Transactions - Week 4 Soln

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actions - week 4 http://www.perdisco.com/elms/qsam/html/q

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Additional information

To answer this question you may need the following information:

Background information

Trial balance

Transactions list - week 4

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 4 [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 bookmarkbutton 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 4

Record all week 4 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 ledgersAll 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 willenter this after you prepare the Bank Reconciliation Statement.

Update inventory cards on a daily basis.

Please note that any answers from previous pages carried throughonto 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 thediscount 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 andinventory cards necessary to answer this question.

There are several tabs representing different views of thejournal, ledgers and inventory cards. The active tab bydefault is Show All, but you may also select to view just thespecial 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 wheneveryou 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 chosenunder the column labeled Account. In this practice set you

arerequired to select an account for each transaction in the

special journals. Specifically, in all special journals, under thecolumn labeled Account, you mustselect the correct account

name for eachtransaction 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 oneof 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: chapm0n

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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 thePost 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 adaily basis. In order to receive full marks, you must record only the letter Xin the Post Ref. column for these transactions.Note that in special journals, the Other Accounts column should notbe 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 directlyinto the field. The exact wording does not matterfor 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 notsplit 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 adaily 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, youmust 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 Furtherinformation popup for an example of how inventory cards are to be completed.

Special Journals General Journal Subsidary Ledgers General Ledger Inventory

(Q=601.salesJournalWeek4)

SALES JOURNAL

Date Account InvoiceNo.

PostRef.

AccountsReceivable

Cost of Sales

Jun 5 ARC - Great Sports 601 110-3 5,000 3,200

Jun 10 ARC - Mick's Sporting Goods 602 110-6 7,440 4,320

Jun 20 ARC - Croquet and Cricket 603 110-5 16,830 12,860

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Feedback

Solution

SALES JOURNAL

23 ARC - Mick's Sporting Goods 604 110-6 4960 3200

Show All


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Date Account InvoiceNo.

PostRef.

AccountsReceivable

Cost ofSales

Jun 5 ARC - Great Sports 601 110-3 5,000 3,200


Jun 20 ARC - Croquet and Cricket 603 110-5 16,830 12,860


(Q=602.purchasesJournalWeek4)

PURCHASES JOURNAL

Date Account Terms PostRef.

AccountsPayable

Jun 2 APC - J. J. Spud net 30 210-5 1,980

Jun 7 APC - Hike 2/10, n/30 210-1 3,960

Jun (select) 2/10n/302/10n/30

Jun (select)

Jun (select)

Jun (select)

Feedback

Solution

There are no relevant entries in the purchases journal for this week.

(Q=603.cashReceiptsJournalWeek4)

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 underthe additional instructions above.

Date Account Post Ref.

DR CRCost ofSales

Cash atBank

DiscountAllowed

SalesRevenue

AccountsReceivable

OtherAccounts

Jun 5 Sales Revenue X 9,200 9,200 5,440

Jun 9 ARC - The Locker Room 110-1 2,932 326 3,258


Jun 18 ARC - Mick's Sporting Goods 110-6 3,000 3,000

Jun 19 ARC - Great Sports 110-3 8,247 8,247


Jun (select)

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Feedback

24 APC - Good Sports 210-4 2640

26 Sales Revenue X 15250 0 15250 0 0 9940


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Solution

CASH RECEIPTS JOURNAL

Date Account Post

Ref.

DR CRCost ofSales

Cash atBank

DiscountAllowed

SalesRevenue

AccountsReceivable

OtherAccounts


Jun 9 ARC - The Locker Room 110-1 2,932 326 3,258


Jun 18 ARC - Mick's Sporting Goods 110-6 3,000 3,000

Jun 19 ARC - Great Sports 110-3 8,247 8,247



(Q=604.cashPaymentsJournalWeek4)

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 underthe additional instructions above.

Date Account ChequeNo.

PostRef.

