Transactions - Week 2

3/24/2016 Transactions week 2

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Manual Accounting Practice SetSpecialty Sports Store, US GAAP Edition 3

Feedback: Transactions week 2

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.

You are now instructed to record transactions that occurred throughout the second week of June into the company'sbooks. The week 2 transactions are listed below:

Week 2Date Transaction description8 Purchased 15 Extreme GPSenabled Helmets from Addax Sports for $184 each, terms net 30.9 Paid the full amount owing to Hike, Check No. 429. Payment fell outside discount period.11 Paid the full amount owing to Extreme Sports Inc, Check No. 430.11 Sold 11 Specialist Body Boards to Great Sports for $384 each, Invoice No. 898.11 Croquet and Cricket paid the full amount owing on their account. Since Croquet and Cricket has been a loyal

customer from the day the business commenced, a 10% discount was given for this early repayment.11 Paid sales staff wages of $1,953 for the week up to and including yesterday, Check No. 431.13 Made cash sale of 19 Downhill Snowboards for $544 each.14 Paid the full amount owing to J. J. Spud, Check No. 432.

Instructions for week 2

Record all week 2 transactions in the relevant journals.1)



ARC Great Sports

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 before you prepare the Bank Reconciliation Statement.

Update inventory cards on a daily basis.

BackOnTrack functionality

Please note that any answers from previous pages carried through onto this page (either on the page or in apopup information page) have been reset, if necessary, to the correct answers. Your particular answers fromprevious pages are no longer shown.

Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not awhole number, round the discount to the nearest whole dollar. Then, to calculate the cash amount, subtract the discountfrom the original amount.

Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevantaccounting records have been completed.

Additional instructions

Inventory cards:

Each transaction recorded in the inventory cards must be entered in a pair of lines provided. You may berequired to record a transaction in a single line or two separate lines within the pair of lines provided. Whetherone or two lines are required depends on the unit costs of the items involved in that transaction. If a transactioninvolves items with the same unit cost, you must record that transaction in a single line. Alternatively, if thoseitems have two different unit costs, you are required to use a separate line within the pair of lines provided foreach different unit cost.In order to receive full points, you must not combine two transactions into the one pair of lines. See theInventory cards ~ May popup below the 'Information from previous pages' heading for an example of howinventory cards are to be completed.Note that you may enter a positive or negative number into the Units and Total Cost columns but all unit costsmust be entered as positive numbers into the Unit Cost columns.

Remember:

Each transaction recorded in a special journal 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 special journal.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 points, every transaction entered in a special journal requiresan entry in the Post Ref. column. Note that in the special journals, if the account name selected for a transactioncorresponds 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 points, you mustrecord only the letter X in the Post Ref. column for these transactions.You are also required to apply the journals and ledgers instructions provided in Week 1.

Special Journals General Journal Subsidiary Ledgers General Ledger Inventory

(Q=401.salesJournalWeek2)

SALES JOURNAL

Date Account InvoiceNo.

PostRef.

AccountsReceivable

Cost ofGoodsSold

Jun 11 898 1103 4224 2376

Jun

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APC Addax Sports

Jun

Jun

Feedback

SALES JOURNAL

Date Account InvoiceNo.

PostRef.

AccountsReceivable

Cost ofGoodsSold

Jun 11 ARC Great Sports 898 1103 4,224 2,376

(Q=402.purchasesJournalWeek2)

PURCHASES JOURNAL

Date Account Terms PostRef.

AccountsPayable

Jun 8 net 30 2106 2760

Jun

Jun

Jun

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PURCHASES JOURNAL

Date Account Terms PostRef.

AccountsPayable

Jun 8 APC Addax Sports net 30 2106 2,760

(Q=403.cashReceiptsJournalWeek2)

CASH RECEIPTS JOURNALNote: In order to receive full points, for each transaction you must select an account under the column labeled'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cashaccount, you are asked to enter the name of the appropriate account credited in these transactions into the Accountcolumn so that the type of transaction can be determined by the name of the account entered into this column.

Date Account PostRef.

