeek1)
CASH PAYMENTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labelled'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash atBank account, you are asked to enter the name of the appropriate account debited in these transactions into theAccount column so that the type of transaction can be determined by the name of the account entered into thiscolumn.
Date AccountCheque
No.
Post
Ref.
Debit Credit
Accounts
PayableInventory
Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received
Jun 1 604 140 0 0 0 9200 9200 0
Jun 4 605 221 0 0 0 924 924 0
Jun 4 606 220 0 0 1343 1429 2243 0
Jun 4 607 130 0 0 0 516 516 0
Jun 7 608 2622 0 0 0 2622 0
Jun
Feedback
CASH PAYMENTS JOURNAL
Date AccountCheque
No.
Post
Ref.
Debit Credit
Accounts
PayableInventory
Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received
110-5
210-6
Jun 1 Prepaid Rent 604 140 9,200 9,200
Jun 4 Wages Payable 606 220 1,343 1,429 2,772
Jun 4 Electricity Payable 605 221 924 924
Jun 4 Office Supplies 607 130 516 516
Jun 7 APC Global records 608 2106 2,622 2,622
(Q=305.generalJournalWeek1)
GENERAL JOURNAL
Date Account and Explanation PostRef. Debit Credit
Jun
Jun
Jun
Feedback
There are no relevant entries in the general journal for this week.
(Q=3101105.AcctsRec5_week1)
SUBSIDIARY LEDGERS
Account: ARC KB LoFi Account No. 1105
Date Description Ref. Debit Credit Balance
May 31 Balance 2,587 DR
Jun 1 Repayment CRJ 0 2587 0
Jun
Jun
Feedback
Account: ARC KB LoFi Account No. 1105
Date Description Ref. Debit Credit Balance
May 31 Balance 2,587 DR
Jun 1 Repayment CRJ 2,587 0
(Q=3102101.AcctsPay1_week1)Account: APC Black label Account No. 2101
Date Description Ref. Debit Credit Balance
May 31 Balance 2,844 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Black label ledger for this week.
(Q=3102106.AcctsPay6_week1)Account: APC Global records Account No. 2106
Date Description Ref. Debit Credit Balance
May 31 Balance 2,622 CR
Jun 7 Repayment CPJ 2622 0 0
Jun
Jun
Feedback
Account: APC Global records Account No. 2106
Date Description Ref. Debit Credit Balance
May 31 Balance 2,622 CR
Jun 7 Repayment CPJ 2,622 0
(Q=320100.CashAtBank_week1)
GENERAL LEDGER
Account: Cash at Bank Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 69,057 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cash at Bank ledger for this week.
(Q=320110.AcctsRecControl_week1)Account: ARC Accounts Receivable Control Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 29,301 DR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=320130.StoreSupplies_week1)Account: Office Supplies Account No. 130
Date Description Ref. Debit Credit Balance
May 31 Balance 240 DR
Jun 4 CPJ 516 0 756 DR
Jun
Jun
Feedback
Account: Office Supplies Account No. 130
Date Description Ref. Debit Credit Balance
May 31 Balance 240 DR
Jun 4 Cash purchase CPJ 516 756 DR
(Q=320140.PrepaidRent_week1)Account: Prepaid Rent Account No. 140
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 1 CPJ 9200 0 9200 DR
Cheque for office supplies
Prepaid rent for next three months
Jun
Jun
Feedback
Account: Prepaid Rent Account No. 140
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 1 Prepaid rent CPJ 9,200 9,200 DR
(Q=320210.AcctsPayControl_week1)Account: APC Accounts Payable Control Account No. 210
Date Description Ref. Debit Credit Balance
May 31 Balance 41,230 CR
Jun
Jun
Jun
Feedback
There are no relevant entries in the Accounts Payable Control ledger for this week.
(Q=320220.WagesPayable_week1)Account: Wages Payable Account No. 220
Date Description Ref. Debit Credit Balance
May 31 Balance 1,429 CR
Jun 4 Staff wages CPJ 1429 0 0
Jun
Jun
Feedback
Account: Wages Payable Account No. 220
Date Description Ref. Debit Credit Balance
May 31 Balance 1,429 CR
Jun 4 Paid staff wages CPJ 1,429 0
(Q=320221.ElectricityPayable_week1)
Account: Electricity Payable Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 975 CR
Jun 4 Paid Electricity Bill CPJ 924 0 51 CR
Jun
Jun
Feedback
Account: Electricity Payable Account No. 221
Date Description Ref. Debit Credit Balance
May 31 Balance 975 CR
Jun 4 Paid electricity bill CPJ 924 51 CR
(Q=320400.SalesRevenue_week1)Account: Sales Revenue Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Sales Revenue ledger for this week.
(Q=320402.DiscountRecd_week1)Account: Discount Received Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Discount Received ledger for this week.
(Q=320500.CostOfSales_week1)
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Cost of Sales ledger for this week.
(Q=320516.WagesExpense_week1)
Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Wages Expense ledger for this week.
(Q=320541.ElectricityExpense_week1)
Account: Electricity Expense
Account No. 541
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Electricity Expense ledger for this week.
(Q=320544.SuppliesExpense_week1)
Account: Office Supplies Expense
Account No. 544
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Office Supplies Expense ledger for this week.
(Q=320573.DiscountAllowed_week1)
Account: Discount Allowed Account No. 573
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun
Jun
Jun
Feedback
There are no relevant entries in the Discount Allowed ledger for this week.
Manual Accounting Practice SetVinyl Revival, Australasian Edition 3 (VSA3q)© 2009 2014 Perdisco / latin /. v., learn thoroughlyhttp://www.perdisco.com
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