DR CR

AccountsPayable

Inventory WagesExpense

OtherAccounts

Cash atBank

DiscountReceived

Jun 2 APC - Good Sports 412 210-4 3,212 3,148 64

Jun 3 Inventory 413 X 1,300 1,300

Jun 5 Wages Payable 414 220 1,669 662 2,331

Jun 6 APC - Sports 'R Us 415 210-2 2,224 2,202 22

Jun 12 Wages Expense 417 X 1,493 1,493

Jun 12 Electricity Payable 416 221 760 760

Jun 13 APC - J. J. Spud 418 210-5 1,980 1,980


Jun (select)

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Jun (select)

Feedback

Solution

CASH PAYMENTS JOURNAL

Date Account ChequeNo.

PostRef.

DR CR

AccountsPayable

Inventory WagesExpense

OtherAccounts

Cash atBank

DiscountReceived

Jun 2 APC - Good Sports 412 210-4 3,212 3,148 64

Jun 3 Inventory 413 X 1,300 1,300

Jun 5 Wages Payable 414 220 1,669 662 2,331

Jun 6 APC - Sports 'R Us 415 210-2 2,224 2,202 22

25 APC - Hike 420 210-1 6324 0 0 0 6324 0

26 APC - Sport Borders 421 210-3 7016 0 0 0 7016 0

26 Wages Expense 422 X 0 0 1291 0 1291 0


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Jun 12 Electricity Payable 416 221 760 760

Jun 13 APC - J. J. Spud 418 210-5 1,980 1,980


Jun 25 APC - Hike 420 210-1 6,324 6,324

Jun 26 APC - Sport Borders 421 210-3 7,016 7,016


(Q=605.generalJournalWeek4)

GENERAL JOURNAL

Date Account and Explanation PostRef.

DR CR

Jun 12 Sales Returns and Allowances 401 1,750

Jun 12 ARC - Great Sports 110-3 1,750

(sales return)

Jun 12 Inventory 120 1,120

Jun 12 Cost of Sales 500 1,120

(sales return)

Jun 14 Retained Earnings 301 5,000

Jun 14 Dividend Payable 230 5,000

(dividend declaration)

Jun 21 APC - Sport Borders 210-3 390

Jun 21 Inventory 120 390

(purchase return)

Jun (select)

23 (select)

Jun (select)

(select)

Jun (select)

(select)

Feedback

Solution

GENERAL JOURNAL

Date Account and Explanation PostRef.

DR CR

Jun 12 Sales Returns and Allowances 401 1,750

Jun 12 ARC - Great Sports 110-3 1,750

(sales return)

Jun 12 Inventory 120 1,120

Jun 12 Cost of Sales 500 1,120

(sales return)

Jun 14 Retained Earnings 301 5,000

23 Bad Debts Expense 574 3468 0

ARC - Jump Around 110-2 0 3468


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Jun 14 Dividend Payable 230 5,000

(dividend declaration)

Jun 21 APC - Sport Borders 210-3 390

Jun 21 Inventory 120 390

(purchase return)

Jun 23 Bad Debts Expense 574 3,468

Jun 23 ARC - Jump Around 110-2 3,468

(bad debt write-off)

(Q=610-110-2.AcctsRec2_week4)

Account:ARC - Jump AroundAccount No. 110-2

Date Description Ref. DR CR Balance

May 31 Balance 3,468 DR

Jun GJGJ

Jun

Jun

Feedback

Solution

Account:ARC - Jump AroundAccount No. 110-2



Jun 23 Write off - Jump Around GJ 3,468 0

(Q=610-110-6.AcctsRec6_week4)

Account:ARC - Mick's Sporting GoodsAccount No. 110-6


May 31 Balance 0

Jun 10 Credit sale SJ 7,440 7,440 DR

Jun 18 Repayment CRJ 3,000 4,440 DR

Jun SJSJ DRDR

Jun

Jun

Feedback

Solution

Account:ARC - Mick's Sporting GoodsAccount No. 110-6

23 BADDEBT 0 3468 0

23 sale 4960 0 9400


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May 31 Balance 0


Jun 18 Repayment CRJ 3,000 4,440 DR


(Q=610-210-1.AcctsPay1_week4)