Debit Credit Cost ofGoodsSold

Cash SalesDiscounts

SalesRevenue

AccountsReceivable

OtherAccounts



ARC Croquet and Cricket

Sales Revenue

APC Hike

APC Extreme Sports Inc

Jun 1 Bank Loan Payable 250 42,000 42,000

Jun 3 ARC Jump Around 1105 3,373 3,373

Jun 11 1101 4383 0 0 4383 0 0

Jun 13 400 10336 0 10336 0 0 4256

Jun

Jun

Jun

Jun

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Solution

CASH RECEIPTS JOURNAL

Date Account PostRef.

Debit Credit Cost ofGoodsSold

Cash SalesDiscounts

SalesRevenue

AccountsReceivable

OtherAccounts

Jun 1 Bank Loan Payable 250 42,000 42,000

Jun 3 ARC Jump Around 1105 3,373 3,373

Jun 11 ARC Croquet and Cricket 1101 4,383 487 4,870

Jun 13 Sales Revenue X 10,336 10,336 4,256

(Q=404.cashPaymentsJournalWeek2)

CASH PAYMENTS JOURNALNote: In order to receive full points, for each transaction you must select an account under the column labeled'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cashaccount, you are asked to enter the name of the appropriate account debited in these transactions into the Accountcolumn so that the type of transaction can be determined by the name of the account entered into this column.

Date Account CheckNo.

PostRef.

Debit Credit AccountsPayable

MerchandiseInventory

WagesExpense

OtherAccounts Cash

Jun 1 Prepaid Rent 424 140 9,900 9,900

Jun 3 APC Addax Sports 425 2106 4,616 4,616

Jun 4 Wages Payable 426 220 1,169 1,131 2,300

Jun 4 Office Supplies 427 130 519 519

Jun 6 Electricity Payable 428 221 719 719

Jun 9 429 2102 4287 0 0 0 4287

Jun 11 430 2105 3957 0 0 0 3957



Wages Payable

APC J. J. Spud

Jun 11 431 220 0 0 1953 0 1953

Jun 14 432 2101 3398 0 0 0 3398

Jun

Jun

Feedback

CASH PAYMENTS JOURNAL

Date Account CheckNo.

PostRef.

Debit Credit AccountsPayable

MerchandiseInventory

WagesExpense

OtherAccounts Cash

Jun 1 Prepaid Rent 424 140 9,900 9,900

Jun 3 APC Addax Sports 425 2106 4,616 4,616

Jun 4 Wages Payable 426 220 1,169 1,131 2,300

Jun 4 Office Supplies 427 130 519 519

Jun 6 Electricity Payable 428 221 719 719

Jun 9 APC Hike 429 2102 4,287 4,287

Jun 11 APC Extreme Sports Inc 430 2105 3,957 3,957

Jun 11 Wages Expense 431 X 1,953 1,953

Jun 14 APC J. J. Spud 432 2101 3,398 3,398

(Q=405.generalJournalWeek2)

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=4101101.AcctsRec1_week2)

SUBSIDIARY LEDGERS

Account: ARC Croquet and Cricket Account No. 1101

Date Description Ref. Debit Credit Balance

May 31 Balance 4,870 DR

Jun 11 Payment CRJ 4383 0 9253 DR

Jun

Jun

Feedback

Account: ARC Croquet and Cricket Account No. 1101



Jun 11 Repayment CRJ 4,870 0

(Q=4101103.AcctsRec3_week2)Account: ARC Great Sports Account No. 1103



Jun 11 Sales SJ 4224 0 16686 DR

Jun

Jun

Feedback

Account: ARC Great Sports Account No. 1103



Jun 11 Credit sale SJ 4,224 16,686 DR



(Q=4101106.AcctsRec6_week2)Account: ARC Mick's Sporting Goods Account No. 1106



Jun

Jun

Jun

Feedback

There are no relevant entries in the Mick's Sporting Goods ledger for this week.