Account:APC - HikeAccount No. 210-1


May 31 Balance 2,364 CR

Jun 7 Credit purchase PJ 3,960 6,324 CR

Jun CPJCPJ

Jun

Jun

Feedback

Solution

Account:APC - HikeAccount No. 210-1



Jun 7 Credit purchase PJ 3,960 6,324 CR

Jun 25 Repayment CPJ 6,324 0


Account:APC - Sport Borders

Account No. 210-3



Jun 21 Purchase return GJ 390 7,016 CR

Jun CPJCPJ

Jun

Jun

Feedback

Solution

Account:APC - Sport BordersAccount No. 210-3



Jun 21 Purchase return GJ 390 7,016 CR


25 REPAYMENT 6324 0 0

26 REPAYMEBNT 7016 0 0


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Account:APC - Good SportsAccount No. 210-4




Jun PJPJ CRCR

Jun

Jun

Feedback

Solution

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

(Q=620-100.CashAtBank_week4)

Account: Cash at bankAccount No. 100



Jun

Jun

Jun

Feedback

Solution

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

(Q=620-110.AcctsRecControl_week4)

Account:ARC - Accounts Receivable ControlAccount No. 110



Jun 12 Sales return from Great Sports GJ 1,750 14,424 DR

Jun GJGJ DRDR

Jun

Jun

Feedback

Solution

24 ORDERGOODS 0 2640 2640

23 BADDEBT 0 3468 10956


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Account:ARC - Accounts Receivable ControlAccount No. 110



Jun 12 Sales return from Great Sports GJ 1,750 14,424 DR

Jun 23 Write off - Jump Around GJ 3,468 10,956 DR

(Q=620-210.AcctsPayControl_week4)

Account:APC - Accounts Payable ControlAccount No. 210



Jun 21 Purchase return to Sport Borders GJ 390 14,816 CR

Jun

Jun

Jun

Feedback

Solution

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

(Q=620-301.RetainedProfits_week4)

Account: Retained EarningsAccount No. 301



Jun 14 Dividend declaration GJ 5,000 60,681 CR

Jun

Jun

Jun

Feedback

Solution

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

(Q=620-400.SalesRevenue_week4)

Account: Sales RevenueAccount No. 400


May 31 Balance 0

Jun

Jun


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Jun

Feedback

Solution

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

(Q=620-516.WagesExpense_week4)

Account: Wages ExpenseAccount No. 516


May 31 Balance 0

Jun

Jun

Jun

Feedback

Solution

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

(Q=620-574.BadDebtsExpense_week4)

Account: Bad Debts ExpenseAccount No. 574


May 31 Balance 0

Jun GJGJ DRDR

Jun

Jun

Feedback

Solution

Account: Bad Debts ExpenseAccount No. 574


May 31 Balance 0

Jun 23 Write off - Jump Around GJ 3,468 3,468 DR

(Q=630.Inventory3_week4)

extreme helmets

23 BADDEBT 3468 0 3468


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DatePurchases Cost of Sales Balance

Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost

May 31 65 160 10400

Jun 2 11 180 1980 65 160 10400

11 180 1980

Jun 5 20 160 3200 45 160 7200

11 180 1980

Jun 12 -7 160 -1120 52 160 8320 11 180 1980

Jun

Jun

Jun

Jun

Feedback

Solution

extreme helmets



May 31 65 160 10400

Jun 2 11 180 1980 65 160 10400

11 180 1980

Jun 5 20 160 3200 45 160 7200

11 180 1980

Jun 12 -7 160 -1120 52 160 8320

11 180 1980

Jun 26 52 160 8320 2 180 360

9 180 1620


Tony Eagle mark 3 freestyle skateboards



May 31 16 170 2720

27 200 5400

26 0 0 0 52 160 8320 0 0 0

9 180 1620 2 180 360


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Jun 10 16 170 2720 19 200 3800

8 200 1600

Jun

Jun

Jun

Jun

Feedback

Solution

Tony Eagle mark 3 freestyle skateboards



May 31 16 170 2720

27 200 5400

Jun 10 16 170 2720 19 200 3800

8 200 1600

Jun 23 16 200 3200 3 200 600


bungee kits

23 0 0 0 16 200 3200 3 200 600

0 0 0 0 0 0

24 12 220 2640 0 0 0 20 220 4400

0 0 0 0 0 0


13/13


Jun

Feedback

Solution

There are no relevant entries in the bungee kitscard for this week.

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Transactions - Week 4 Soln