(Q=4102101.AcctsPay1_week2)Account: APC J. J. Spud Account No. 2101


May 31 Balance 3,398 CR

Jun 14 Repayment CPJ 3398 0 0

Jun

Jun

Feedback

Account: APC J. J. Spud Account No. 2101



Jun 14 Repayment CPJ 3,398 0

(Q=4102102.AcctsPay2_week2)Account: APC Hike Account No. 2102



Jun 9 Repayment CPJ 4287 0 0

Jun



Jun

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Account: APC Hike Account No. 2102




(Q=4102105.AcctsPay5_week2)Account: APC Extreme Sports Inc Account No. 2105



Jun 11 repayment CPJ 3957 0 0

Jun

Jun

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Account: APC Extreme Sports Inc Account No. 2105




(Q=4102106.AcctsPay6_week2)Account: APC Addax Sports Account No. 2106




Jun 8 Purchase PJ 2760 0 2760 CR

Jun

Jun



Feedback

Account: APC Addax Sports Account No. 2106




Jun 8 Credit purchase PJ 2,760 2,760 CR

(Q=420100.Cash_week2)

GENERAL LEDGER

Account: Cash Account No. 100



Jun

Jun

Jun

Feedback

There are no relevant entries in the Cash ledger for this week.

(Q=420110.AcctsRecControl_week2)Account: ARC Accounts Receivable Control Account No. 110



Jun

Jun

Jun

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There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=420120.Inventory_week2)Account: Merchandise Inventory Account No. 120





Jun

Jun

Jun

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There are no relevant entries in the Merchandise Inventory ledger for this week.

(Q=420400.SalesRevenue_week2)Account: Sales Revenue Account No. 400


May 31 Balance 0

Jun

Jun

Jun

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There are no relevant entries in the Sales Revenue ledger for this week.

(Q=420401.SalesReturns_week2)Account: Sales Returns and Allowances Account No. 401


May 31 Balance 0

Jun

Jun

Jun

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There are no relevant entries in the Sales Returns and Allowances ledger for this week.

(Q=420402.SalesDisc_week2)Account: Sales Discounts Account No. 402




May 31 Balance 0

Jun

Jun

Jun

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There are no relevant entries in the Sales Discounts ledger for this week.

(Q=420500.CostOfSales_week2)Account: Cost of Goods Sold Account No. 500


May 31 Balance 0

Jun

Jun

Jun

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There are no relevant entries in the Cost of Goods Sold ledger for this week.

(Q=420516.WagesExpense_week2)Account: Wages Expense Account No. 516


May 31 Balance 0

Jun

Jun

Jun

Feedback

There are no relevant entries in the Wages Expense ledger for this week.

(Q=430.Inventory1_week2)

INVENTORY CARDS



Downhill Snowboards

DatePurchases Cost of Goods Sold Balance

Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 22 224 4928

15 304 4560

Jun 13 0 0 0 0 0 0 3 224 672

0 0 0 15 304 4560

Jun

Jun

Jun

Feedback

Downhill Snowboards


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 22 224 4928

15 304 4560

Jun 13 19 224 4256 3 224 672

15 304 4560

(Q=430.Inventory3_week2)Specialist Body Boards

Date

Purchases Cost of Goods Sold Balance

Units Unit Cost Total Cost Units Unit Cost ($)

Total Cost Units Unit Cost Total Cost($)



($) ($) ($) ($)

May 31 75 216 16200

Jun 11 0 0 0 11 216 2376 64 216 13824

0 0 0 0 0 0

Jun

Jun

Jun

Feedback

Specialist Body Boards


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 75 216 16200

Jun 11 11 216 2376 64 216 13824

(Q=430.Inventory5_week2)Extreme GPSEnabled Helmets


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 52 184 9568

Jun 8 15 184 2760 0 0 0 67 184 12328

0 0 0 0 0 0



Jun

Jun

Jun

Feedback

Extreme GPSEnabled Helmets


Units Unit Cost($)

Total Cost($)

Units Unit Cost ($)

Total Cost($)

Units Unit Cost($)

Total Cost($)

May 31 52 184 9568

Jun 8 15 184 2760 67 184 12328

Manual Accounting Practice SetSpecialty Sports Store, US GAAP Edition 3 (VSU3q)© 2009 2014 Perdisco / latin /. v., learn thoroughlyhttp://www.perdisco.comTerms Of Use | Privacy Policy | Friday, March 25, 2016, 15:38

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Transactions - Week 2